Large Hudson Yards Development Site Hits The New York Market

14/08/2013 6:32 pm

A Hudson Yards sites that allows for a commercial tower of up to 881,000 square feet has hit the New York market, the New York Post reported. CBRE’s Darcy Stacom and Paul Liebowitz are marketing the L-shaped site, located on a full block front along the Hudson Yards Park and stretching east from 11th Avenue and West 36th Street up to 37th Street. Owners Arthur and Edward Imperatore and their partners hired the two brokers about a year ago to explore the sale of the site opposite the Javits Center.

The site has an FAR of 21.6 so that it can host a primarily commercial tower of up to 881,000 square feet. But quirky Hudson Yards regulations will require buying air rights even though it has more than needed.

The parcel up for grabs includes the land and 735,000 square feet worth of air rights, the Post said. The remaining 146,000 feet must be bought to pay for local improvements, while the owners will have 153,000 feet of air rights to sell to someone else .