The Real Deal is once again the source of the Full Story link below, this time with news from Bob Knakal himself. It would seem that the Sopher family empire is divesting itself of a very serious piece of real estate in the midst of the Hudson Yards redevelopment area for an as yet unannounced price.
The five lot assemblage has an area of 14810SF, but a potential FAR of 20 under the rezoning and development incentives which make up the Northern Blocks of the Hudson Yards area. The site sits a mere half block from the Hudson Boulevard and unless the Javits Center really does go away, will also have guaranteed water views.
What isn't to love here?
Currently everything. The site is in the midst of a wasteland of underutilized space next to a busy avenue. But real estate is a long game and anyone with the pocket depth to float the likely $65M plus (which here at Cubed Advisory is our best guest at Mr. Knakal's minimum sale price) and the $200M+ expected construction cost, is going to reap the benefits of the biggest transformation of a section of Midtown Manhattan since Rock Center. It's just going to take some time.
(for bonus points... does anyone want to guess what the two remaining lots on the avenue will go for to complete the assemblage?)
Labels: Hudson Yards, J I Sopher, lots, Massey Knakal