Overview
Denham Wolf Real Estate Services, as exclusive agent, is pleased to
present the opportunity to purchase a vacant, architecturally unique,
10,145 SF building most recently used as a column-free performing arts
space and administrative headquarters. The property presents a prime
opportunity for an owner-user or a developer to reimagine the site.
This three-story former community facility is located in Hell’s Kitchen, a few blocks from the major commercial areas of Midtown West and Hudson Yards. The vacant property is a short walk from major Manhattan attractions, including the Broadway Theatre District and Times Square. The maximum FAR for the property, as either a residential or community facility, is 4.20, equating to 8,171 SF of additional development rights and a gross building area of 16,871 SF buildable as-of-right The Universal Affordability Preference (“UAP”) provides an FAR of 5.04, equating to 11,546 SF of additional development rights and a gross building area of 20,246 SF.
Investment Highlights
- DESIRABLE REDEVELOPMENT OPPORTUNITY: Preliminary analysis indicates that a maximum FAR of 4.20 is permissible for Community Facility or Residential development. This equates to 8,171 SF of additional development rights and a gross building area of up to 16,871 SF buildable as-of-right. The Universal Affordability Preference (“UAP”) provides an FAR of 5.04, equating to 11,546 SF of additional development rights and a gross building area of 20,246 SF.
- EXISTING COLUMN-FREE PERFORMANCE AREA: Within the building, on the 2nd floor is an existing column-free performance space with soaring 22’ tall ceiling. It has an up-to-date Place of Assembly Permit allowing for up to 90 people.
- VACANT POSSESSION: The building will be delivered fully vacant, allowing for immediate use by an owner-user repositioning/ redevelopment by a developer.
- CHARMING & POPULAR RESIDENTIAL NEIGHBORHOOD: Hell’s Kitchen still has some of the most affordable homes in the area despite its location at the heart of blossoming Midtown West and the iconic Hudson Yards. The neighborhood is quickly becoming the go-to alternative for residents being priced out of neighboring Chelsea. A wave of developers continue to close-in on the area bringing new luxury developments, best-in-class retail, dining, and entertainment venues, and amenities that enhance the established neighborhood favorites. With increased development in Midtown West and Hudson Yards, the residential market in Hell’s Kitchen is expected to have a continued increase in demand.
- BETWEEN THE THEATER DISTRICT & HUDSON YARDS OFFERING THE BEST OF BOTH WORLDS: Located in the heart of Hell’s Kitchen, 424 West 44th Street is situated just one block west of the Midtown Manhattan core while still benefiting from its position on a quiet, tree-lined neighborhood street. The location provides proximity to Broadway and off-Broadway shows, famous attractions, including Times Square, and a rich selection of restaurants.
- EXCELLENT TRANSPORTATION: The Property is located less than half a mile from The Times Square – 42nd Street/Port Authority Bus Terminal station, a major transit hub, providing numerous subway lines and bus routes for transportation through Manhattan, the boroughs, and outside of New York State.
- NEIGHBORHOOD CHARACTER PROTECTED BY THE CLINTON PRESERVATION DISTRICT: The Property falls within the Special Clinton Zoning District preservation area, protecting the small-neighborhood charm coveted by many prospective occupants, which creates value for the people of Hell’s Kitchen.
- REINVIGORATED NEIGHBORHOOD: The enormous success of the Special Hudson Yards District has been felt across Midtown, drawing large swathes of people and companies from the traditional Midtown core towards the Far Westside, and this property sits squarely in the middle of this movement.
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Sales Team
