Overview
BKREA has been retained on an exclusive basis to arrange for the sale of 539 West 54th Street (“The Site”), an exceptional mixed-use development opportunity in the evolving Hell’s Kitchen neighborhood in Manhattan. The site is located on the north side of West 54th Street between 10th and 11th Avenues and features favorable lot dimensions of 125’ x 100.42’. The site has been demolished, offering prospective developers time and cost savings.
The 12,549-square-foot lot is located within the R8, CL (Special Clinton District) zoning district, which allows for an as-of-right FAR of 6.02 for market-rate residential use, 6.50 FAR for community facility purposes, and 7.20 FAR for residential-Universal Affordability Preference (UAP) use. This translates to an as-of-right ZFA of 75,547 square feet for marketrate residential, 81,571 square feet for community facility use, and 90,355 square feet for residentialUAP use
Investment Highlights
- Significant Frontage - The site offers potential developers with 125’ of frontage along the north side of 54th Street allowing for efficient floorplates.
- Approved Plans - Current ownership has maintained a set of approved plans conducted by GF55 Architects calling for 21 stories and 68 units. Ownership is in the process of pulling permits and creating a shovel-ready site.
- Boutique Development - The Site will be delivered with a total of 81,671 buildable square feet ideal for a multitude of development schemes.
- Vacant Possession - The previous structure is in the process of being demolished, creating a fully vacant development site. This enables prospective purchases with time and cost savings.
- Prime Hells Kitchen Location - Future development will capitalize on nearby attractions and growing demographics of the surrounding neighborhood.
- Convenient Accessibility - 539 West 54th Street is within walking distance of several subway stations and bus stops making it commuter friendly.
