Overview
BKREA has been retained on an exclusive basis to arrange for the sale of 462-470 Eleventh Avenue (“The Site”), a rare mixed-use development opportunity in the Hudson Yards neighborhood of Manhattan. The site is located on the southeast corner of West 38th Street and Eleventh Avenue and benefits from 123.42’ of frontage along Eleventh Avenue and 125’ on West 38th Street. In its current state, the site was most recently used as surface parking and will be delivered completely vacant. The 14,810-square-foot corner lot is located within the C6-4, HY (Special Hudson Yards District) zoning district, which allows for a 10.0 FAR for commercial use, amounting to 148,100 ZFA. Due to the favorable zoning bonus programs in the Hudson Yards Special District, developers could increase their density by purchasing Hudson Yards District Improvement Bonus Air Rights (“DIB”), which is currently quoted by the city at $165.22/ZFA as of August 1, 2024. These bonuses allow for a maximum FAR of 18.0, of which up to 2.4 FAR can be used for residential purposes. Furthermore, potential developers could add additional floor area by purchasing air rights from The Eastern Yards Subarea A.
Investment Highlights
- Rare Flexible Zoning Opportunity - The site offers a developer a maximum potential of approximately 320,000 ZFA, of which roughly 89,000 can be residential, allowing the remaining balance to be used for office, hotel, or retail purposes.
- Significant Corner Frontage - The generous frontages of 123.42’ on Eleventh Avenue and 125’ on West 38th Street enables the creation of efficient floorplates.
- Tremendous Light and Air - The corner positioning of the site ensures ample natural light and air, benefiting from exposure on both the west and north sides of the future building. Additionally, the upper floors will offer stunning views of the Hudson River.
- Vacant Possession - The site will be delivered completely vacant and is already demolished.
- Prime Hudson Yards Location - Future development will capitalize on nearby attractions and growing demographics of the surrounding neighborhood.
- Convenient Accessibility - The site a 6-minute walk from the newly built 34th Street- Hudson Yards Subway Line allowing connectivity throughout the city.
- Potential for Assemblage - Given the existence of adjacent large lots, there is an opportunity to enhance development through potential assemblage.