500 West 28th Street,
Manhattan, NY

Description

Mixed Use Building / Development Site in Prime Chelsea abutting the High Line. Property will be delivered vacant. As-is, the property consists of a ground floor deli (lease terminated) and 6 residential units 2 of which are vacant. As of Right, 12,345 sf. can be built with the existing FAR that is in place. Another 6,173 BSF of air rights can be purchased and transferred from any property falling in the High Line Transfer Corridor (see map on pg 16). Thus; total buildable square footage can be 18,517 with a max building height of 125′. There is potential for an architect’s plans to be approved for 21,517 BSF.

Remarks: An option exists to purchase 1,250 bsf from a “granting site” and get 1,250 bsf free from the City if a component of affordable housing is built: either on or off site. Additionally, Hotel feasibility studies have been done for the property (plans upon request). The zoning also offers the potential to build a mixed-use building, the most profitable of which would be a ground floor restaurant and residential units above. The location of the property – abutting the High Line, and just North of the Meat Packing area (and eventually to be just South of Hudson Yards) will lend to having maximum foot traffic for any restaurant / lounge / bar / retail destination.*