INVICTUS Property Advisors has been retained on an exclusive basis for the sale of 515-519 West 43rd Street & 514-518 West 44th Street, a one-of-a-kind mixed-use block-through development opportunity in Hell's Kitchen. The subject properties consist of three separate tax lots (21, 42, 44) that allow for 75 feet of frontage on both West 43rd & 44th Streets. The opportunity presents developers with a blank canvass to develop over 90,000 BSF as-of-right and 120,000 BSF with inclusionary housing in the Special Clinton Purpose District with R9/CL zoning. The size and scale of the development would allow for panoramic river and city views, including Midtown Manhattan and Hudson Yards.
514 & 518 West 44th Street can be delivered vacant at closing and 515-519 West 43rd Street has a lease with Avis expiring in October 2020. The subject site is located on the same street as several highly publicized new developments, including Moinian Group's new luxury rental project (Oskar), El Ad Group's recently completed 16-story, 123 unit, condo and rental block-through (Charlie West), and DHA Capital's 300-unit luxury block-through rental. Xin Development International is nearing completion of a full-block between West 44th & 45th Streets 10th Avenue of a seven-story, 92-unit mixed-use condominium building dubbed the Hudson Garden, Target is expected to take the full ground floor.
The property is in close proximity to the A, C, and E subway lines on 42nd Street and 8th Avenue and the Port Authority Bus Terminal. The area also benefits from the 7 Train extension to Hudson Yards. 515-519 West 43rd Street is at the intersection of Midtown West, Times Square and Hudson Yards, and is flooded with great restaurants, trendy nightspots and stylish boutiques. The electricity of Times Square, the mecca of theater entertainment on Broadway and the Hudson River Greenway are all within walking distance. The opportunity presents developers with the ability to purchase one of the only currently available block-through sites in Midtown Manhattan.