HFF closes $18.7 million sale of residential development site in Manhattan’s Clinton/Hell’s Kitchen neighborhood

NEW YORK, NY – The New York and New Jersey offices of HFF (Holliday Fenoglio Fowler, L.P.) have closed the sale of a residential development site on 37th Street between 9th and 10th Avenues in Manhattan’s Clinton/Hell’s Kitchen neighborhood.

HFF senior managing directors Andrew Scandalios (middle right photo) and Jose Cruz (middle left photo) along with directors Jeffrey Julien and Kevin O’Hearn represented the buyer, Jackson Development, LLC, who purchased the site for $18.7 million free and clear of debt.

The development site is located at 431-439 West 37th Street within the Hudson Yards Redevelopment Site (top left rendering), which upon completion will include 24 million square feet of office space, 13,500 units of housing, one million square feet of retail and two million square feet of hotel space all within walking distance of the New York City subway system,

Times Square and Penn Station.  The proposed property is a 12-story luxury residential building totaling 110,700 gross square feet. 

“Currently in New York City, we are seeing a historic lack of new construction; only 0.8 percent of supply this decade, which points to excellent rent and sale price appreciation over the short to mid-term for projects like the 37th Street development,” said Scandalios.

“The Clinton/Hell’s Kitchen area is one of the fastest growing residential neighborhoods in New York City and this was an outstanding opportunity to develop a prime site in Hudson Yards, which is fast becoming a popular, vibrant mixed-use neighborhood,” added Cruz.

Contacts:      

Andrew G. Scandalios, HFF Senior Managing Director, (212) 245-2425 ascandalios@hfflp.com

Jose R. Cruz, HFF Senior Managing Director, (973) 549-2000, jcruz@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

 krmurphy@hfflp.com