Gary Barnett‘s Extell Development has finally signed the deal selling a four building site in Manhattan for more than its original $80 million asking price, according to a report in the Commercial Observer. A source told that paper that a Chinese developer is buying the whole kitten caboodle.
Located at 131-141 East 47th Street, the assemblage of the 4 contiguous lots features 105 feet of frontage between Lexington and Third Avenues just two blocks north of Grand Central Station.
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A majority of the site is zoned C5-2.5, which permits a Base FAR of 12.0 (5’ of the entire site is zoned C5-3 that permits a Base FAR of 15.0). Combined, the lots create an approximately 10, 544 square foot parcel, and per the zoning code, equates to a base buildable of approximately 128, 034 square feet. Additionally, developers have the opportunity to further increase their total square footage by 1.0 FAR through the implementation of a public plaza, increasing the total development potential to approximately 138, 578 buildable square feet.
Currently, 131-141 East 47th Street is comprised of an 11-story parking garage and the three adjacent 4-story mixed-use walkup buildings. Each of the properties will be delivered vacant with the exception of the ground floor tenant located at 137 East 47th Street. A termination notice was sent to the last remaining tenant with a termination date of September 30th, 2014. As of October 1, 2014 the entire site will be vacant and provide developers with the ability to immediately commence their development.
According to the listing by Massey Knakal, the Midtown East submarket is recognized as the most accessible New York City location which makes it an appealing place for residents, professionals and tourists. The subject property is situated within close proximity to Grand Central Station, which services roughly 750, 000 daily passengers and provides convenient service to all corners of Manhattan and beyond. Additionally, tourism has seen unparalleled growth within the past decade reaching 54.3 million visitors in 2013 and is only expected to increase for years to come. The property additionally benefits from the overflow of Times Square, the world’s most frequented tourist destination that services an estimated 350, 000 daily visitors.
The listing also boasts that, “131-141 East 47th Street offers a rare opportunity for purchasers to capitalize on these trends by creating one of the most exclusive projects in one of Manhattan’s most accessible and active corridors.
