New York, New York (PressExposure) August 14, 2012 -- ERG Property Advisors is pleased to be named the exclusive broker for a development site at 527-531 West 36th Street in Manhattan.
The property, 527-531 West 36th Street, has 44,698 buildable square feet of development rights. The existing site consists of a 75' x 97', two-story garage building that is approximately 14,700 square feet. The tenants pay approximately $425,000 per year in rent.
This property will eventually be acquired by the Hudson Yards Development Corporation for the Hudson Park and Boulevard. According to the revised zoning text, the Air Rights are transferable to any other property in the Phase II area located between 10th and 11th Avenue from 33rd Street to 42nd Street. These Air Rights are not constrained by Inclusionary Housing restrictions, unlike Air Rights sold by the city.
The asking price for this property is $10,000,000.
About ERG Property Advisors
ERG Property Advisors is a full-service commercial real estate brokerage company based in New York City. Its core activities are investment sales, retail leasing, and strategic consulting. While focused on the broader New York City area as a company, ERG also offers specific market knowledge at the submarket level. Beyond core New York City properties, ERG has access to a vast network of NNN properties throughout the United States. In addition to assisting property owners and prospective buyers, ERG provides banks, appraisers, attorneys, and accountants with information and skill sets that support them in their respective roles. Visit http://www.ergpa.com for recent deals and press coverage.