$94 Million Mixed-Performance Office Loan Relationship | New York, NY
25 813 mètres carrés
Description de l'actif
JLL has been retained on an exclusive basis to arrange for the sale of 554-568 Eighth Avenue (the “Property”), a rare, 21-story, corner office building delivered 100% vacant in Midtown Manhattan. Configured as 309,703 rentable square feet with 232’ of wraparound corner frontage (99’ on Eighth Avenue & 133’ on West 38th Street), the Property is a blank slate providing investors with multiple ways to create value. While current zoning allows for immediate, as-of-right, mixed-use positioning for office, retail, community facility or an end user, the expected Midtown South Mixed-Use Plan (MSMX) rezoning would allow for residential conversion enhanced by the favorable 467-m tax abatement.
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Attributs
Superficie locative
28 772 mètres carrés
Nombre d'étages
21
Média
Points forts de l'investissement
-Rare, 21-story, 100% Vacant, Corner Office Building
-Primed for Multiple Business Plans in Center of Midtown South Mixed-Use Plan (“MSMX”) Rezoning
-Ideal for Class B Office / Residential Conversion / End-Users
-Substantial Scale: 310K Rentable SF (281K Office RSF / 28.5K Retail RSF)
-232’ of Wraparound Corner Frontage with Multiple Setbacks / Terraces
-Excellent Base Building Condition with Substantial Recent CapEx Invested (~$15M)
-Generous, ~11’ Average Slab-to-Slab Office Floor Ceiling Heights (Retail 19’ Ceiling Heights)
-Tremendous Corner Light & Air Ideal for Office or Residential Use
-Unrivaled Transit-Oriented Location (Port Authority / Penn Station / Entrance to 12 Subway Lines Within a 3-Min Walk)
-Political & Public Support for Midtown South Transformation: Several new citywide & neighborhood based programs (City of Yes, the 467-m / 485x tax abatements & the expected MSMX rezoning) will reshape Midtown South - all of which have overwhelming political & public support
-NYCs Next Neighborhood Evolution - A Very Different Future: Located centrally between Hudson Yards (upcoming $12B phase II project), Port Authority (>$10B / 2.1M SF terminal replacement begins 2025), Penn District ($7B Penn Station redevelopment / up to 15M SF of potential Penn District development in planning phase), Manhattan West, Times Square, Herald Square & Chelsea
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554-568 Eighth Avenue (0 Propriétés)
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Dernière mise à jour
19 mai 2025
