341 West 25th Street, New York, NY, 10001, US

341 West 25th Street

Asset Description

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange for the sale of 329 - 343 West 25th Street (“the Site”), an incredible development opportunity located on the north side of West 25th Street between Eighth and Ninth Avenues in the Chelsea neighborhood of Manhattan. The Site uniquely features 200’ of frontage and a combined lot size of almost 20,000 SF across three (3) adjacent parcels including the former St. Columba Roman Catholic Church.

The entire site is located within the R8 zoning district, which allows for residential and/or community facility as-of-right. In total, the site allows for approximately 128,375 BSF at the 6.5 FAR allowed under the zoning district. Given the expansive frontage and combined footprint, the site allows for a myriad of potential residential massing options that would all feature exceptional light & air as the area immediately surrounding the Site primarily comprises parks, parking lots and low to mid-rise buildings associated with the Penn South housing campus.

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Attributes

Building area net

128,375 sf

Land area gross

19,750 sf

Zoning

Number of buildings

Media

Investment Highlights

Development Potential: Site is delivered vacant, allowing prospective developers to immediately commence demolition. The R8 zoning designation permits a 6.5 FAR, which translates to an impressive 128,375 BSF development site.

Expansive Lot: The Site features 200’ of frontage along West 25th Street combining to an almost 20,000 SF land parcel. In the past 4 years only one other development site in Manhattan has sold that featured a larger footprint, further highlighting the uniqueness of the offering.

Exceptional Light & Air: The future development at 329-343 West 25th Street will have access to incredible light & air due to the low to mid-rise nature of the surrounding lots. As a result, unobstructed, 360-degree views will be available to the majority of the units within the project depending on the ultimate design.

Strong Residential Market: Chelsea has evolved into one of the most sought-after residential neighborhoods in all of Manhattan. New development condo buildings have performed exceptionally well, commanding record residential rents and condominium sellouts. Furthermore, with the new 485x program now in-place, a rental project at 329-343 West 25th Street is not only viable, but a prime candidate to become one of the first projects in Chelsea to be developed under the new program.

Developer Flexibility: Given the expansive site footprint, development rights, and unique existing structures, the site is truly a blank canvas for developers to design a one-of-a-kind project.

Prime Chelsea Location: Chelsea is a vibrant and dynamic neighborhood that is known for its diverse culture and art scene, excellent dining & nightlife, and extraordinary outdoor amenities and attractions. A future residential building at this location will benefit greatly from having access to everything Chelsea has to offer.

Excellent Connectivity: The Site has proximity to myriad transportation options, including Penn Station and Moynihan Station which feature multiple subway lines, PATH trains, Amtrak, NJ Transit, and the Long Island Railroad (LIRR). Additionally, ample bus stops and Citi bike docks surround the immediate area in every direction.