Documents
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Key facts
| Year Built | 2000 |
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Property description
Jones Lang LaSalle (“JLL”) has been exclusively retained to sell the fee simple interest in a unique development site located at 616 Eleventh Avenue (“The Property” or “The Site”). The Property features an expansive footprint with over a combined 293’ feet of frontage totaling approximately
27,019 square feet, which will allow for the creation of a unique amenity package on-site as well as highly efficient layouts. Located at the rapidly evolving border of Hudson Yards and the Far West Side, 616 Eleventh Avenue is ideally positioned to capitalize on the northward expansion of the successful megaprojects nearby.
Investment highlights
The Site’s R8A/R8 zoning within the Special Clinton District permits an as-of-right development of approximately 127,827 zoning floor area (“ZFA”). The development potential can be increased by an additional 21,521 ZFA through the purchase of off-site inclusionary housing bonus certificates (“IHB”), which brings the total development to approximately 149,348 ZFA. The IHB air rights are not included in the sale of 616 Eleventh Avenue.
Similar Properties
View moreThe value of trust beneficiary rights fluctuates due to fluctuations in the price of real estate, and there is a risk of falling beyond the investment principal. Real estate prices are fluctuated by changes in the population of the area in which they are located and the number of newly supplied properties, fluctuations in interest rates and exchange rates, changes of tax system, loss/damage due to natural disasters such as earthquakes, deterioration over time, and the discovery of hidden defects such as soil pollution.
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