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Old Posted Jan 16, 2014, 1:38 PM
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http://www.globest.com/news/12_776/n...Up-341772.html

Development Site Sales Heat Up




There are several possibilities for 45 Broad St., and none of them have a specified height restriction.


By Rayna Katz
January 16, 2014


Quote:
Development site sales are on fire.

Cushman & Wakefield has been tapped to market a whopping 264,200-square-foot site in the of-the-moment Downtown corridor, at 45 Broad St. At the same time, HFF has closed on a parcel in Chelsea that spans just 7,538 square feet yet it sold for $42.8 million. The latter property includes development rights for more than 144,000 square feet.

Analysts earlier this week indicated that these types of notable transactions are to be expected in 2014. Development site sales “have really taken off,” said Robert Knakal, chairman, Massey Knakal, in a fourth quarter briefing earlier this week.

Located steps from the World Trade Center, 45 Broad St. likely will become a super-luxury residential or mixed-use property. Based on Knakal’s report on average pricing, the spot could command a price as high as $117.6 million. A Cushman spokesman declined comment.

The parcel would afford an investor the opportunity to build a new tower in the Financial District with no specified height restriction, according to Cushman & Wakefield. Based on initial architectural studies, the site can support a 45- to 50-story tower, providing views of the skyline and New York Harbor.
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