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  #1  
Old Posted Apr 15, 2014, 1:59 AM
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Smile NEW YORK | 350 W. 39th St | FT | FLOORS

http://www.crainsnewyork.com/article...ld-go-for-100m


Another big West Side site could go for $100M
A two-story Bauhaus-style building at 350 West 39th St. could become a tower. Eliot Spitzer, meanwhile, wants to expand his footprint at nearby 511 West 35th St.





350 W. 39th St.A two-story, Brauihaus-style building at 350 W. 39th St. could become a tall tower.



By Daniel Geiger
April 14, 2014


Quote:
Another large development site in midtown’s far West Side is coming to market with a price tag in excess of $100 million.

A sales team led by Robert Knakal, chairman of the brokerage company Massey Knakal Realty Services, is bringing 350 W. 39th St., a low-rise building that could be replaced with a 300,000-square-foot mixed-use tower, to the auction block. The lot’s zoning allows for about 160,000 square feet of residential space and up to 50,000 square feet of retail. The rest of the building could be used as a hotel or offices, Mr. Knakal said.

“This site represents an outstanding opportunity in the exploding Times Square, Penn Station and Hudson Yards triangle,” Mr. Knakal said. “The likely uses here include residential, retail and hotel. We anticipate tremendous activity for this unique site. "

The parcel sits at the periphery of the Hudson Yards, where several development sites have changed hands in recent months for princely sums in a buying boom that underscores the neighborhood’s transformation into a colossal residential and commercial district.

As Crain’s reported last week, developer Sean Ludwick is acquiring a collection of adjacent parcels across the street from the Jacob K. Javits Center at 470 11th Ave. Mr. Ludwick plans to raise a 700-foot mixed-use tower.

Another developer, Maddd Equities, also just signed a long-term lease for 451 10th Ave., a parcel on the corner of West 35th Street where it too could build a 700-foot mixed-use building.

And late last year, former New York Gov. Eliot Spitzer, bought 511 W. 35th St., a development site that Crain’s has learned he is now trying to expand by acquiring the neighboring parcel on the southwest corner of West 36th Street and 10th Avenue.

According to city property records, the owner of 350 W. 39th St. is Robert Greenberg, the founder and chief executive of the advertising firm R/GA, which currently has its headquarters on the site in a low-rise property Mr. Greenberg developed in 1984. The building is a Bauhaus-style two-story property. On its website, the firm said it began occupying the space at a time when the neighborhood resembled the gritty city depicted in the film Taxi Driver.

R/GA’s lease at the building stretches until 2015, according to Massey Knakal, giving a buyer of the site time to plan a development while collecting rental income. A call to a spokewoman at R/GA was not immediately returned.

Mr. Knakal, a sales broker who specializes in the Hudson Yards area, is also in the process of selling one of the largest development sites there, a parcel between West 34th and West 35th Street and 10th Avenue and the soon-to-be-completed Hudson Boulevard. Tishman Speyer is buying that site for more than $200 million, according to reports, and possibly a neighboring parcel that would allow for one of the city's largest commercial office towers in the city.
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  #2  
Old Posted May 5, 2014, 5:25 PM
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Old Posted Jun 12, 2014, 10:35 PM
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http://commercialobserver.com/2014/0...q-is-imminent/

Sale of R/GA’s Garment Center HQ Is Imminent





By Lauren Elkies Schram
6/11/14


Quote:
Global digital advertising agency R/GA‘s Garment Center building will soon be in contract, Commercial Observer has learned.

Robert Greenberg, the company’s founder, chairman and CEO, made an announcement at a staff meeting today that the building at 350 West 39th Street “is for sale and we are looking for new space,” according to someone who was in attendance.

But, the building has been for sale for a couple of months, said Robert Knakal of Massey Knakal Realty Services, who has been marketing the building with colleague David Kalish, and a deal will soon be ironed out.

Mr. Knakal said he anticipates a contract will be signed within the next couple of weeks and the sale price will be “well north of $110 million.” He said that while part of the site falls within the Garment District, the zoning allows for a development to be all residential, all commercial or mixed-use.

Mr. Greenberg, who was inducted into the Advertising Hall of Fame this year, bought the two-story 1968 building between Eighth and Ninth Avenues in 1984, according to property records. It is is a 300,000-square-foot, block-through development site near the Hudson Yards.

“For a deal of this size and if you believe you can build a 300,000-square-foot site, notwithstanding the Garment Center zoning, it should be a $150 million site,” said a source with knowledge of the market who asked for anonymity.

According to another source, the company is moving to larger digs in Manhattan and may already have a site lined up.

A spokesperson for R/GA, which employs 1,400 people, did not immediately respond to requests for comment.
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  #4  
Old Posted Oct 22, 2014, 11:46 PM
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Originally Posted by NYguy View Post
http://www.crainsnewyork.com/article...ld-go-for-100m


Another big West Side site could go for $100M
A two-story Bauhaus-style building at 350 West 39th St. could become a tower.




http://newyork.citybizlist.com/artic...or-112-million

Massey Knakal Sells Development Site In Hudson Yards For $112 Million

10/22/14


Quote:
A development site at 345-353 West 38th Street, running block-through to West 39th Street between Eighth and Ninth Avenues in Manhattan’s Hudson Yards, was sold in an all-cash transaction valued at $112,150,000.

The block-through site features approximately 125 feet of frontage on both West 38th and West 39th Streets. It currently consists of a two-story commercial building occupied by R/GA who will vacate the building in late 2015.

Uniquely located within the Garment Center Special Purpose Zoning District, it allows for a combination of commercial and/or residential uses, including retail, hospitality, community facility, and/or luxury condominiums. The maximum FAR of 12.0 in this zoning district allows for a development of up to approximately 296,250 square feet, and the sale price equates to approximately $400 per buildable square foot.

The site is located in arguably Manhattan’s most exciting submarket near some of the city’s largest privately and publicly funded development projects including Hudson Yards, Manhattan West, the #7 subway extension, Hudson Yards Boulevard & Park, and the West Chelsea High Line.

“This transaction illustrates the continued demand that exists for development properties in and around the Hudson Yards District. Every week, buyers who are new to the area are expressing interest in purchasing something there,” said Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with Jonathan Hageman and David Kalish.
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  #5  
Old Posted Oct 23, 2014, 1:33 AM
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Hooray, they are actually tearing down something that is a horrendous blight instead of a beautiful historic building. I really hope this turns into a supertall or close to it.
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Old Posted Oct 23, 2014, 12:04 PM
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Originally Posted by photoLith View Post
Hooray, they are actually tearing down something that is a horrendous blight instead of a beautiful historic building. I really hope this turns into a supertall or close to it.
Not in that location.



http://www.globest.com/news/12_972/n...ld-351726.html

Development Site Near Hudson Yards Sold

By Rayna Katz
October 23, 2014


Quote:
The buyer, a hotelier, plans to build one or even two hotels on the site—with one on each street—where the total buildable square footage available is up to approximately 300,000 square feet, Massey Knakal chairman Robert Knakal tells GlobeSt.com. “The company loves the location based on all that’s going on in the area. Every week, buyers who are new to the area are expressing interest in purchasing something there.”

The seller was a family that didn’t wish to be identified, adds Knakal, who exclusively handled the transaction with Jonathan Hageman and David Kalish.

The block-through site features approximately 125 feet of frontage on both West 38th and West 39th Streets. It currently consists of a two-story commercial building occupied by R/GA, who will vacate the building in late 2015. Located within the Garment Center Special Purpose Zoning District, it allows for a combination of commercial and/or residential uses, including retail, hospitality, community facility, and/or luxury condominiums.

The maximum FAR of 12.0 in this zoning district allows for a development of up to 296,250 square feet, to be more precise, and the sale price equates to approximately $400 per buildable square foot.
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Old Posted Dec 1, 2014, 10:09 PM
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So, Sam Chang bought the neighboring building at 338-340 West 39th Street as well, let's see what he makes of the bigger site


From left: 338-340 West 39th Street, Sam Chang and Bob Knakal

Quote:
Hotel developer Sam Chang of McSam Hotel Group is in contract to buy a 12-story industrial building for $22.5 million. The 45,717-square-foot property at 338-340 West 39th Street, between Eighth and Ninth avenues, is 90 percent occupied, the New York Observer reported. Zoning allows for a total of 59,244 square feet. Pennsylvania-based firm Caporal Company hired Bob Knakal of Massey Knakal Realty Services to market the Midtown property. Chang denied to the Observer that he was in contract for the site. He bought a neighboring building at 350 West 39th Street for $112 million, as previously reported. [NYO] — Mark Maurer - See more at: http://therealdeal.com/blog/2014/12/....njspL7SI.dpuf
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Old Posted Dec 18, 2014, 5:45 PM
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City to look into Garment District rezoning next year

December 18, 2014

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New York City planning commissioner Carl Weisbrod will consider a possible Garment District rezoning next year.

In an email Garment District Alliance president Barbara Blair Randall sent to landlords in the neighborhood earlier this week, she wrote that Weisbrod “indicated that the administration would ‘take a hard look’ at the zoning and address it in the first quarter of 2015,” according to Capital New York.

“We will keep you abreast as we learn more information. This has been a long term objective of this organization. As you are well aware, we have spent the last several years in earnest discussions with the City. We are very encouraged by this administration’s news,” Randall wrote.

Retailers and office tenants have been flocking to the area. Several new hotel projects are also in the works.

A spokesperson for the city’s Department of City Planning said that the district’s zoning is “obsolete and not serving the interests of tenants, manufacturers, the fashion industry or property owners, nor is it achieving the goals set forth when it was adopted in 1987. We’re committed to working with all interested parties to explore solutions to this land use dilemma. Saying it’s complicated is an understatement and although we will be working on it next year, a solution will take time and a willingness to compromise. - See more at: http://therealdeal.com/blog/2014/12/....zwpsEfdT.dpuf
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Old Posted Jan 20, 2015, 5:33 PM
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Sam Chang Closes on $22.5M Garment Center Purchase

LAUREN ELKIES SCHRAM
1/20/2015

Quote:
McSam Hotel Group‘s Sam Chang has closed on his $22.5 million purchase of the industrial loft building at 338-340 West 39th Street between Eighth and Ninth Avenues, Commercial Observer has learned. He went into contract to purchase the building between Eighth and Ninth Avenues at the beginning of this past December, as Commercial Observer previously reported, and the deal closed last Thursday, Mr. Chang said.

Mr. Chang said he wanted the site because it’s adjacent to what was global digital advertising agency R/GA‘s home at 350 West 39th Street, which the hotelier bought last October for $112 million.

The site at 338-340 West 39th Street is 45,717 square foot and includes a 90-percent occupied 12-story commercial building. Mr Chang said because there are tenants in the building, construction won’t commence until next year.

The owner is listed in property records as Caporal Company, a Pennsylvania limited partnership. Robert Knakal of Cushman & Wakefield said he was the only broker on the deal.

Mr. Chang said he doesn’t yet have plans for the site.
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  #10  
Old Posted Jan 21, 2015, 1:35 AM
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Mr. Chang said he doesn’t yet have plans for the site.

My guess is that it will involve a hotel.
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