Marcus & Millichap Real Estate Investment Services announced this week that it had arranged the sale of 140-144 W. 28th St., a 75,000-rentable square foot parcel for $20.5 million. Barbara Dansker and Shlomo Manne of Marcus & Millichap represented the buyer, Upper East Side-based Sovereign Partners LLC, as well as the seller, West 28th St. Partners LLC, in the transaction.
The property is located in the Chelsea area of Manhattan between Sixth and Seventh avenues. The 76.67-foot by 98.75-foot lot has a maximum FAR of 10 and the property's current zoning is M1-6. Development options for the parcel include commercial and hotel. "The great thing about the sale of this parcel is that it is an inherently valuable piece because it is presently zoned commercial," said Dansker in a GlobeSt.com article. "It could be used for a hotel, even though there [are] already hotels on the block."
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