Pasha Group Sells Prime Midtown Manhattan Development Site
- Dec 21, 2012
Pasha Group L.L.C. sold 546 W. 44th St., a prime development site located between 10th and 11th avenues in New York City’s Midtown West submarket for $50 million. Cushman & Wakefield Inc. represented the company in the deal.
The buyer is a partnership between DHA Capital, USAA Real Estate Co. and Crimson Real Estate Fund.
According to C&W, at $300 per square foot, the sale has the highest pricing achieved for a residential development parcel in Midtown West since the recession.
The property has a land area of 27,615 square feet and 165,000 square feet can be built on the site, but that can rise to approximately 221,000 square feet if the developers choose to add affordable housing to the mix.
“546 West 44th Street is a great opportunity to own a prime residential development site in an area of Manhattan in the midst of a profound and rapid transformation,” said Cushman & Wakefield executive vice president Helen Hwang.
Situated within the Special Clinton District, in a neighborhood referred to as Midtown West and Hell’s Kitchen, 546 W. 44th St. is located at the epicenter of economic cultural expansion in the New York Metro area.
The neighborhood features a brand-new luxury apartment buildings including Silver Towers, The Atelier, MiMA, Orion; 455 W. 37th St. and 505 W. 37th St. Midtown West is also home to world-class performing arts venues, as well as the headquarters of several Fortune 500 firms and global companies.
Joining Hwang on the Cushman & Wakefield team were Nat Rockett, Karen Wiedenmann, Steve Kohn and John LiGreci.