Hudson Yards Development Site with Leasehold Interest Sells for $35,000,000 at 501 West 35th Street, Manhattan

Successful Sale of 501 West 35th Street in Hudson Yards, Manhattan

Bob Knakal and his team successfully closed the sale of 501 West 35th Street, a prime leasehold interest on a parking lot situated at the northwest corner of 35th Street and 10th Avenue. The transaction, which totaled $35,000,000, demonstrated the high demand for development opportunities in the rapidly evolving Hudson Yards neighborhood. The property featured 125 feet of frontage along 10th Avenue and 150 feet of frontage on 35th Street, providing a strategic location for future development.

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Sale Details

The transaction was finalized on April 24, 2014, securing a sale price of $35 million. The site’s leasehold interest covered approximately 410,000 buildable square feet, positioning it as a key opportunity for large-scale development in the expanding Hudson Yards district.

Sale Price: $35,000,000
Property Type: Development Site (Leasehold Interest)
Total Buildable SF: 414,708
Price per Buildable SF: $84.40
Date Closed: April 24, 2014
Neighborhood: Hudson Yards, Midtown West

Property Overview501 West 35th Street offered an exceptional development opportunity with its substantial lot size and strategic location. The leasehold interest provided developers with a prime site within the booming Hudson Yards district.

Lot Frontage: 125’ on 10th Avenue, 150’ on 35th Street
Block / Lot: 7 / 14
Borough: Manhattan

Market Strategy and Leverage‍

Bob Knakal and his team leveraged the strong market momentum in Hudson Yards to secure the best possible terms for the seller. By positioning the property as a unique leasehold development opportunity, they attracted significant interest from investors looking to capitalize on the district’s ongoing transformation. The team’s strategic outreach and market expertise resulted in a swift transaction at a competitive price per buildable square foot.

‍Neighborhood Overview

‍Hudson Yards is one of Manhattan’s most dynamic and rapidly growing districts, offering unparalleled development potential:

Prime Connectivity: Located near Penn Station and the new 7-line subway extension, ensuring excellent transportation access.
High-Density Development: Surrounded by major commercial and residential projects, making it a key area for large-scale investment.
Business and Lifestyle Hub: Home to office towers, luxury residential buildings, retail spaces, and cultural institutions, driving sustained interest from investors and developers.

Conclusion

‍The sale of 501 West 35th Street underscores Bob Knakal’s expertise in structuring high-value development transactions. By effectively positioning the property within the broader Hudson Yards development landscape, Bob and his team maximized value for the seller, securing a premium price and favorable transaction terms.

‍Testimonial

‍“Bob, you could not have done a better job on this one. It was a great deal all around and you got it done very quickly. Thanks for all of your hard work.”
– Jorge Medruga, Madd Equities