A strategic block of land on Manhattan’s far west side has fetched $23 million. Earlier this week, Extell Development Corporation bought the block front located between West 30th and 31st street.
A two-story garage, a five-story residential building and a sliver of empty land now occupy the site along 10th Avenue. Extell plans to develop the site, which includes air rights that will allow them to exceed the size of the lot’s existing properties.
"Zoning for the site vastly enhanced its value because ultimately a much larger building with an increased FAR [Floor Area Ratio, which is the building area divided by the land area] may be built on the site than the current 14,300 sq. ft. property," says Eric Anton, senior managing director at brokerage Eastern Consolidated, which represented the seller, Stuart Dean Company.
He adds that Extell can purchase additional air rights from the Metropolitan Transit Authority (MTA) that would enable them to build approximately 315,360 sq. ft. on the site.