NEW YORK CITY – Avison Young, the world’s fastest-growing commercial real estate services firm, today announced that its New York City office has been named the exclusive marketing agent for a prime retail redevelopment site at 360 West 42nd Street at the corner of Ninth Avenue in Midtown’s burgeoning Times Square West.
Ideally situated to maximize branding visibility and access to the fast-growing neighborhood’s exceptional foot traffic, the site allows for the redevelopment of up to 21,000 square feet of retail space above grade, with 6,800 square feet of additional basement space. The immediate area surrounding the site has been the beneficiary of significant growth, including new luxury residential developments such as Extell Development’s Orion Condominium, which is directly adjacent to the property; and MiMA, Related Company’s mixed-use residential and hotel property. Further energizing the area will be the latest hotel project by developer Richard Born, currently underdirectly across Ninth Avenue.
Principal and Tri-State President Arthur J. Mirante, II, and Principals Michael A. Leff, Jon Epstein and Charles Kingsley are leading the Avison Young team managing the assignment on behalf of ownership. Avison Young is marketing a long-term ground lease for the site – being made available for the first time – to both user/tenants and investors.
“This site presents a truly exceptional build-to-suit opportunity for a retailer, bank or restaurant, offering an outstanding corner location with bi-directional street and avenue visibility, amidst one of the hottest neighborhoods in all of Midtown,” stated Leff. “With several new upscale residential and hospitality developments in proximity to the site, the immediate area’s strong demographics and foot traffic make this a prime location.”
Located directly adjacent to the Port Authority Bus Terminal and within walking distance to numerous subway lines, the site may qualify for Hudson Yards tax incentives, including a 15-year PILOT tax exemption, Mortgage Recording tax deferment/exemption, and Sales and Use tax exemption. The site’s zoning currently allows for retail, commercial and hospitality uses.
“The rapid pace of the area’s revitalization into a leading commercial and retail hub strongly positions this site to attract robust interest from investors looking to create and unlock value in a rare redevelopment opportunity,” commented Epstein.
Added Mirante: “I am confident that our team’s expertise and comprehensive marketing approach will enable us to swiftly and effectively identify the right potential tenant or investor for this site as we leverage the strength of our integrated service model to maximize results for this significant assignment.”
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,300 real estate professionals in 52 offices, providing value-added, client-centricsales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.