By Lois Weis on August 14, 2013.
A major Hudson Yards parcel is finally being offered a full year after family owners Arthur and Edward Imperatore and their partners hired Darcy Stacom and Paul Liebowitz at CBRE to explore marketing the location opposite the Javits Center.
The L-shaped site, directly on the upcoming Hudson Yards Park, stretches east from the northwest corner of Eleventh Avenue and West 36th Street and then wraps north to West 37th Street, taking up the entire block front along the new park, which is under construction.
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The site has an FAR of 21.6 so that it can host a primarily commercial tower of up to 881,000 square feet. But quirky Hudson Yards regulations will require buying air rights even though it has more than needed.
The CBRE team is selling the land and rights to develop 735,000 square feet.
The remaining 146,000 feet must be bought to pay for local improvements, while the owners will have 153,000 feet of air rights to sell to someone else .
Stacom declined to discuss pricing for the development site, but the much smaller site to the north was recently sold for $35 million and is slated to become a hotel. With the additional air rights, that pricing came to $230 a foot.
“This is an extremely exciting area to get in on the ground floor,” said Stacom.
Stacom, known as the Queen of the Skyscrapers, and CBRE’s William Shanahan are also marketing 980 Madison Ave. on the Upper East Side that could attract bids of roughly $380 million
** The law firm Baker Botts has renewed its 104,000 square-foot lease at 30 Rock for 10 years. The lease covers the 43rd to 45th floors.
According to CompStak, a real-estate information trading site, the starting rent for the lease was around $80 per foot, roughly half of what they paid for an expansion into part of a floor during the highs of 2008 — some $140 per foot.
John Nugent and Andrew Sussman from CBRE represented Baker Botts while Rock Center was repped by Tishman Speyer Properties in-house. The brokers could not be reached.
Verizon will still be able to hear you at 32 Ave. of the Americas where they signed a 60,000 square-foot lease renewal.
The telecom company has been in the TriBeCa tower for 13 years and occupies the entire 11th floor of 50,000 square feet and 10,000 square feet on a slice of the 15th floor.
Joseph F. Harkins of Cushman & Wakefield represented Verizon while Robert Steinman of Rudin Management Co. represented the building’s ownership in the 10-year deal that had an asking rent of $65 per foot.
Licensing agency The Joester Loria Group is moving to 8,500 square feet on the 10th floor of 30 Irving Place, which has spectacular views. They will move in February from nearby 860 Broadway.
Scott Galin, Peter Newman and Diana Siegel of Handler Real Estate Organization represented the tenant. Jeffrey Smith of Samco Management represented the ownership in-house, which had an asking rent of $46 per foot.