Douglas Elliman Commercial has been retained on an exclusive basis to market the sale of a unique Hudson Yards corner assemblage comprised of two multifamily buildings and an adjacent parking lot located at the northwest corner of West 38th Street and Ninth Avenue.
507 and 509 Ninth Avenue contain 16 residential apartments, 2 retail spaces and 3 telecom antenna leases, providing immediate in-place cash flow and long-term repositioning potential. The buildings are efficiently self-managed, and carry zero debt. There is no pending litigation. All tenant rent is paid on time and current.
Adjacent to the residential assets, 405 West 38th Street operates as a licensed parking lot and offers approximately 10,000 buildable square feet, creating a compelling future development opportunity.
The Port Authority’s Dyer Avenue Deck-Over project is the first step in a major transformation of Midtown West. The project will ultimately create 3.5 acres of new public green space, while the new Midtown Bus Terminal is designed to serve projected commuter growth through 2050.
With an estimated $10–11 billion investment, a new 2.1-million-square-foot terminal, new retail, improved streetscapes and public open space, the surrounding neighborhood has substantial potential for increased visibility, activity and long-term property demand.
For investors, this is an opportunity to acquire property ahead of a generational infrastructure transformation and position for long-term growth within the emerging Hudson Yards Neighborhood.
Stories: 5