By Al Barbarino
A parking garage on West 25th Street in the Garment District could soon give respite to more than just cars.
Made up of three adjacent lots located at 321-325 West 35th Street and 326-328 West 36th Street – between Eighth and Ninth Avenues – the lot falls under the Garment District’s P-2 zoning, which allows for both residential and commercial uses.
“On the commercial side there are hotel people that are interested and residential developers are interested as well,” said Bob Knakel, chairman of real estate company Massey Knakel, recently commissioned to sell the lot. “It’s very versatile… you have the ability to do an all residential building, which is unique to the area.”
Special Garment Center District Preservation Area P-2 allows for residential, office or hotel use with authorization from the City Planning Commission, while the P-1 zone – east of Eighth Avenue – prohibits residential properties and hotels.
The 13,660 square foot lot is zoned to accommodate a new building of 136,600 square feet or up to 163,915 buildable square feet – if bonuses are acquired, according to a Massey Knakal statement.
An industry official who spoke on condition of anonymity estimates the lot could fetch more than $40 million.