A small development site in the northern portion of the High Line Transfer Corridor has sold for $7.8 million.
311 Tenth Avenue, also known as 500 West 28th Street, sits on the southwest corner of Tenth Avenue and West 28th Street. Greg Corbin of Besen and Associates represented the seller.
The corporate headquarters of the Related Companies, at 60 Columbus Circle, is listed as the address of the buyer on documents filed with the department of finance.
The seller received more than 30 written offers, according to Besen and Associates, and the sale price equates to $631 per buildable square foot.
Related is developing the 28-acre Hudson Yards mixed-use project with Oxford properties, just north of this new acquisition, but it also has a number of smaller residential projects in the area. The company recently opened 525 West 28th Street, a new, 142-unit affordable rental building, and the 312-unit Abington House, a luxury rental building at 500 West 30th, also on Tenth Avenue.
Other successful Related projects along the High Line include The Tate, at 535 West 23rd Street, and The Caledonia, at 450 West 17th Street.
Zoning on the corner property offers 12,345 buildable square feet as-of-right. Another 6,173 s/f of air rights can be purchased and transferred from any other property in the High Line Transfer Corridor, according to Besen. The rights could also be transferred to another property in the corridor.
“In a lesser Manhattan location, this property would’ve been worth around $5 million,” Corbin said in a statement. “The fervor for anything by the High Line continues, even at the northernmost section. With sellout pricing for high-end new construction in the $2,500 to $3,500 per square foot range, the area has become one of the most coveted for development in all of New York City.”