Tuesday, March 19, 2013

Big Plans for 40th Street Property

A recent deal testifies to just how valued Bryant Park-side real estate has become.

Adding value to their constituents’ property is one of the main goals of urban management organizations, and in this category, Bryant Park Corporation may have no peer. Prices and rents near Bryant Park have soared for twenty years now, and a recent deal testifies to just how valued park-side real estate has become.

Lois Weiss of the NY Post reported that the property at 18 W. 40th Street, currently occupied by a parking lot, has been sold. The price-tag for the lot was $83 million, a steep increase from the $46 million it went for just three years ago. That’s serious appreciation.

We are also excited for the new owners’ proposed plans for the property. They envision a 32-story mixed-use hotel and residential tower. The structure would fill an existing void on the 40th Street block and add yet another valuable property to the glittering array of buildings surrounding Bryant Park. We wish the new owners luck in their venture.

This is an excerpt from Bryant Park's weekly newsletter, MidCity Newswritten by Terry Benoit. MidCity News keeps park enthusiasts informed about our events, milestones, operations, and all of the detailed maintenance work that goes into caring for the park. Weekly updates are sent with our sister organizations 34th Street Partnership and Chelsea Improvement Company

You can read the newly redesigned MidCity News online, or sign up to receive it in your inbox. 

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