ERG Property Advisors has announced that it is exclusively marketing a development site at 527-531 West 36th Street for $10 million.
The property will ultimately be turned over to the Hudson Yards Development Corporation as it falls within the four-acre Hudson Park and Boulevard project, which represents Phase II of the larger Hudson Yards development project.
The existing site consists of a 14,700-square-foot, two-story garage that measures 75 x 97 feet.
Until eminent domain goes into effect, the new owner may continue to collect $425,000 per year in rent from the current tenants, which includes a high-end automotive repair shop, or they can knock the building down, said Richard Guarino, who is exclusively marketing the property along with Clint Botway. Read More