376-378 Eighth Ave

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of an incredible corner development opportunity located at 376-378 Eighth Avenue, herein referred to as 378 Eighth Avenue. Situated in Chelsea, the site is surrounded by New York City’s most exciting new development projects including Hudson Yards, Manhattan West, Moynihan Station and The High Line. Collectively, these exciting projects have spurred over $27 billion in public and private investments that will create over 24 million square feet of first-class office, residential, hotel, retail and public space. Most recently, Vornado has announced an allocation of several hundred million dollars for an overhaul of the neighboring Penn Station submarket, where it currently owns over 9 million square feet of office and retail space. The ongoing transformation into a world-class business and cultural hub bodes extremely well for future development at 378 Eighth Avenue. The subject offering features approximately 38’ of valuable retail frontage along Eighth Avenue and 65’ on West 29th Street, providing tremendous exposure for retail tenants to benefit from the corridor’s heavy pedestrian and vehicular traffic. The property has a zoning designation of C6-2A which permits a base FAR of 6.02. Given flexible zoning regulations it possesses, the property features approximately 14,797 buildable square feet for the creation of a unique mixed-use project. 378 Eighth Avenue is currently home to two separate, 4 story mixed-use properties containing 2 ground floor retail units and 6 fair market residential units. Prospective developers have the ability to commence demolition in the near term as all of the leases at the property expire within a year, while also providing significant cash flow during the planning phases for construction. One of the most attractive features of 378 Eighth Avenue is its unmatched accessibility throughout Manhattan due to its proximity to the nation’s busiest transportation hub. Within just a few short blocks from the site, 13 major subway lines, NJ Transit, Amtrak, LIRR and PATH Trains provide convenient service for over 256 million individuals each year. The acquisition of 378 Eighth Avenue provides investors the advantage to capitalize on unprecedented neighborhood improvements through the creation of a desirable mixed-use development project.