Developer Douglaston has inked a 99-year lease at a Midtown West site just south of Related's Hudson Yards with the hope of bringing a large rental tower to the property. Whether or not the tower eyed for the site on Eleventh Avenue between 29th and 30th streets rises depends on the city approving an upzoning variance for the 62,000-square-foot L-shaped lot, which comprises about 40-percent of the block, NYDN says.
The site is currently occupied by a Mobil gas station, a gallery, and a few small brick buildings, and has been owned by the same family for more than a century. How much the site will be leased for depends on whether or not the city allows the zoning variance; comparable properties in the neighborhood go for around $300 per buildable square foot. Douglaston also owns the adjacent rental tower Ohm at 312 Eleventh Avenue.
· Major New York City developer wants to build giant rental tower near Hudson Yards [NYDN]
· All Hudson Yards coverage [Curbed]