Hudson Yards Vicinity Five Building Portfolio

Besen Partners, as exclusive agent for Ownership, is pleased to offer for sale the Hudson Yards Vicinity Portfolio (the “Property” or “Properties”) located in the Midtown West neighborhood of Manhattan. This is an extremely rare opportunity to acquire a generational New York City real estate portfolio, which includes two prime corner avenue groups of property, catty-cornered on both the northwest and southeast corners of 9th Avenue and West 38th Street.  Sale of the entire portfolio will be given preference, and Ownership will be considering offers to acquire each corner as well as the parking lot individually.  507-509 9th Avenue offers 50’ of frontage on the avenue, and 496, 498 & 500 9th Avenue occupies 75’ of frontage across the street.

Northwest Corner:

496 9th Avenue, New York, NY 10018

9,447± SF 5-story mixed use building built on a 2,466± SF lot. The property contains 8 residential units and 1 retail unit occupied by Steak Frites. There is 5,401± SF of unused F.A.R.

498 9th Avenue, New York, NY 10018

2,467± SF 1-story commercial building built on a 2,467± SF lot. The property contains 2 commercial units. There is 12,384± SF of unused F.A.R. The rear of 498 and 500 9th Avenue buildings are presently interconnected to house a factory and refrigeration space for the butcher shop. The southern portion of the 498 retail is leased to Steak Frites to expand into and is co-terminus with their lease expiring in 2032 at 496. The northern portion of the retail space in front of 498 is also utilized by the butcher shop and will be delivered vacant. There is value-add opportunity to lease up a portion of the retail to generate rent in the $100+/SF range. Upon lease expiration of the restaurant, he site also offers the opportunity to be developed itself with 14,851± SF buildable and potentially 8,148± SF of additional air rights transferred from 496 and 500 9th Avenue.

500 9th Avenue AKA 354-358 W 38th Street, New York, NY 10018

5-story mixed use building with 12,151± SF built on a 2,475± SF lot. The property contains 15 residential units and 1 commercial unit. The entire ground floor retail portion of the building will be delivered vacant.  There is 2,747± SF of unused F.A.R.

Southeast Corner:

507 & 509 9th Avenue, New York, NY 10018

Two 5-story mixed use buildings built on a 3,706± SF lot. The property contains 16 residential units, 2 commercial units and 3 antennas. Air rights have been previously sold.

405 West 38th Street, New York, NY 10018

Licensed parking lot with 30 spaces built on a 3,184± SF lot. 19,168± SF of unused F.A.R.  The lot can be acquired at $5,750,000 ($300/BSF).