PRESS RELEASE: Avison Young Investment sales group named exclusive sales agent for development site at 519-527 Avenue of the AmericasApril 19, 2021
New York, NY – The New York Investment Sales group for Avison Young has been named the exclusive sales agent for 519-527 Avenue of the Americas, a corner lot development site located at 519-527 Avenue of the Americas and 102-104 West 14th Street in the Greenwich Village neighborhood of downtown Manhattan.
An Avison Young team comprised of Principal & Head of Tri-State Investment Sales James Nelson, Directors Mitchell Levine and David Shalom and Senior Associate Alexandra Marolda are marketing the property on behalf of the owner.
The corner lot, which spans 12,900± square feet is zoned C6-3A and C6-2A, has the potential to develop up to 96,933± square feet as-of-right. The property also features a combined 225± feet of wraparound frontage on the southwest corner of West 14th Street and Avenue of the Americas. The site is currently improved with six mixed-use buildings that total 41,068± square feet.
“519-527 Avenue of the Americas presents the chance to acquire an established corner site in one of Manhattan’s most sought-after locations and strongest corridors, right where the West Village converges with the Meatpacking District and Chelsea,” notes Nelson. “With its exceptional location, great visibility and nearly 97,000± square feet of potential development, the lot offers a particularly strong condominium development opportunity, which we believe would be the best use for the property.”
There has been a recent influx of new luxury developments in this area, including two mixed-use high-end condominium developments underway across the street from 519-527 Avenue of the Americas. The site is conveniently located near all facets of transportation, including the adjacent 14th Street Station servicing the F, M and L lines as well as the Path train on the southeast corner of 14th Street.
Greenwich Village is one of the most popular residential neighborhoods in Manhattan, well known for its “off the grid” streets, which give it a unique charm compared to the rest of the city. “Rarely does a site of this magnitude become available in the Greenwich Village,” notes Levine.
The Property sits at the intersection of two very exciting and sought-after neighborhoods – West Village and Chelsea. The area provides a plethora of professional and recreational opportunities. Growth in the nearby areas has been widely apparent with such projects as the recently announced 254,000 square foot “Tech Hub” at 124 East 14th Street and the soon to be completed dramatic redevelopment at Tammany Hall (the former New York Film School). Google and the Highline round out the 14th Street corridor to the west.
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