539 W. 47th St.
NEW YORK CITY – Manhattan's Far West Side is in a period of historic change – particularly the development of Hudson Yards, the largest private development in the United States. How does this affect the surrounding area, including Manhattan's one-of-a-kind Auto Row?
Even before Hudson Yards was founded, the former industrial area attracted various developments, including office construction. For example, William Ackmans Georgetown Co. and the investment firm Main Street Advisors took over the redevelopment of 797 Eleventh Ave., with the architect Rafael Viñoly designing offices above car dealerships.
ABS Partners Real Estate is now marketing a 20,000 square foot flexible drive-in warehouse at 539 W. 47th St. in the heart of Auto Row.
The owners are a group of investors led by ABS. They are listed as 539 545 W. 47th St., LLC, c / o ABS Partners Real Estate, according to PropertyShark. The contact is listed in the database as Gregg L. Schenker, President and Co-Managing Partner of ABS Partners. PropertyShark also notes that Altman Burack Partners acquired the property in August 2002. Steven Hornstock co-founded ABS Partners with Earle S. Altman, Peter Burack and Gregg Schenker in 2000, according to The Real Deal.
The property is the only two-story car garage in the immediate vicinity with a certificate of use that allows the use of non-public parking spaces. The building can be used for retail, manufacturing, warehousing, car dealership and repair, among other things.
Ryan Cerqueira and Randy Modell from ABS Partners are marketing the property.
"As Hudson Yards development continues, Auto Row is seeing a ripple effect in residential, office and retail property development, adding pedestrian and vehicle traffic," says Cerqueira. “While high-end office towers are rising and car dealerships continue to flourish in the region, the uses for this building are practically unlimited. It's a truly unique find in an area that has become a destination for residents and visitors alike. "
Toyota, Chrysler and Mitsubishi, as well as Bentley, Mercedes and Land Rover car dealerships are nearby. The area is in close proximity to the Lincoln Tunnel and the Port Authority. ABS advises that the location is well suited for shipping, receiving and light manufacturing.
Cerqueira notes that the building's layout and shell are flexible enough to change the space beyond its current use. The floor slabs are generously spaced 10,000 square feet between pillars on each level.
“Shared manufacturing or technology spaces are growing in popularity, and the prime location is also perfect for storing vehicles and equipment for renters looking for quick access to New Jersey and the west,” he adds.