HFF closes $42.8 million sale of development site in Midtown Manhattan

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Printer-friendly versionPrinter-friendly version  NEW YORK, NY - January 15, 2014 – HFF announced today that it has closed the sale of 140 West 28th Street, an approximately 7,538-square-foot, mid-block development site in the Chelsea neighborhood of Manhattan. HFF marketed the development site exclusively on behalf of the seller, Sovereign Partners, LLC. The purchase price of the site was $42.8 million. The development site is located at 140-144 West 28th Street between 6th and 7th Avenues close to the Chelsea High Line, Chelsea Piers, Hudson River Park, Herald Square and Penn Station. The property is zoned for a maximum of 144,876 square feet of development rights. The HFF investment sales team representing the seller was led by senior managing directors Andrew Scandalios and Jose Cruz, managing directors Jeffrey Julien and Kevin O’Hearn and director KC Patel. Sovereign Partners is a privately held real estate investment organization that specializes in the acquisition of quality assets throughout the United States. Sovereign’s real estate team draws on a deep knowledge of real estate fundamentals and capital markets to acquire properties throughout the country. With interests in over six million square feet of property, Sovereign Partners has demonstrated its ability to identify and finance promising opportunities. HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF).  HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.

News Source : HFF closes $42.8 million sale of development site in Midtown Manhattan

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