CBRE Group Inc. vice chairman Darcy Stacom has been retained to evaluate and possibly sell a huge development parcel on the West Side, across 11th Avenue from the Jacob K. Javits Convention Center.
The Imperatore family, which has had been involved in everything from real estate and shipping to running ferries, has owned the site along with partners for 28 years.
“We have engaged a broker but it is not on the market now,” said Edward Imperatore. Mr. Impertore’s uncle, Arthur, founded NY Waterway, a ferry service 25 years ago. The family started out in the trucking business but is no longer active in that industry.
Mr. Imperatore said the owners want to explore what the property is worth and what market conditions are like in the area. Depending on the answers to those questions the owners may decide to put the parcel on the market. Several years ago the site was being quietly marketed for $100 million, according to one source.
Mr. Imperatore declined to give any details about the property. However, sources who are familiar with it describe it as an L-shaped site that would allow for the construction of an 800,000- to 1 million-square-foot building. It fronts on 11th Avenue and spans West 36th to West 37th streets, as well as across part of the planned Hudson Boulevard and park, an approximately four-acre plot which will run between 10th and 11th avenues from West 33rd to West 42nd streets.
It is unclear if there are any buildings on the site at present.
Sites on the far West Side have been becoming more desirable because of the planned Hudson Yards project and extension of the No. 7 train line to a terminus at West 34th and 11th Avenue. To date there has been more development on the south side of the rail yards near the present northern end of the High Line at West 30th.