Featured Projects

Penn South

Location: Manhattan, New York
Client: Mutual Redevelopment Houses
Services: Project Feasibility, Land Use and Planning

For Penn South, Washington Square Partners was retained to create a strategic real estate plan for Mutual Redevelopment Houses (MRH). MRH recognized they were facing significant capital infrastructure improvement costs and requested an evaluation of different options to cover these costs. WSP evaluated the current commercial districts to establish if assemblage and development was possible as well as the residentially zoned property to establish development potential. In addition, WSP worked with MRH counsel to establish legal and contractual constraints regarding development.

Penn South's complex includes over two million square feet of air rights. WSP created a long term real estate plan for utilizing over one million square feet of air rights over four zoning lots. The plan recommended how to distribute these air rights in a way that would sufficiently augment the coops capital infrastructure fund while not degrading the complex's quality of life. This information was compiled into a summary report which provided MRH with a ranking of the development sites recognizing that the client had short term financial needs but not at the expense of a well thought out long term real estate plan. Using the long term real estate plan as a guide, early action potential development sites were established. Taking into consideration the legal and contractual constraints various uses were considered. A preliminary financial analysis was completed for each to determine land value and allow MRH to better understand their risks.

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