KSB and Onyx joint venture to redevelop 210 West 31st Street

Rendering of 210 West 31st Street - New York, NY

Manhattan, NY KBS Strategic Opportunity REIT II, a non-traded real estate investment trust based in Newport Beach, California, has launched a joint-venture agreement with Onyx Equities, LLC to redevelop 210 West 31^st St., which is situated across from Madison Sq. Garden. The joint-venture was brokered by David Colen, senior managing director at Newmark Grubb Knight Frank. In 2014, Onyx entered into a ground lease for the 8,637 s/f land parcel owned by the Province of St. Mary.

KBS Strategic Opportunity REIT II and Onyx plan to redevelop the property into two stories of dining and retail space, offering a rooftop deck and outstanding, unobstructed brand exposure to the thousands of daily Penn Station commuters, Madison Sq. Garden event-goers, tourists and hundreds of thousands of subway riders who work on the nearby blocks. Demolition of the existing structure is expected to begin this year with completion scheduled for mid-2018. When complete, the property will total 30,000 rentable s/f. KBS believes 210 West 31^st St. is one of the city’s most exciting and exclusive retail opportunities. 

“The influx of industry into the area and the desire for Penn Plaza’s creative and adaptive re-use style office buildings have positioned Penn Plaza and Manhattan’s west side in general at the forefront of New York’s real estate developments,” said KBS senior vice president Shep Wainwright. 

“In recent years, the Penn Plaza submarket has and continues to draw creative industries including technology, advertising, media and information (TAMI) companies,” said Jamie Rodgers, executive vice president and head of acquisitions for the KBS Strategic Opportunity REITs.

Stephen Sullivan, executive vice president of Onyx Equities said, “We are excited to partner with KBS and look forward to commencing construction of this project in short order. We believe there will be significant demand from tenants looking to be across from Penn Station and Madison Sq. Garden and who want to be part of the significant long-term planned improvements to Penn Station and the Penn Plaza market.”    

210 West 31st St. is located across from Madison Square Garden and Penn Station near the intersection of 7th Ave. and West 31st Street.