A lot primed for development across the street from Penn Station and the future Moynihan Station has hit the market. 415 Eighth Avenue is currently a parking lot, but the 11,110 square-foot parcel of land is likely to go the way of residential development.

The development site is on the southwest corner of Eighth Avenue and West 31st Street, which puts it right across the street from the newly renovated Madison Square Garden.

^{415 8th Ave property for sale}

Marketed by Massey Knakal, the lot includes 87,644 square feet of buildable space, including frontage along Eighth Avenue, 31st Street and through to 30th Street.

Savanna Partners purchased the lot back in 2007, and since then, the land has appreciated to the point where they can sell it to a developer hoping to build condos near Penn Station.

As part of the Port Authority’s Moynihan Station plan, it’s possible that the buyer of 415 Eighth Avenue could transfer some of the 1.5 million square feet of development rights available. The end result could allow for one of the in the Chelsea neighborhood.

Massey Knakal has released a rendering for 415 Eighth Avenue, which gives an idea of what could rise in terms of condos near Penn Station:

Located near 415 Eighth Avenue is Manhattan West—the $4.5 billion office, retail and residential project by Brookfield. Pivoted by two office towers that could extend up to 62 stories, Manhattan West will feature over 5.4 million square feet of space, including a 1.5-acre outdoor plaza.