Listing Details
- Space Type
land
- Sub Category
commercial
- Sale Type
Development Sale
- Date Listed
10/29/2024
- Investment Type
Owner User
- Ceiling Height / Slab to Slab
22 Ft
Property Specifics
- Property Name
28-30 West 37th Street
- No of Buildings
1
- No of Stories
2
- Year Built
1996
- Building Size
47,580 SF
- Lot Size
4,758 SF
- Zoning
M1-6
Highlights
• City of Yes Rezoning- City Planning has proposed plans for a rezoning of M-zoned properties in the district to allow for residential as-of-right. • User Opportunity- Due to the building’s current vacancy, a user could immediately occupy and benefit from the rights of ownership. • Development Potential- Because the current structure is not fully utilized, a prospective developer could leverage the potential of the 47,580 square feet. • Value Add- Investors have the opportunity to renovate and lease up the current building, taking advantage of the desirable 22-foot ceiling heights. • Proximity to Midtown CBD- Prominent Fortune 500 Companies such as LinkedIn and Morgan Stanley are located in Midtown Manhattan. • Excellent Transportation- Proximate to several transportation hubs including Penn Station, Grand Central Station, 34th Street- Herald Square and Port Authority.
Description
BKREA has been exclusively retained to arrange for the sale of 28-30 West 37th Street (“The Property”), a vacant commercial building spanning 10,281 SF. Located on the south side of West 37th Street between Fifth and Sixth Avenues in Midtown, one of the most coveted commercial hubs in Manhattan. The existing 2-story structure was built in 1996 and sits on a 4,758 SF lot and boasts approximately 50’ of frontage. The property includes 37,299 square feet of air rights. The property currently comprises three identical ground-floor retail units and one contiguous space above them on the second floor. Each ground-floor retail unit also includes a mezzanine space. The ground floor boasts approximately 22-foot ceiling heights, while the second floor overs 10-foot ceiling heights. With the property currently vacant, a prospective user buyer could promptly occupy the premises and enjoy the benefits of ownership. Beyond its immediate user potential, 28-30 West 37th Street holds appeal for value-add investors who could refurbish the commercial spaces to attract tenants. Additionally, thanks to the advantageous M1-6 zoning, there's potential for a developer to demolish the existing structure and construct a new building, leveraging a 10 FAR for a total as-of-right ZFA of 47,580. Furthermore, with Mayor Eric Adams' proposed "Midtown South Mixed-Use Plan" rezoning, there's the possibility of future residential development. 28-30 West 37th Street is an amazing opportunity due to its favorable Midtown location. Local cultural amenities within walking distance to the property include the Empire State Building, Bryant Park, and the original Macy’s. 7 West 36th Street also benefits from direct access to a multitude of subway lines including the 1, 2, 3, A, C, E located at Penn Station, B, D, F, M, N, Q, R, W lines located at 34th Street Herald Square and the 4, 5, 6, 7, S located at Grand Central Station.