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Newmark has been retained on an exclusive basis to arrange the sale of 450 West 41st Street, New York, NY 10018 (the “Property”). The Property is an existing loft building on a through-block site between West 40th and West 41st Streets on the block between Tenth and Dyer Avenues on Manhattan’s West Side.
The Property previously housed the Graduate Fine Arts program at Hunter College of the City University of New York. The existing building measures approximately 169,000 gross square feet and sits on an approximately 28,966 square foot lot. Zoned C6-3, HY, the Property has a base  maximum as-of-right zoning floor area of 216,260 ZFA.
Strategically nestled at the southern end of the Clinton neighborhood, the Property is just a short walk from prime employment and entertainment districts in Hudson Yards, Times Square and Midtown Manhattan. The neighborhood boasts exceptional accessibility with 7, A, C, E, 1, 2, 3 N, Q, R, W and S subway stations, the Port Authority Bus terminal and Penn Station within a 10-minute walk of the Property.
The Offering represents a unique opportunity to acquire a block-through property with potential for residential, commercial, or community facility redevelopment/conversion or new ground-up development.
LARGE-SCALE DEVELOPMENT OPPORTUNITY IN SUPPLY-CONSTRAINED MARKET
450 West 41st Street presents a rare opportunity to acquire premium real estate with 216,260 buildable square feet located at the confluence of Midtown West, Clinton, and Hudson Yards.
  • 28,966 SF site with 160 feet of frontage on 40th Street and 133 feet of frontage on 41st Street.
  • 216,260 ZFA for residential or community facilities (~7.5X FAR).
  • 169,848 ZFA for commercial (~6.0X FAR).
  • Additional FAR available through Hudson Yards District Improvement Fund and Inclusionary Housing Bonuses
FLEXIBLE REDEVELOPMENT OPPORTUNITY
Zoning permits residential, commercial, and community facility uses for the Property. The existing structure may be preserved, modified, expanded, or razed to create a ground-up development.
DEVELOPMENT TAX INCENTIVES
Residential conversions or ground-up developments are likely eligible for tax and zoning benefits under 467-m, 485-x and the City of Yes for Housing Opportunity. Programs offer significant long-term real estate tax relief and zoning flexibility in exchange for the provision of affordable housing units in the new project.
ADJACENT TO MANHATTAN’S TOP EMPLOYMENT CENTERS
The Property is within a 10-to-15-minute commute of over 275 million square feet of offices in Manhattan’s leading commercial hubs: Midtown, Hudson Yards, and the Penn District.
UNPRECEDENTED MULTIFAMILY MARKET FUNDAMENTALS
The average Manhattan rental unit lease is $5,167 monthly, nearly $88.00 per square foot, while market vacancy remains below 3.0%. Recent luxury developments in the neighborhood demonstrate strong fundamentals. The 610-unit ultraluxury 555TEN, less than one block west of the Property, currently lists studios for $4,625 and 2-bed units for nearly $9,000 monthly. The Maybury just west of the Property at 550 Tenth Avenue delivered 453 units earlier this year with units leasing for up to $9,500 monthly. Sources: Elliman Report – September 2024; StreetEasy
Please contact one of the Capital Markets team members below with any questions.
 
DOUGLAS HARMON
Co-Head of U.S. Capital Markets
212.850.5429
NOAH LAVINE
Analyst
212.372.0718
 
 
DANIEL FROMM
Senior Managing Director
212.372.0757
MAX RALBY
Senior Managing Director
212.372.2477
 

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