38 W 21st StNew York, NY 10010
38 West 21st Street
Asset ClassLand, Office
Overview
BKREA has been exclusively retained to arrange the sale of 38 West 21st Street (the “Property”), a distinguished 12 story office building in the heart of the Flatiron neighborhood in Manhattan. The Property is on the south side of West 21st Street, between Fifth and Sixth Avenues, with a lot area of approximately 6,166 square feet and features roughly 67.17 feet of frontage along the south side of West 21 Street. Built in 1908, the building comprises approximately 68,808 gross square feet (as per public record). The Property is within a C6-4A (R10 equivalent) zoning district.
Investment Highlights
- Flexible Zoning Opportunity - Zoned C6-4A (R10A equivalent), allowing for 10.0 FAR (or 12.0 FAR through The UAP Program) and residential use, opening the door to a potential condo or rental conversion with substantial redevelopment value in Flatiron’s high-demand submarket.
- Efficient Floor Plates - Each office floor offers rentable footprints of 6,500 RSF, suitable for modernized layouts or boutique residential properties.
- Covered Land/Conversion Play - A 12-story commercial building offering in place cash flow and significant value-add or conversion potential.
- Coveted Location - 38 West 21st Street is in the heart of the Flatiron District, surrounded by top restaurants, boutique shops, tech offices, and major subway lines, with Union Square and Madison Square Park just steps away.
- Advantageous Accessibility - The site is roughly a 5-minute walk from both the 23rd Broadway and the 23rd and 6th subway and Path stations, providing access to subway lines F, M, R, and W as well as the Path.
- User Potential - Given the vacant floors in the building, a user would be able to occupy multiple floors and benefit from ownership rights.
38 W 21st StNew York, NY 10010
Sales Team
Listing provided by Revere CRE