Overview
BKREA has been retained on an exclusive basis to arrange for the sale of 147–151West 29thStreet (“TheSite”), a prime mixed-use development opportunity located at the nexus of Nomad & Midtown South, two rapidly transforming neighborhoods in Manhattan. The site is block-through, featuring approximately 65 feet of frontage on West 29th Street and 50 feet along West 30th Street, situated between Sixth and Seventh Avenues. Currently, Lot 87 consists of a commercial building. In addition to its inherent development potential, the site may also benefit from the transfer of air rights from 150 West 30thStreet (Lot94),which is also owned by the seller.
The block-through development lot is approximately 11,955 square feet. The site is currently located in an M1-6 zoning district, which permits only commercial or manufacturing development. However, the site also falls within the proposed MidtownSouthMixed-Use Rezoning(M1-9A/R12), which allows for an FAR of 18.0 forresidential use (with MIH), of which 15.0 FAR may be allocated to community facility and commercial uses. Upon adoption ofthe rezoning, the site's as-of-rightdensity — including the Ultra-Low Energy Deductions permitted under the City of Yes initiative — would allow for up to 225,950 square feet of Zoning Floor Area (ZFA).
Furthermore, the sellers also own the adjacent 150 West 30 Street, and would be open to selling the air rights, bringing the total zoning lotto approximately 25,660 square feet. When the rezoning is adopted,the site’s as-of-right density, combined with transferred air rights from a neighboring property and Ultra-Low Energy Deductions permitted under the City of Yes, would allow for up to 257,291 square feet of Zoning Floor Area (ZFA). Given the block-through nature, the site can accommodate either one or two buildings.
Investment Highlights
- Flexible Zoning Opportunity - Once MSMX is adopted, the M1-9A/R12 zoning district will permit residential, commercial, and community facility uses.
- Block-through Lot - Given its block-through nature, the development site can accommodate two buildings on the lot—one market-rate and one affordable.
- Potential Landmark Air Rights - Two eligible landmark properties may be able to transfer development rights under the City of Yes, which allows greater flexibility for air rights transfers.
- Prime Location - The offering is ideally positioned at the intersection of Midtown South, NoMad, and Chelsea (just steps from Penn Station) allowing developers to capitalize on strong demand drivers in a rapidly evolving neighborhood.
- Convenient Accessibility - The site is a 3-minute walk from Penn Station, which provides access to the 1, 2, 3, A, C, E subway lines, as we l as the LIRR and NJ Transit. It is also just a 6-minute walk from 34th Street Herald Square, offering additional connectivity via the B, D, F, M, N, Q, R, and W lines