355 7th AveNew York, NY 10001
355 Seventh Avenue
Asset ClassLand
Overview
BKREA has been exclusively retained to arrange the sale of 355 Seventh Avenue ("The Site"), a premier development opportunity in the heart of Midtown Manhattan. Located at the southeast corner of Seventh Avenue and West 30th Street, the site features 121feet of wraparound frontage in a prime location.
Currently zoned for commercial use, the site stands to benefit from the Midtown South Rezoning Initiative, offering developers the opportunity to capitalize on strong demand for residential projects alongside favorable retail economics, just steps fromPenn Station.
Investment Highlights
- New Zoning Opportunity - The Midtown South Mixed-Use Plan (MSMX) transforms 42 blocks of Manhattan into a high-density, mixed-use district, allowing for nearly 10,000 new homes, including affordable units, alongside commercial and manufacturing spaces.
- Vacant Possession - The existing building can be delivered vacant, offering significant time and cost savings by eliminating the need for tenant buyouts. This allows for immediate redevelopment, streamlining business plans and accelerating project timelines.
- Landmark Air Rights - Ownership has the ability to acquire approximately 19,310 square feet of development air rights for residential use, providing an opportunity to expand housing capacity under the new Midtown South rezoning.
- Coveted Location - 355 Seventh Avenue is ideally located on the border of Midtown South and Chelsea, steps away from Penn Station, allowing developers to benefit from strong demand drivers in a rapidly growing area.
- Advantageous Accessibility - The site is a 6-minute walk from 34th Street- Herald Square, providing access to subway lines B,D, F, M,N, Q,R, and W.
- Covered Land Play - This development site offers a unique as-is cash flow opportunity while waiting for MSMX approval. With existing commercial income in place, investors can generate revenue while finalizing plans, securing permits, or awaiting optimal market conditions for redevelopment.
355 7th AveNew York, NY 10001
Sales Team
Listing provided by Revere CRE