Overview
BKREA has been retained on an exclusive basis to arrange the sale of 260 West 36th Street (“The Property”), a remarkable 9- story office building. The property has a lot area of roughly 7,266 SF and is located on the south side of West 36th Street. It is just two blocks north of Penn Station, Madison Square Garden, and the newly renovated Penn District.
Constructed in 1907, 260 West 36th Street has a total of 102,611 RSF and features 73.58 feet of frontage along West 36th Street. The Property is currently in an M1-6 zoning district (in the Special Garment Center District), but is located in the proposed Midtown South Mixed Use (MSMX) rezoning area. If approved, the Property would be rezoned to M1-9A/R10, allowing up to 18 FAR for residential use (inclusive of MIH) and 15 FAR for commercial.
Investment Highlights
- Value Add Potential: Future investors could renovate and lease up the existing vacancy floors.
- Covered Land Play: There are different strategies allowing investors and developers to earn existing cash flow while going through the planning process for a redevelopment.
- Assemblage of Major Substantial Blockfront Frontage: Along with 260 West 36th Street, 500-516 8th Avenue offers an astounding 197.5 feet along the eastern side of 8th Avenue.
- Ample Transportation Available: Within walking distance to the property are several transportation hubs which service 1,2,3,A,C,E, the LIRR and NJ Transit.
- Favorable Midtown Location: The property is located near several Fortune 500 companies, popular restaurants and retail establishments.
- Multiple Potential Rezoning To Development Schemes: Due to the favorable M1-9A / R10 zoning a developer may have several options of conversions.
- Ability To Deliver Vacant: Cancellation causes are in place in all the leases of 260 West 36th Street, allowing asset to be delivered vacant.
