Discounted Leasehold Basis

Long-term ground lease running through 2120 with no fair market value resets, providing a substantially discounted basis relative to comparable fee-simple Midtown South office assets.

Recent $12.0+ Million Renovation

Ownership recently completed a comprehensive building repositioning, featuring a redesigned lobby, new elevators, upgraded electrical systems, renovated bathrooms, and a new shared rooftop amenity. Local Law 11 was also completed.

Mark-to-Market Upside

In-place office rents are below market with substantial near-term rollover, allowing new ownership to capture immediate NOI growth as leases roll.

Owner-User Opportunity

13% vacancy across multiple floors and a WALT of 2.4 years enables an owner-user to occupy a portion of the building while operating the balance as a stabilized investment.

Brand New ICAP

Ownership secured a 10-year ICAP tax abatement starting in July 2026. The abatement is at 100% of the benefit base for years 1-5, declines by 20% for each benefit year 6 – 9, and concludes at 20% of the benefit base in year 10.

MSMX Optionality

Located within the newly rezoned Midtown South Mixed-Use district, permitting up to 18.0x residential FAR and 15.0x commercial FAR.

Premier Midtown South Location

Situated mid-block on West 29th Street between Sixth and Seventh Avenues, within walking distance of Penn Station, Herald Square, NoMad, and Madison Square Park.