Overview
BKREA has been exclusively retained to arrange forthe sale of 136-140 West 44th Street ("The Site"), an exceptional development opportunity in the heart of Midtown Manhattan. The site is located on the south side of West 44th Street, between Avenue of the Americas and Broadway, with 50 feet of frontage along West 44th Street. Its flexible C6-5.5, MiD zoning, and prime location present developers with an opportunity to capitalize on the strong demand for residential developments, as well as favorable hotel economics driven by the proximity to top tourist attractions such as Times Square and Bryant Park.
Currently, the site consists of two tax lots. Lot 49 is vacant. Lot 50 is improved with a three-story building. All tenants will vacate the premises priorto delivery, allowing developers to demolish the remaining existing structure.
Investment Highlights
- Flexible Zoning Opportunity - The favorable C6-5.5, MiD allows residential, commercial, and Universal Affordability Preference enabling the execution of a variety of business plans.
- Vacant Possession - A portion of the site has already been demolished and the existing building will be delivered vacant, providing time and cost savings.
- Transferrable Development Rights - Ownership has the ability to transfer approximately 14,018 square feet of development rights for commercial and UAP uses. Additionally, the future development has the potential to cantilever over the remaining Lot 51 allowing more efficiency on upper floors.
- Coveted Location - 136- 140 West 44th Street is ideally located in the heart of the Theater District of Midtown allowing developers to benefit from the unmatched demand drivers.
- Advantageous Accessibility - The site is a 3-minute walk from The Times Square – 42nd Street station providing access to subway lines 1, 2, 3, 7, A, C, E, N, Q, R, and W.