142 West 29th Street, New York, NY for sale

Investment Overview

BKREA has been retained on an exclusive basis to arrange for the sale of 142 West 29th Street (“The Site”), an extraordinary mixed-use development opportunity in the thriving Chelsea neighborhood of Manhattan. The site is located on the south side of West 29th Street between Sixth and Seventh Avenues and features 32.5' of frontage. In its current state, the development lot is comprised of a 2-story commercial building. that will be delivered vacant. Currently, the development lot is located in an M1-6 zoning district, which permits a Floor Area Ratio (“FAR”) of 10.0 for commercial or manufacturing uses, totaling approximately 32,240 zoning floor area (“ZFA”). However, under the proposed Midtown South Mixed Use Plan (“MSMX”), the site would fall within the M1-8A/R11 zoning district. If MSMX is adopted, the site would not only be upzoned but would also permit residential use as of right. Under the proposed zoning, the site would allow a total FAR of 15.0 (48,360 ZFA) for residential purposes, of which 12.0 FAR (38,688 ZFA) could be used for commercial uses. Due to the upzoning, the site would be subject to Mandatory Inclusionary Housing requirements. 142 West 29th Street offers a compelling boutique development opportunity poised to capitalize on the potential MSMX rezoning. The future development is well-positioned to benefit from Chelsea’s strong demand drivers. The area continues to attract high-end residential, office, and hospitality projects, driven by its prime location and walk-to-work convenience. The site also benefits from its proximity to several subway options, including the 1 train, which is located at West 28th Street and Seventh Avenue.

Investment Highlights

• Flexible Zoning Opportunity - 142 West 29th Street lies in an M1-6 zoning district, allowing for commercial, office, hotel, and community facility uses. With the potential Midtown South rezoning, residential use may also become permitted. The site’s prime location makes any future mix of uses highly attractive.
• Boutique Development Opportunities - Given the small nature of the site, we believe this will attract outer borough developers and first-time developers looking to make a splash in Manhattan without the risks of a larger-scale project.
• User Potential - Vacant delivery will allow a potential user to immediately own and occupy a property, and benefit from the rights of ownership.
• Vacant Possession - The site will be delivered vacant allowing for immediate demolition.
• Prime Chelsea Location - Chelsea offers immediate access to major employment hubs along with some of New York City's most sought-after residential, cultural, and lifestyle amenities.
• Convenient Accessibility - The site is a 3-minute walk from the 1 train at West 28th Street and Seventh Avenue. Additionally, the B, D, F, M, N, Q, R, and W lines are all a short walk away.