510 W 42nd St, New York, NY for sale

Investment Overview

Newmark has been exclusively retained to offer for sale the fee simple interest in 510 West 42nd Street and 522 West 42nd Street (collectively "510 West 42nd Street", the "Site" or "Property"), a 30,652 SF block-through development site spanning West 41st and West 42nd Streets between 10th and 11th Avenues in the heart of Manhattan's Hell's Kitchen. Comprised of two adjacent tax lots, the Site offers 193 feet of frontage along West 42nd Street and an additional 127 feet along West 41st Street, providing extraordinary scale and design flexibility rarely available in Midtown. Zoned C6-4 (R10), the Site permits a high-density, mixed-use development combining high-rise residential, commercial, and community facility uses, presenting a generational opportunity to deliver a transformative project in Hell’s Kitchen, Manhattan. The Property's C6-4 zoning allows for 306,520 ZSF of As-of-Right residential and commercial development and up to 367,824 ZSF of residential development under the Universal Affordability Preference (12.0 FAR). Notably, the Site is also eligible for the ZR 96-25 Theater Subdistrict floor area bonus, which unlocks additional commercial density above the base 12.0 FAR—enabling up to 15.0 commercial FAR—by providing legitimate theater use on-site, with 1 SF of new legitimate theater required for every 3 SF of bonus floor area achieved. This bonus represents pure upside, layering meaningful incremental density onto an already exceptional as-of-right development envelope. 510 West 42nd Street is currently improved with a 3-story building operated as a hotel, while 522 West 42nd Street is vacant; the entire package can be delivered vacant, providing a clear path to ground-up development.