38 West 21st Street
38 West 21st Street- Value-Add / Office-to-Residential Conversion
Marketing description
BKREA has been exclusively retained to arrange the sale of 38 West 21st Street, a 12-story office building in Manhattan’s Flatiron neighborhood.
Location Details
Located on the south side of West 21st Street between Fifth and Sixth Avenues.
Just two blocks from Madison Square Park and near the iconic Flatiron Building.
Exceptional proximity to Midtown South amenities and transit options.
Site Specifications
Lot size: Approximately 6,166 square feet.
Frontage: Roughly 67.17 feet along West 21st Street.
Built in 1908; consists of approximately 68,808 gross square feet (per public record).
Zoning: C6-4A (R10 equivalent).
Occupancy rate: 30%.
Weighted Average Lease Term (WALT): 4.82 years.
Development Plans
Ideal candidate for an office-to-residential condo conversion due to zoning and vacancy.
Potential for a value-add strategy through renovation and lease-up of the 70% vacant space.
Opportunity for an owner-user to acquire and occupy office space in a prime Flatiron location.
Neighborhood Demand Drivers
Flatiron is one of Manhattan’s most desirable live/work neighborhoods.
Proximity to Madison Square Park, premier retail and dining, and key commercial corridors.
Opportunity Highlights
Rare office-to-residential conversion potential in a top-tier location.
Substantial existing vacancy offers flexibility for repositioning.
Suitable for investors, developers, or end-users seeking a Midtown South presence.
Investment highlights
Flexible Zoning Opportunity - Zoned C6-4A (R10A equivalent), allowing for 10.0 FAR (or 12.0 FAR through The UAP Program) and residential use, opening the door to a potential condo or rental conversion with substantial redevelopment value in Flatiron’s high-demand submarket.
Efficient Floor Plates - Each office floor offers rentable footprints of 6,500 RSF, suitable for modernized layouts or boutique residential properties.
Covered Land/Conversion Play - A 12-story commercial building offering in place cash flow and significant value-add or conversion potential.
Coveted Location - 38 West 21st Street is in the heart of the Flatiron District, surrounded by top restaurants, boutique shops, tech offices, and major subway lines, with Union Square and Madison Square Park just steps away.
Advantageous Accessibility - The site is roughly a 5-minute walk from both the 23rd Broadway and the 23rd and 6th subway and Path stations, providing access to subway lines F, M, R, and W as well as the Path.
User Potential - Given the vacant floors in the building, a user would be able to occupy multiple floors and benefit from ownership rights.
Listing Contacts
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Zoning
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Property History
Tax History
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Additional Information
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