142 West 29th Street
142 West 29th Street - Mixed-Use Development Opportunity
Marketing description
BKREA has been retained on an exclusive basis to arrange the sale of 142 West 29th Street, a mixed-use development opportunity in Chelsea, Manhattan.
Site Overview:
Located on the south side of West 29th Street between Sixth and Seventh Avenues.
Features 32.5 feet of frontage and currently contains a 2-story commercial building that will be delivered vacant.
Zoning Details:
Current Zoning: M1-6 district with a 10.0 FAR, allowing approx. 32,240 ZFA for commercial or manufacturing use.
Proposed Zoning (MSMX Plan): Would rezone to M1-8A/R11, allowing residential use as-of-right.
Under MSMX:
Total FAR: 15.0 (48,360 ZFA)
Commercial Use FAR: Up to 12.0 (38,688 ZFA)
MIH Requirements: Site would be subject to Mandatory Inclusionary Housing.
Location Benefits:
Positioned in the heart of Chelsea, a neighborhood known for high-end residential, office, and hospitality development.
Offers excellent walk-to-work convenience.
Close to major subway lines, including the 1 train at West 28th Street and Seventh Avenue.
Investment Opportunity:
A rare boutique development site with significant upside tied to potential rezoning.
Well-positioned to capture long-term value in one of Manhattan’s most active and evolving neighborhoods.
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
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