21-23 West 45th Street
Development Opportunity in the heart of Midtown Manhattan
Marketing description
BKREA has been exclusively retained to arrange the sale of 21–23 West 45th Street (“The Site”), an exceptional development opportunity in the heart of Midtown Manhattan.
The site is located on the north side of West 45th Street, between Avenue of the Americas and Fifth Avenue, featuring 50 feet of frontage along West 45th Street.
Its C6-4.5 MiD (Special Midtown District) zoning and prime location offer flexibility for residential or hotel development, benefiting from strong Midtown demand and proximity to major tourist attractions such as Times Square and Bryant Park.
Site Specifications
Lot Area: 5,021 square feet.
Zoning: C6-4.5 MiD (Special Midtown District).
Frontage: 50 feet along West 45th Street.
Tax Lots: Two
Lot 25: Improved with a three-story commercial building.
Lot 26: Improved with a six-story commercial building.
Development Potential / Zoning
As-of-right FAR:
12.0 FAR for Commercial or Residential-UAP uses → 60,252 square feet of buildable area.
10.0 FAR for Market-Rate Residential → 50,210 square feet of buildable area.
Universal Affordability Preference (UAP):
Developers can increase market-rate residential FAR to 12.0 (60,252 square feet) by purchasing offsite UAP certificates (formerly offsite Inclusionary Housing).
These certificates are not included in the sale but can be arranged separately by BKREA.
Neighborhood Demand Drivers
Centrally located in Midtown Manhattan, one of the city’s most dynamic and heavily trafficked neighborhoods.
Offers walk-to-work convenience for future residents and proximity to key commercial, retail, and hospitality destinations.
Surrounded by renowned landmarks including Times Square, Bryant Park, and Grand Central Terminal.
Transportation Access
42nd Street–Bryant Park Station (B, D, F, M lines) – 5-minute walk.
Times Square–42nd Street Station (1, 2, 3, 7, A, C, E, N, Q, R, S, W lines) – 9-minute walk.
Grand Central Terminal – 7-minute walk, offering access to the 4, 5, 6, 7, and S subway lines, as well as Metro-North Railroad and the Long Island Rail Road (LIRR).
Opportunity Highlights
Prime Midtown development site with dual tax lots and flexible zoning for residential, hotel, or mixed-use development.
Potential to achieve up to 60,252 square feet of buildable area with UAP certificates.
Surrounded by world-class amenities, excellent transportation, and robust pedestrian traffic, offering exceptional visibility and long-term value.
Investment highlights
Flexible Zoning Opportunity - The favorable C6-4.5 (R10), MiD zoning allows for flexibility of use including residential, commercial, and Universal Affordability Preference enabling the execution of a variety of business plans (condominium, rental, hotel, or other).
In-Place Cash flow - Both properties generate stable in-place cash flow from existing tenants, providing a reliable income stream that can help offset carrying costs. This allows a purchaser financial flexibility while planning, obtaining approvals, or preparing for future redevelopment. The investment thus combines immediate income with long-term development upside, enabling a buyer to time and execute a redevelopment strategy without pressure from holding costs.
Coveted Location - 21-23 West 45 Street is ideally located in the heart of Midtown and near Bryant Park allowing developers to benefit from the unmatched demand drivers including walk-to-work convenience.
Advantageous Accessibility - This development site offers an exceptional opportunity to leverage the strong fundamentals of Midtown, one of New York City’s most dynamic and highly trafficked neighborhoods. The property provides convenient walk-to-work access and excellent transit connectivity, located within a 5-minute walk of the 42nd Street–Bryant Park station (B, D, F, M), a 9-minute walk of Times Square–42nd Street (1, 2, 3, 7, A, C, E, N, Q, R, S, W), and a 7-minute walk of Grand Central Terminal, with access to the 4, 5, 6, 7, S, Metro North, and the Long Island Rail Road.
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