40 W 34th St., New York, NY 10016

BKREA has been exclusively retained to arrange the sale of 40 West 34th Street, a premier residential development opportunity in Manhattan’s Midtown South neighborhood.

Location Details

• Located on the south side of West 34th Street between Fifth Avenue and Avenue of the Americas.
• Positioned along one of Manhattan’s most iconic and highly trafficked corridors.
• Strong accessibility and central location enhance its appeal for residential development.

Site Specifications

• Lot Size: 4,937 square feet.
• Frontage: Over 50 feet; Depth: Approximately 98.75 feet.
• Currently improved with a 4-story commercial building.
• Building is occupied but can be delivered vacant.
• Zoning: C5-3 with R10 overlay.
• As-of-right residential FAR: 10.0 (approximately 49,370 ZFA).
• Commercial FAR: 15.0.

Development Plans

• Residential FAR can increase to 12.0 (approximately 59,244 ZFA) through:
  • Purchase of off-site UAP air rights within Community Board 5 or within a ½-mile radius.
  • Inclusion of affordable housing onsite.
• Additional 9,874 ZFA is readily achievable; BKREA is currently marketing these air rights.
• Eligible for Mass Transit Bonus and Landmark Air Rights.
• Further density potential due to increased flexibility from the City of Yes zoning initiative.

Neighborhood Demand Drivers

• Located in Midtown South, a highly desirable area with strong residential and commercial demand.
• Surrounded by major retail corridors, office buildings, and transportation hubs.
• Benefits from exceptional connectivity and proximity to key Manhattan destinations.

Opportunity Highlights

• Large, efficient development footprint with strong frontage.
• Flexible zoning with multiple pathways to increase density.
• Rare opportunity to develop a high-quality residential project in a prime Midtown corridor.