55 West 38 St
VACANT/ RE DEVELOPMENT OPPORTUNITY (30Y TAX ABATEMENT) OR FREE MARKET
Marketing description
Rare opportunity to acquire a FULLY VACANT office with retail building in the heart of Manhattan's Midtown South steps from Bryant Park, the Garment District, and NoMad. Zoned M1-9A/R12 within the newly adopted Midtown South Mixed-Use District (MSX), the site carries 15.0 FAR as-of-right (up to 18.0 FAR with affordable housing) and no maximum building height. With a clear path to as-of-right residential conversion and 30 year tax abatement (467m) (Manhattan-prime 90% tier) or 485x.
Investment highlights
DELIVERED FULLY VACANT- 1,681± SF lot located south of 96th Street in the Manhattan-prime tax district. The former office building is primed for adaptive residential conversion or ground-up mixed-use development, with approximately 25,000± SF of as-of-right development rights and significant unused air-rights upside for assemblage or transfer to adjacent owners. As-of-right paths include market-rate, affordable, and supportive-housing programs, with multiple tax-incentive routes (§467-m, §485-x, and deeply-affordable exemptions). Minutes to Bryant Park (B/D/F/M), Herald Square, and Penn/Grand Central.
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