38-40 W 34th St New York, NY

This property, located at 38-40 West 34th Street in the heart of Midtown South, presents a flexible zoning opportunity with C5-3 zoning and an R10 overlay, allowing for a variety of residential, office, hotel, and retail development. This enables flexibility in executing business plans that align with the neighborhood's mixed-use character and growing demand. The R10 overlay provides the opportunity to purchase offsite UAP Certificates, benefiting the development by allowing the construction of additional market-rate residential floor area while also reducing the cost basis. The site benefits from 75 feet of frontage on the south side of West 34 Street, enabling efficient floorplates and a significantly lower frontage. The location benefits from strong institutional anchors, growing residential demand, and a vibrant cultural character. The site is a one-minute walk from the 34 Street Herald Square subway station, servicing multiple subway lines, including the N, Q, R, W, B, D, F, and M trains. Penn Station is an eight-minute walk away, providing connectivity to the Long Island Railroad, MTA-North train, NJ Path, buses, and additional subway lines including the 1, 2, and 3 lines. The site, with a property size of 7406 square feet, will be delivered vacant, allowing for immediate demolition.