500 8Th Ave New York, NY 10018

This exceptional investment opportunity encompasses two adjoining commercial buildings at 500 and 516 8th Avenue in New York City's vibrant Garment District. The combined property boasts 250,850 square feet of space, situated on a substantial 22,348 square foot lot spanning the entire easterly blockfront of 8th Avenue between West 35th and West 36th Streets. The 13-story 500 8th Avenue, constructed in 1922, features 172.5 feet of 8th Avenue frontage, along with 94 feet on West 35th Street and 24 feet on West 36th Street. It currently has a weighted average lease term of approximately 4.15 years and a 64% occupancy rate. The adjacent 3-story 516 8th Avenue, built in 1931, offers 9,000 square feet and is currently 100% occupied with a weighted average lease term of approximately 1.04 years. Both buildings are zoned M1-6/GC, and are located within a proposed Midtown South Mixed Use (MSMX) rezoning area. If approved, the rezoning to M1-9A/R10 would allow for significant increases in floor area ratio (FAR), unlocking substantial residential development potential. The existing vacancy in 500 8th Avenue presents a compelling value-add opportunity through renovation and lease-up, while the entire property offers a covered land play, allowing for cash flow generation during the planning process for a potential conversion. Feasibility studies have explored several redevelopment schemes, including options for partial demolition and vertical expansion, potentially resulting in buildings up to 34 stories. The property's prime location, near Penn Station, Madison Square Garden, and the Hudson Yards, offers exceptional access to transportation and amenities, making it an attractive investment for developers and value-add investors seeking to capitalize on the strong demand in Midtown Manhattan. Seven elevators serve 500 8th Avenue.