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    28-30 37Th St New York, NY 10018

    For Sale
    $10,500,000

    Prime Midtown location, redevelopment potential.

    Property size:
    10,281 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional Midtown Manhattan property at 28-30 West 37th Street presents a compelling investment opportunity. The 10,281 square foot, two-story commercial building sits on a 4,758 square foot lot with approximately 50 feet of frontage. Currently vacant, the property offers immediate user occupancy or value-add potential through refurbishment of the three ground-floor retail units and one second-floor space. Each ground-floor unit includes a mezzanine, with 22-foot ceilings on the ground floor and 10-foot ceilings on the second. The M1-6 zoning allows for significant redevelopment, with a 10 FAR yielding a 47,580 square foot as-of-right floor area. This presents a unique chance to leverage substantial air rights (37,299 sq ft) and potentially benefit from the proposed Midtown South Mixed-Use Plan rezoning, which may allow for future residential development. The property's prime location in Midtown Manhattan, near major transportation hubs (Penn Station, Grand Central Terminal, 34th Street-Herald Square), and cultural landmarks (Empire State Building, Bryant Park, Macy's) ensures high visibility and accessibility. The asking price is $10,500,000. This is a rare chance to acquire a strategically located asset with significant upside potential in one of Manhattan's most dynamic neighborhoods.

    Property Features for 28-30 37Th St

    General Information

    Property type
    Land
    Square Feet
    10,281 SF

    Building Details

    Buildings
    1
    Stories
    2

    HighLights

    • Midtown Manhattan location near major transportation hubs (Penn Station, Grand Central Terminal, 34th Street‑Herald Square).
    • Vacant building allowing for immediate user occupancy.
    • Significant redevelopment potential: 47,580 square feet as‑of‑right buildable area with substantial air rights (37,299 sq ft).
    • Value‑add opportunity through renovation of existing retail and office space featuring 22‑foot ground floor ceilings.
    • Potential for residential conversion due to proposed Midtown South Mixed‑Use Plan rezoning.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.984798
    Latitude
    40.750782

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    FAQs

    What type of property is this?
    Land - Prime Midtown location, redevelopment potential.
    Where is this land located?
    The property is located at 28-30 37Th St New York, NY.
    What is the asking price?
    The asking price for this property is $10,500,000.
    What are key features of this property?
    This property features: Midtown Manhattan location near major transportation hubs (Penn Station, Grand Central Terminal, 34th Street-Herald Square).; Vacant building allowing for immediate user occupancy.; Significant redevelopment potential: 47,580 square feet as-of-right buildable area with substantial air rights (37,299 sq ft).
    Request Owner's contact information
    28-30 37Th St New York, NY 10018
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    New York, NY 10018
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    28-30 37Th St New York, NY 10018
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