28-30 37Th StNew York, NY 10018

Property Details for 28-30 37Th St

Year built

1996

Lot size

0.11 AC

Property size (Sq ft)

10,281 SF

Zone code

M1-6

Property type

Mixed-use properties

Property subtype

Retail residential properties

APN

00838-0066

APU

8380066

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $2,107,698

  6.5%

  $1,945,567

  7%

  $1,806,598

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,082,139

  Geo Method

  $2,082,139

• Alternative Use

  Use

  Valuation

  Residential

  $1,945,567

  Hospitality

  $1,782,129

  Educational

  $1,482,711

  Medical

  $1,533,703

  Retail

  $2,306,439

Location Insight

City

New York

County

New York

State

New York

Latitude

40.7508

Longitude

-73.9848

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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