EXCEPTIONAL DEVELOPMENT OPPORTUNITY IN NOMAD, DOWNTOWN MANHATTAN

Description:

103 East 29th Street presents an unparalleled investment opportunity in the heart of NoMad, one of Manhattan’s most desirable neighborhoods. The property is now offered at an extraordinary discount of over $10 million off the recent listing price, making it an unbeatable deal at less than 45% of its recent appraisal value. Additionally, the previously existing structure has already been removed at the seller's expense, saving the future owner significant expense and time. This unique offer is a result of the overseas owners' decision to focus on their European portfolio.

NoMad, named for its location North of Madison Square Park, has evolved into a vibrant hub for the young and affluent over the past two decades. Its rich array of dining, shopping, and recreational amenities, including numerous Michelin-starred restaurants like the world-renowned "Eleven Madison Park", make it a magnet for international leaders like Jeff Bezos who invests heavily in this area.

103 East 29th Street boasts an unbeatable location, with three subway stations - one directly across the street -, the PATH train system, five parks, Union Square and Grand Central Station all within easy reach. Iconic landmarks like the Empire State Building, the Flatiron Building, New York University, and the Langone and Bellevue Hospitals are just around the corner, making this location ideal for a wide range of applications.

The site’s flexible zoning allows for residential, commercial, medical, or mixed-use development. It could also serve as the location for a hotel, school, religious facility or company headquarters. Additionally, its proximity to a proposed Manhattan casino site positions it perfectly to capitalize on the surge in housing demand in this sought-after Manhattan submarket.

NoMad, the birthplace of the world’s first modern art exhibition in 1913, continues to be a cultural hub, housing institutions like Fotografiska - a contemporary museum of photography, art, and culture. It’s no wonder that NoMad commands some of the highest prices for both rentals and sales in Downtown Manhattan.

With a listing price of $15.8 million and a net buildable square footage (SF) of 37,610, the price per buildable SF at 103 East 29th Street is only $420. Ownership’s zoning study for the site shows 45,778 BSF for a Residential Development and 43,125 BSF for a Commercial Development, reducing the price per buildable SF even further.

A quality site for a successful development!