7 West 24th Street

The subject property represents an exceptional investment property with in-place income and an incredible re-development opportunity located on the north side of West 24th Street between Avenue of the Americas and Broadway/Fifth Avenue in the Flatiron District. The lot totals approximately 2,370 square feet and features 24’ of frontage along West 24th Street. Based on the C5-2 (R10 Equivalent) zoning and 10.0 FAR, the site can be developed into approximately 23,700 square feet for various uses including residential, hotel, office, retail, community facility or mixed-use. Alternatively, the site can be built to a maximum FAR of 12.0, or approximately 28,440 square feet, for the Inclusionary Housing Program within the highly coveted Community Board 5 (CB5) district or within a 1/2 mile radius of the subject property. Currently, the site is improved with a 5-story mixed-use building that totals approximately 9,282 square feet and is encumbered by 5 free-market residential leases expiring within 12 months and a ground floor commercial tenant in the 3rd year of a 10-year lease plus one 5-year option and no demo clause. This exceptional investment and development opportunity is less than one block west of Madison Square Park, which has seen a surge in neighborhood improvements and recent developments in the last few years and has become one of the most desired neighborhoods to live and work in the city with convenient access to the major employment centers of red-hot Midtown South and easy accessibility to almost every subway line. This site offers a tremendous opportunity to capitalize on a flourishing submarket and create a one-of-a-kind development.