JLL has been retained on an exclusive basis to arrange for the fee simple interest in 527 West 29th Street, a rare boutique office opportunity on the edge of New York City’s most exciting new district, Hudson Yards. The subject offering, collectively referred to as 527 West 29th Street, can be delivered vacant and is a prime value add candidate between 10th & 11th Avenue. Its unique location within the west Chelsea Special Purpose District allows for flexible zoning and a prime development opportunity for a total of 18,559 residential square feet or 14,808 commercial square feet.
527 West 29th Street also possesses significant potential scalability given its proximity to Related Companies’ mega developments. Additionally, the property is well located near transit hubs such as The Port Authority of NY & NJ, Penn Station and Madison Square Garden.
527 West 29th Street is positioned to benefit from its proximity to the largest private development in the history of the United States, where approximately 40.2 million square feet of office, retail, residential, amenity and greenspace will be delivered in the next decade. The far west side is growing at a rapid pace which can be illustrated through commitments for nearly 100% of the space that has already been delivered to date.
The growing demographics of the surrounding neighborhoods bode extremely well for future appreciation of 527 West 29th Street. Located just a few blocks away from these exciting developments, it will offer a more attractive alternative to nearby condominium projects such as 15 Hudson Yards where current asking prices average more than $3,800 per square foot. Overall, the property represents an attractive office/residential opportunity that will capitalize on the significant momentum of Manhattan’s exciting new enclave.
- BOUTIQUE OFFICE BUILDING: Boutique office building with residential potential features 25’ of frontage along West 29th Street.
- FLEXIBLE ZONING: C6-3 provides the opportunity to develop an additional 8,587 square feet of residential or 4,836 square feet of commercial space.
- IMPECCABLE LOCATION: When complete, 125,000 people a day will work in, visit, or call Hudson Yards their home with over 20M SF of commercial space, over 100 shops and restaurants, and 4,000 residences, all within walking distance to Madison Square Garden and the Chelsea Art District.
- EXCELLENT USER/SINGLE TENANT OPPORTUNITY: The property can be delivered vacant, allowing for a user to purchase the property and utilize the space for their own needs.
- VALUE ADD OPPORTUNITY: Long term ownership gives the new owner an opportunity to revitalize the asset and use the property for new concepts such as, creative office, art gallery, movie shoots etc.
- TRANSPORTATION PROXIMITY: Steps away from Penn Station, Port Authority, and the 7 train.