409-413 8th Avenue: Development Site

Newmark has been exclusively retained by ownership to seek proposals from well-established and well-qualified developers for the sale of the 100% long-term leasehold interest in the development site at 409-413 8th Avenue, New York, NY (the “Site” or the “Property”).
The 74.13’ by 100’ lot (7,407± SF footprint) is located along the west side of 8th Avenue between 30th and 31st Streets. The lot is zoned C6-3X (R9X equivalent). There are currently three (3) 25’ wide, low-rise buildings totaling 18,073± SF on the site that can be vacated. The total ZFA for development as-of-right is approximately 66,663 square feet. However, the site has been identified among 9 other adjacent properties within Block 754 that fall within “SITE 1” of the proposed “Empire Station Complex” project which would provide developers with a major future up-zoning opportunity. While the existing C6-3X zoning offers unique flexibility and allows commercial, residential, hospitality and community facility use, the Proposed ESD Actions would override bulk, density, height limitations and potentially other requirements of the New York City Zoning Resolution. The Proposed Project Development Program for SITE 1 suggests an increase in FAR to 20.0, an expansive development program of well over 1.2 million square feet of office, hotel and retail and would include public transportation improvements and publicly accessible in-building connections.
Located in the heart of the Penn District, 409-413 8th Avenue is poised to benefit tremendously from the more than $50 billion of institutional capital that is being invested in Manhattan’s West Side as well as the migration of tenants from the Midtown Plaza District to Hudson Yards, Chelsea, the Meatpacking District, and the Penn District. The site is directly across the street from Madison Square Garden, Penn Station, and the Farley Building. Macy’s and the Herald Square shopping district are also within proximity to the site. Situated at the confluence of the thriving Midtown West, Manhattan West, Hudson Yards, Chelsea and Midtown neighborhoods, the Penn District is positioned to benefit significantly from the surge in both office and hotel demand which will boost an already established and strong retail corridor.
All inquiries should be directed to Newmark. No inspections of the Property are permitted unless accompanied by the Owners or a representative from Newmark.