NEW
YORK, June 19, 2024 /PRNewswire/ -- 103 East
29th Street presents an unparalleled investment opportunity in the
heart of NoMad, one of New York's
most desirable neighborhoods.
Development land is incredibly rare on the island of
Manhattan - and even more so in
one of its most desirable areas, NoMad.
Named for its location North of Madison Square Park, NoMad has
evolved into a vibrant hub for the young and affluent over the past
two decades. Superb dining, shopping, and recreational amenities
make it a magnet for international leaders like Jeff Bezos, who invests heavily in this
area.
No wonder NoMad commands some of the highest prices for rentals
and sales in Downtown
Manhattan.
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. This extremely rare proposition results from
the overseas owners' decision to focus on their European
portfolio.
103 East 29th Street boasts an unbeatable location, with three
subway stations - one directly across the street -and 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, as well
as the headquarters of many national and international
organizations on nearby Park Avenue, making the location ideal for
a wide range of applications.
A future owner could hold the site just as an investment - for
future development or resale, as buildable land in New York has seen a substantial increase in
value in recent decades, making land banking very profitable. Or
enter the New York market as a
developer or investor. A new, highly profitable building on the
site could have a size of up to 45,000 buildable square feet,
allowing for a project that employs less capital than usual for new
construction in New York City.
"We would be happy to connect a future owner with world-class
architects and organize professional support and construction
services," says Thomas Guss from
NYR.com, the company that has the listing.
The site's flexible zoning allows for residential, commercial,
or mixed-use development. It could also serve as the location for a
school, medical, cultural, or religious facility and would be
perfect as the New York office for
an international company.
NoMad, the birthplace of the world's first modern art exhibition
in 1913, continues to be a cultural hub. It houses institutions
like Fotografiska - a contemporary museum of photography, art, and
culture - and numerous private membership clubs.
A quality site for successful development and an outstanding
investment for generations to come!
Press Contact:
Thomas Guss
TG@nyr.com
+1 212.360.7000 ext.103
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SOURCE NYR.com