38-40 West 34th Street

BKREA has been exclusively retained to arrange the sale of 38–40 West 34th Street, a premier residential development opportunity located on the south side of West 34th Street between Fifth Avenue and Avenue of the Americas in Manhattan’s Midtown South neighborhood. The offering consists of two tax lots totaling approximately 7,406 square feet with more than 75 feet of frontage and a depth of roughly 98.75 feet, currently improved with a four-story and a five-story commercial building that can be delivered vacant, creating a substantial and flexible redevelopment footprint. Zoned C5-3 with an R10 overlay, the site allows 74,060 square feet of as-of-right residential zoning floor area, expandable to 88,872 square feet through the Universal Affordability Preference program, with additional upside via commercial density, mass transit bonuses, and landmark air rights transfers, further enhanced by the City of Yes zoning initiative. Situated in the heart of Midtown South and surrounded by premier office towers, hotels, and retail destinations, the property benefits from exceptional proximity to Penn Station, Herald Square, PATH trains, and numerous subway lines, making it a rare opportunity for developers to deliver a high-quality residential or mixed-use project in one of Manhattan’s most iconic and transit-rich corridors.