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103 E 29th St
0.1 Acres of Residential Land Offered at $15,800,000 in New York, NY 10016
Investment Highlights
- Rare development site that is situated in one of New York's most vibrant submarkets, NoMad, a desirable residential and business destination.
- Whether a property resident, tenant, or guest, enjoy exceptional mass transit access with subway stations located within convenient walking distance.
- Sitting on a .10-acre lot with flexible C6 zoning, the location is ideal for a commercial property or a boutique residential condominium building.
- This is the former site of the historic Deauville Hotel, which is currently being demolished, and the site will be delivered shovel-ready Summer 2021.
Executive Summary
NoMad, named for its location North of Madison Square Park, has evolved into a vibrant hub for the young and affluent over the past two decades. Its rich array of dining, shopping, and recreational amenities, including numerous Michelin-starred restaurants like the world-renowned "Eleven Madison Park", make it a magnet for international leaders like Jeff Bezos who invests heavily in this area.
103 East 29th Street boasts an unbeatable location, with three subway stations - one directly across the street -, the PATH train system, 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, making this location ideal for a wide range of applications.
The site’s flexible zoning allows for residential, commercial, medical, or mixed-use development. It could also serve as the location for a hotel, school, religious facility or company headquarters. Additionally, its proximity to a proposed Manhattan casino site positions it perfectly to capitalize on the surge in housing demand in this sought-after Manhattan submarket.
NoMad, the birthplace of the world’s first modern art exhibition in 1913, continues to be a cultural hub, housing institutions like Fotografiska - a contemporary museum of photography, art, and culture. It’s no wonder that NoMad commands some of the highest prices for both rentals and sales in Downtown Manhattan.
With a listing price of $15.8 million and a net buildable square footage (SF) of 37,610, the price per buildable SF at 103 East 29th Street is only $420. Ownership’s zoning study for the site shows 45,778 BSF for a Residential Development and 43,125 BSF for a Commercial Development, reducing the price per buildable SF even further.
A quality site for a successful development!
Property Facts Under Contract
| Price | $15,800,000 | Property Type | Land |
| Sale Type | Investment or Owner User | Property Subtype | Residential |
| Sale Conditions | Total Lot Size | 0.10 AC | |
| No. Lots | 1 |
| Price | $15,800,000 |
| Sale Type | Investment or Owner User |
| Sale Conditions | |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Total Lot Size | 0.10 AC |
1 Lot Available
Lot 885-006
| Price | $15,800,000 | Lot Size | 0.10 AC |
| Price Per AC | $154,488,477 |
| Price | $15,800,000 |
| Price Per AC | $154,488,477 |
| Lot Size | 0.10 AC |
Development site in one of Manhattan's most desirable submarkets, NoMad. This was previously the site of the Deauville Hotel. Sitting on a .10-acre lot with flexible C6 zoning.
Description
103 East 29th Street offers a highly desirable NoMad location just three blocks north of Madison Square Park. The site benefits from outstanding light and air. This was previously the site of the Deauville Hotel. The purchase price includes the demolition costs of the structure. The property enjoys an unusually convenient location just one block from a subway station at Park Avenue South and 28th Street. The station is serviced by the popular 6 train line, with direct access to Grand Central Terminal, Midtown, Union Square, Astor Place, NoHo/SoHo, and Downtown Manhattan. An additional station is located within a five-minute walk at 28th Street and Broadway, where the N and R Trains provide direct service to Times Square and Downtown Brooklyn.
PROPERTY TAXES
| Parcel Number | 0885-0006 | Improvements Assessment | $0 |
| Land Assessment | $945,000 | Total Assessment | $945,000 |
PROPERTY TAXES
zoning
| Zoning Code | C6-4A (R10a equivalent) |
| C6-4A (R10a equivalent) |
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103 E 29th St
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