NEW YORK, June 20, 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 GussTG@nyr.com+1 212.360.7000 ext.103
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