41 W 36th St
New York, NY 10018 Empire State Building

Executive Summary:
41 West 36th Street presents a rare opportunity to acquire a vacant 7,695 SF commercial building in the heart of Midtown South with approximately 27,855 SF of unused air rights included in the sale. Situated on a 1,975 SF lot between Fifth Avenue and Avenue of the Americas, the property benefits from the recently adopted Midtown South Mixed-Use (MSMX) rezoning, allowing for up to 35,550 BSF of total development potential under an 18.0 FAR.

The existing five-story commercial building provides immediate utility and multiple investment strategies, while the substantial unused development rights create significant long-term upside. Investors may reposition the current asset, redevelop the site to its maximum allowable density, or explore the monetization of excess air rights through transfer opportunities, subject to applicable zoning regulations and approvals.

Located in one of Manhattan's most dynamic and rapidly evolving mixed-use districts, 41 West 36th Street offers a compelling combination of current value, future development potential, and premier Midtown positioning.

Investment Highlights:
- 7,695 SF vacant commercial building
- Approximately 27,855 SF of unused air rights included in the sale
- Up to 35,550 BSF of total development potential
- Newly rezoned M1-9A / R12 zoning designation
- 18.0 FAR under the Midtown South Mixed-Use (MSMX) rezoning
- Vacant delivery
- Opportunity to redevelop, reposition, or monetize excess development rights
- Flexible acquisition structure, including potential joint venture or partial interest opportunities
- Prime Midtown South location between Fifth Avenue and Avenue of the Americas
- Walking distance to Bryant Park, Herald Square, Penn Station, Grand Central Terminal, and Fifth Avenue

Existing Asset with Significant Embedded Development Value:
Unlike traditional development sites that require immediate demolition, 41 West 36th Street offers investors the opportunity to acquire an existing commercial building with substantial embedded development rights.

The property's existing 7,695 SF building utilizes only a fraction of the site's newly permitted density. Under current zoning, ownership controls approximately 27,855 SF of unused development rights, creating significant value beyond the existing improvements.

This unique combination allows investors to pursue multiple strategies:
- Reposition and lease the existing commercial building
- Hold the property as a long-term land banking investment
- Redevelop the site into a residential or mixed-use project
- Monetize excess development rights through air rights transactions, subject to applicable regulations

The ability to generate value from both the existing building and the unused development rights makes this a highly flexible investment opportunity in a market where development sites of this scale are increasingly scarce.

Midtown South Mixed-Use (MSMX) Rezoning Opportunity:
The recently adopted Midtown South Mixed-Use (MSMX) rezoning represents one of the most significant planning initiatives in Manhattan in decades.
Designed to transform Midtown South into a vibrant mixed-use district, the rezoning is projected to facilitate the creation of more than 9,500 new housing units, including over 2,800 permanently affordable units. As one of the first opportunities to come to market under the new framework, 41 West 36th Street is ideally positioned to benefit from the neighborhood's long-term residential, commercial, and infrastructure investment.

The site's R12 designation allows for a maximum FAR of 18.0 and approximately 35,550 BSF of development potential, making it well-suited for luxury condominium, rental, mixed-use, hospitality, or boutique commercial development.

Prime Midtown South Location:
Positioned on West 36th Street between Fifth Avenue and Avenue of the Americas, the property sits at the center of one of Manhattan's most active commercial, retail, hospitality, and residential corridors.

Surrounded by premier office towers, luxury hotels, flagship retailers, and world-class dining destinations, the property benefits from exceptional pedestrian traffic and access to a daytime population numbering in the hundreds of thousands.

Nearby landmarks include:
- Empire State Building
- Bryant Park
- Herald Square
- Fifth Avenue
- Madison Square Garden
- Penn District
- Times Square
- Hudson Yards

This amenity-rich environment continues to attract residents, businesses, and visitors from around the world, reinforcing Midtown South's position as one of New York City's most desirable neighborhoods.

Exceptional Transit Connectivity:
The property offers unparalleled access to New York City's regional and local transportation network.
- 3-minute walk to 34th Street–Herald Square Station (N, Q, R, W, B, D, F, M)
- 11-minute walk to Penn Station (Amtrak, NJ Transit, LIRR, PATH)
- Convenient access to Grand Central Terminal
- Immediate access to Midtown Manhattan's major business districts

The property's connectivity enhances both redevelopment potential and long-term investment value.