355-359 7th Ave
New York, NY 10001
Retail Property For Sale

BKREA has been exclusively retained to arrange the sale of 355 Seventh Avenue, a premier development opportunity located in the heart of Midtown Manhattan.
Property Overview
Address: 355 Seventh Avenue, Midtown Manhattan.
Lot Size: 3,576 square feet with 121 feet of wraparound frontage at the southeast corner of Seventh Avenue and West 30th Street (46.6' on Seventh Ave & 75' on West 30th street).
Current Use: A three-story commercial building, originally built in 1920, with 46 feet of frontage on Seventh Avenue. The entire site can be delivered vacant, allowing for demolition and full redevelopment.
Zoning & Development Potential
Located within the Midtown South Rezoning Initiative.
Currently zoned for commercial use (10 FAR), with potential for residential development under the rezoning plan.
If enacted, the FAR will up-zone to an 18.0 FAR for Residential uses and 15.0 FAR for commercial uses
Unmatched Location & Transit Connectivity
355 Seventh Avenue benefits from exceptional accessibility and proximity to key city landmarks:
Penn Station – one of the busiest transit hubs in the U.S.
Madison Square Garden – a premier entertainment venue.
Hudson Yards – a thriving business and retail district.
High Foot Traffic & Strong Retail Demand – Positioned at a heavily trafficked intersection, ideal for residential or mixed-use development.
The site offers direct access to multiple subway lines:
1, 2, 3, A, C, and E trains at Penn Station (one block away).
B, D, F, M, N, Q, R, and W lines at 34th Street-Herald Square (within walking distance).
Amtrak, LIRR, and NJ Transit at Penn Station, ensuring seamless regional connectivity.
This rare Midtown development opportunity provides developers and investors with the chance to capitalize on strong demand for housing and retail in one of New York City’s most dynamic neighborhoods.
Highlights
New Zoning Opportunity - The Midtown South Mixed-Use Plan (MSMX) transforms 42 blocks of Manhattan into a high-density, mixed-use district, allowing for nearly 10,000 new homes, including affordable units, alongside commercial and manufacturing spaces.
Vacant Possession - The existing building can be delivered vacant, offering significant time and cost savings by eliminating the need for tenant buyouts. This allows for immediate redevelopment, streamlining business plans and accelerating project timelines.
Landmark Air Rights - Ownership has the ability to acquire approximately 19,310 square feet of development air rights for residential use, providing an opportunity to expand housing capacity under the new Midtown South rezoning.
Coveted Location - 355 Seventh Avenue is ideally located on the border of Midtown South and Chelsea, steps away from Penn Station, allowing developers to benefit from strong demand drivers in a rapidly growing area.
Advantageous Accessibility - The site is a 6-minute walk from 34th Street- Herald Square, providing access to subway lines B,D, F, M,N, Q,R, and W.
Covered Land Play - This development site offers a unique as-is cash flow opportunity while waiting for MSMX approval. With existing commercial income in place, investors can generate revenue while finalizing plans, securing permits, or awaiting optimal market conditions for redevelopment.