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47 E 29th St 3,790 SF Vacant Retail Building New York, NY 10016 $4,575,000 ($1,207.12/SF)
Investment Highlights
- Centered in the thriving Park Avenue South Corridor
- Turnkey hospitality foundation
- Consistent traffic of affluent residents, office users, tourists, and nightlife
Executive Summary
Positioned in the heart of NoMad, 47 East 29th Street presents a rare opportunity to acquire a fully built, single-occupancy hospitality asset centered in the thriving Park Avenue South Corridor. Currently operating as Tavern 29, the property is ideally suited for an owner/operator, restaurant group, or experiential hospitality brand seeking to reposition an established venue with substantial existing infrastructure.
The building consists of approximately 6,950 rentable square feet across multiple levels, including a ground-floor bar and dining room, second-floor lounge, and roof terrace. The property is fully vented and delivered with an operational commercial kitchen, substantial prep and storage areas, and three walk-in refrigerators. The existing certificate of occupancy permits up to 208 patrons, creating exceptional flexibility for restaurant, bar, private events, or branded hospitality concepts.
The surrounding neighborhood continues to experience significant growth driven by nearby luxury residential and hotel development, including The Royalton Park Avenue Hotel, The Ritz-Carlton NoMad, Virgin Hotels New York City, The Fifth Avenue Hotel, and the Ace Hotel. This dynamic live-work-play environment has transformed NoMad into one of Manhattan’s most desirable hospitality destinations and benefits from a constant mix of affluent residents, office users, tourists, and nightlife traffic.
47 East 29th Street offers a turnkey foundation with significant replacement-cost value already embedded in the asset. The combination of existing infrastructure, rooftop amenities, multi-level guest experience, and prime NoMad positioning creates a compelling opportunity for an operator or investor to capitalize on one of New York City’s strongest hospitality submarkets. The property’s efficient layout provides the framework for a flagship concept with immediate operational capability and long-term upside potential.
The building consists of approximately 6,950 rentable square feet across multiple levels, including a ground-floor bar and dining room, second-floor lounge, and roof terrace. The property is fully vented and delivered with an operational commercial kitchen, substantial prep and storage areas, and three walk-in refrigerators. The existing certificate of occupancy permits up to 208 patrons, creating exceptional flexibility for restaurant, bar, private events, or branded hospitality concepts.
The surrounding neighborhood continues to experience significant growth driven by nearby luxury residential and hotel development, including The Royalton Park Avenue Hotel, The Ritz-Carlton NoMad, Virgin Hotels New York City, The Fifth Avenue Hotel, and the Ace Hotel. This dynamic live-work-play environment has transformed NoMad into one of Manhattan’s most desirable hospitality destinations and benefits from a constant mix of affluent residents, office users, tourists, and nightlife traffic.
47 East 29th Street offers a turnkey foundation with significant replacement-cost value already embedded in the asset. The combination of existing infrastructure, rooftop amenities, multi-level guest experience, and prime NoMad positioning creates a compelling opportunity for an operator or investor to capitalize on one of New York City’s strongest hospitality submarkets. The property’s efficient layout provides the framework for a flagship concept with immediate operational capability and long-term upside potential.
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
3,790 SF
Building Class
C
Year Built
1915
Price
$4,575,000
Price Per SF
$1,207.12
Percent Leased
Vacant
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.72
Lot Size
0.05 AC
Zoning
C5-2
Frontage
Amenities
- Bus Line
- Metro/Subway
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
100/100
Moderately bikeable
70/100
Nearby Major Retailers
![[solidcore]](https://images1.loopnet.com/i2/X1DfwMFhQUJtrEvdN0O4PHppb1UchnIXcAPoILYKKzI/105/image.jpg "[solidcore]")
Property Taxes
| Parcel Number | 0859-0036 | Improvements Assessment | $818,640 |
| Land Assessment | $240,750 | Total Assessment | $1,059,390 |
Property Taxes
Parcel Number
0859-0036
Land Assessment
$240,750
Improvements Assessment
$818,640
Total Assessment
$1,059,390
Contacts
-
Louis Puopolo -
Alex Furst -
Kristin Irwin -
Paul Ramirez -
Douglas Elliman Commercial Real Estate
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