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554-568 Eighth Ave 330,000 SF Vacant Office Building New York, NY 10018 For Sale
EXECUTIVE SUMMARY
JLL has been retained on an exclusive basis to arrange
for the sale of 554-568 Eighth Avenue (the “Property”),
a rare, 21-story, corner office building delivered
100% vacant in Midtown Manhattan. Configured
as 309,703 rentable square feet with 232’ of
wraparound corner frontage (99’ on Eighth Avenue
& 133’ on West 38th Street), the Property is a blank
slate providing investors with multiple ways to
create value.
Zoning allows for immediate, as-of-right, mixeduse positioning for office, retail, community facility
or an end user. All of these potential uses will benefit
significantly from the recent passage of the Midtown
South Mixed-Use Plan (MSMX) rezoning, which is
expected to transform the Midtown South submarket
over the coming cycles.
Midtown South’s expected future transformation
will also be driven by several recently enacted city
programs that have passed with overwhelming support
from local politicians and the public. In addition to the
MSMX rezoning, City of Yes and the 467-m / 485x
tax abatements will reshape the neighborhood’s
future - a trend that will be further enhanced by
proximity to several ongoing mega-developments
including Hudson Yards, the Port Authority terminal
replacement, and the Penn Station/Penn District
redevelopment.
All potential business plans for 554-568 Eighth Ave
are also well-supported by strong fundamentals
/ tailwinds in Manhattan’s office and residential
markets. The Manhattan office market is exceeding
prepandemic leasing volume (highest YTD leasing
volume through Q3 since 2006) while an accelerating
number of residential conversions and a stalling
development pipeline are shrinking future office
supply (majority of conversions are geared towards
class B product). In Manhattan’s residential market,
apartments are continuing to hit record-high rents
while vacancy remains near all-time lows - trends that
will continue moving forward due to tight supply and
healthy job growth. These strong underlying residential
fundamentals will incentivize conversion activity within
the MSMX rezoning, transforming the neighborhood
into a live-work-play destination. This diminishing
supply of inferior competing office product will
drive local office rents / values and bolster the Class
B office market’s resurgence in the neighborhood.
Given the Property’s excellent base building condition
due to a recently implemented CapEx program
(~$15M), quality corner light and air with multiple
outdoor terraces, and unrivaled tenant / commuter
proximity to transportation (3-min walk to Port
Authority, Penn/Moynihan Station and entrances
to twelve different subway lines), the offering
presents a scarce value-add opportunity in a section
of Midtown expected to rapidly evolve over the
coming cycles.
The Property will be sold on an as-is, where-is basis.
for the sale of 554-568 Eighth Avenue (the “Property”),
a rare, 21-story, corner office building delivered
100% vacant in Midtown Manhattan. Configured
as 309,703 rentable square feet with 232’ of
wraparound corner frontage (99’ on Eighth Avenue
& 133’ on West 38th Street), the Property is a blank
slate providing investors with multiple ways to
create value.
Zoning allows for immediate, as-of-right, mixeduse positioning for office, retail, community facility
or an end user. All of these potential uses will benefit
significantly from the recent passage of the Midtown
South Mixed-Use Plan (MSMX) rezoning, which is
expected to transform the Midtown South submarket
over the coming cycles.
Midtown South’s expected future transformation
will also be driven by several recently enacted city
programs that have passed with overwhelming support
from local politicians and the public. In addition to the
MSMX rezoning, City of Yes and the 467-m / 485x
tax abatements will reshape the neighborhood’s
future - a trend that will be further enhanced by
proximity to several ongoing mega-developments
including Hudson Yards, the Port Authority terminal
replacement, and the Penn Station/Penn District
redevelopment.
All potential business plans for 554-568 Eighth Ave
are also well-supported by strong fundamentals
/ tailwinds in Manhattan’s office and residential
markets. The Manhattan office market is exceeding
prepandemic leasing volume (highest YTD leasing
volume through Q3 since 2006) while an accelerating
number of residential conversions and a stalling
development pipeline are shrinking future office
supply (majority of conversions are geared towards
class B product). In Manhattan’s residential market,
apartments are continuing to hit record-high rents
while vacancy remains near all-time lows - trends that
will continue moving forward due to tight supply and
healthy job growth. These strong underlying residential
fundamentals will incentivize conversion activity within
the MSMX rezoning, transforming the neighborhood
into a live-work-play destination. This diminishing
supply of inferior competing office product will
drive local office rents / values and bolster the Class
B office market’s resurgence in the neighborhood.
Given the Property’s excellent base building condition
due to a recently implemented CapEx program
(~$15M), quality corner light and air with multiple
outdoor terraces, and unrivaled tenant / commuter
proximity to transportation (3-min walk to Port
Authority, Penn/Moynihan Station and entrances
to twelve different subway lines), the offering
presents a scarce value-add opportunity in a section
of Midtown expected to rapidly evolve over the
coming cycles.
The Property will be sold on an as-is, where-is basis.
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Building Size
330,000 SF
Building Class
B
Year Built/Renovated
1924/2022
Percent Leased
Vacant
Tenancy
Multiple
Building Height
21 Stories
Typical Floor Size
15,476 SF
Building FAR
21.04
Lot Size
0.36 AC
Zoning
M1-6 - Light Industrial
AMENITIES
- Air Conditioning
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- CONDITION
- AVAILABLE
Frontage: 102 FT
17 FT on 8TH Avenue
Frontage: 18 FT on 8TH Avenue
Frontage: 102 FT
Frontage: 17 FT on 8TH Avenue
Frontage: 18 FT on 8TH Avenue
Frontage: 19 FT on 8TH Avenue
Frontage: 19 FT on 38TH Street
Frontage: 19 FT on 38TH Street
Frontage: 19 FT on 8TH Avenue
Full floor office space opportunity with space for 7 private offices and up to 90 workstations.
- 4th Floor
- 16,003 SF
- Office
- Full Build-Out
- Now
- 5th Floor
- 16,018 SF
- Office
- Full Build-Out
- Now
- 6th Floor
- 16,018 SF
- Office
- Full Build-Out
- Now
- 7th Floor
- 16,018 SF
- Office
- Full Build-Out
- Now
- 8th Floor
- 16,018 SF
- Office
- Full Build-Out
- Now
- 9th Floor
- 16,018 SF
- Office
- Full Build-Out
- Now
- 10th Floor
- 16,018 SF
- Office
- Full Build-Out
- Now
- 11th Floor
- 16,018 SF
- Office
- Full Build-Out
- Now
- 12th Floor
- 16,018 SF
- Office
- Full Build-Out
- Now
- 13th Floor
- 16,018 SF
- Office
- Full Build-Out
- Now
- 14th Floor
- 16,018 SF
- Office
- Full Build-Out
- Now
- 15th Floor
- 16,018 SF
- Office
- Full Build-Out
- Now
- 16th Floor
- 16,018 SF
- Office
- Full Build-Out
- Now
- 17th Floor
- 14,158 SF
- Office
- Full Build-Out
- Now
- 18th Floor
- 14,158 SF
- Office
- Full Build-Out
- Now
- 19th Floor
- 12,307 SF
- Office
- Full Build-Out
- Now
- 20th Floor
- 12,017 SF
- Office
- Full Build-Out
- Now
- 21st Floor
- 8,340 SF
- Office
- Full Build-Out
- Now
| Space | Size | Space Use | Condition | Available |
| Basement-Ste A | 738 SF | Retail | Shell Space | Now |
| Basement-Ste B | 1,060 SF | Retail | Shell Space | Now |
| Basement-Ste C | 4,132 SF | Retail | Shell Space | Now |
| 1st Fl-Ste A | 2,500 SF | Retail | Shell Space | Now |
| 1st Fl-Ste B | 1,500 SF | Retail | Shell Space | Now |
| 1st Fl-Ste C | 600 SF | Retail | Shell Space | Now |
| 1st Fl-Ste D | 3,314 SF | Retail | Shell Space | Now |
| 1st Fl-Ste E | 1,300 SF | Retail | Shell Space | Now |
| 2nd Fl-Ste E | 12,500 SF | Retail | Shell Space | Now |
| Mezzanine-Ste D | 760 SF | Retail | Shell Space | Now |
| 3rd Floor | 16,003 SF | Office | Full Build-Out | Now |
| 4th Floor | 16,003 SF | Office | Full Build-Out | Now |
| 5th Floor | 16,018 SF | Office | Full Build-Out | Now |
| 6th Floor | 16,018 SF | Office | Full Build-Out | Now |
| 7th Floor | 16,018 SF | Office | Full Build-Out | Now |
| 8th Floor | 16,018 SF | Office | Full Build-Out | Now |
| 9th Floor | 16,018 SF | Office | Full Build-Out | Now |
| 10th Floor | 16,018 SF | Office | Full Build-Out | Now |
| 11th Floor | 16,018 SF | Office | Full Build-Out | Now |
| 12th Floor | 16,018 SF | Office | Full Build-Out | Now |
| 13th Floor | 16,018 SF | Office | Full Build-Out | Now |
| 14th Floor | 16,018 SF | Office | Full Build-Out | Now |
| 15th Floor | 16,018 SF | Office | Full Build-Out | Now |
| 16th Floor | 16,018 SF | Office | Full Build-Out | Now |
| 17th Floor | 14,158 SF | Office | Full Build-Out | Now |
| 18th Floor | 14,158 SF | Office | Full Build-Out | Now |
| 19th Floor | 12,307 SF | Office | Full Build-Out | Now |
| 20th Floor | 12,017 SF | Office | Full Build-Out | Now |
| 21st Floor | 8,340 SF | Office | Full Build-Out | Now |
Basement-Ste A
| Size |
| 738 SF |
| Space Use |
| Retail |
| Condition |
| Shell Space |
| Available |
| Now |
Basement-Ste B
| Size |
| 1,060 SF |
| Space Use |
| Retail |
| Condition |
| Shell Space |
| Available |
| Now |
Basement-Ste C
| Size |
| 4,132 SF |
| Space Use |
| Retail |
| Condition |
| Shell Space |
| Available |
| Now |
1st Fl-Ste A
| Size |
| 2,500 SF |
| Space Use |
| Retail |
| Condition |
| Shell Space |
| Available |
| Now |
1st Fl-Ste B
| Size |
| 1,500 SF |
| Space Use |
| Retail |
| Condition |
| Shell Space |
| Available |
| Now |
1st Fl-Ste C
| Size |
| 600 SF |
| Space Use |
| Retail |
| Condition |
| Shell Space |
| Available |
| Now |
1st Fl-Ste D
| Size |
| 3,314 SF |
| Space Use |
| Retail |
| Condition |
| Shell Space |
| Available |
| Now |
1st Fl-Ste E
| Size |
| 1,300 SF |
| Space Use |
| Retail |
| Condition |
| Shell Space |
| Available |
| Now |
2nd Fl-Ste E
| Size |
| 12,500 SF |
| Space Use |
| Retail |
| Condition |
| Shell Space |
| Available |
| Now |
Mezzanine-Ste D
| Size |
| 760 SF |
| Space Use |
| Retail |
| Condition |
| Shell Space |
| Available |
| Now |
3rd Floor
| Size |
| 16,003 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
4th Floor
| Size |
| 16,003 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
5th Floor
| Size |
| 16,018 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
6th Floor
| Size |
| 16,018 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
7th Floor
| Size |
| 16,018 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
8th Floor
| Size |
| 16,018 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
9th Floor
| Size |
| 16,018 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
10th Floor
| Size |
| 16,018 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
11th Floor
| Size |
| 16,018 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
12th Floor
| Size |
| 16,018 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
13th Floor
| Size |
| 16,018 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
14th Floor
| Size |
| 16,018 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
15th Floor
| Size |
| 16,018 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
16th Floor
| Size |
| 16,018 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
17th Floor
| Size |
| 14,158 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
18th Floor
| Size |
| 14,158 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
19th Floor
| Size |
| 12,307 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
20th Floor
| Size |
| 12,017 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
21st Floor
| Size |
| 8,340 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
1 of 1
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Basement-Ste A
| Size | 738 SF |
| Space Use | Retail |
| Condition | Shell Space |
| Available | Now |
Frontage: 102 FT
Basement-Ste B
| Size | 1,060 SF |
| Space Use | Retail |
| Condition | Shell Space |
| Available | Now |
17 FT on 8TH Avenue
Basement-Ste C
| Size | 4,132 SF |
| Space Use | Retail |
| Condition | Shell Space |
| Available | Now |
Frontage: 18 FT on 8TH Avenue
1 of 1
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1st Fl-Ste A
| Size | 2,500 SF |
| Space Use | Retail |
| Condition | Shell Space |
| Available | Now |
Frontage: 102 FT
1st Fl-Ste B
| Size | 1,500 SF |
| Space Use | Retail |
| Condition | Shell Space |
| Available | Now |
Frontage: 17 FT on 8TH Avenue
1st Fl-Ste C
| Size | 600 SF |
| Space Use | Retail |
| Condition | Shell Space |
| Available | Now |
Frontage: 18 FT on 8TH Avenue
1st Fl-Ste D
| Size | 3,314 SF |
| Space Use | Retail |
| Condition | Shell Space |
| Available | Now |
Frontage: 19 FT on 8TH Avenue
1st Fl-Ste E
| Size | 1,300 SF |
| Space Use | Retail |
| Condition | Shell Space |
| Available | Now |
Frontage: 19 FT on 38TH Street
1 of 1
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
2nd Fl-Ste E
| Size | 12,500 SF |
| Space Use | Retail |
| Condition | Shell Space |
| Available | Now |
Frontage: 19 FT on 38TH Street
Mezzanine-Ste D
| Size | 760 SF |
| Space Use | Retail |
| Condition | Shell Space |
| Available | Now |
Frontage: 19 FT on 8TH Avenue
1 of 1
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
3rd Floor
| Size | 16,003 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
Full floor office space opportunity with space for 7 private offices and up to 90 workstations.
1 1
Walk Score®
Walker's Paradise (98)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (89)
PROPERTY TAXES
| Parcel Number | 0787-0084 | Improvements Assessment | $24,927,480 |
| Land Assessment | $2,587,500 | Total Assessment | $27,514,980 |
PROPERTY TAXES
Parcel Number
0787-0084
Land Assessment
$2,587,500
Improvements Assessment
$24,927,480
Total Assessment
$27,514,980
CONTACTS
-
Hall Oster -
Jonathan Hageman -
Vickram Jambu -
Braedon Gait -
Teddy Galligan -
Conrad Martin -
JLL
1 of 6
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1 of 1
Presented by
554-568 Eighth Ave
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