212 West 29th Street

BKREA is offering for sale 212 West 29th Street (Block 778, Lot 47), a boutique development opportunity in the heart of Chelsea, Manhattan. Location Details Mid-block site on the south side of West 29th Street, between Seventh and Eighth Avenues. Located in Chelsea, steps from Penn Station, Hudson Yards, the High Line, and NoMad. Strong access to transportation, lifestyle amenities, and key commercial corridors. Site Specifications Lot Size: Approximately 2,419 square feet. Frontage: 24.5 feet Depth: 98 feet Existing Building: 9,212 square feet across four stories. Development Plans / Zoning Current Zoning: M1-6D Base FAR: 10.0 (residential or commercial use) As-of-right ZFA: 24,190 square feet With Universal Affordability Preference (UAP): Increased FAR: 12.0 Maximum Buildable Area: 29,028 square feet Affordable housing requirements can be met on-site or through purchase of off-site UAP rights within Community Board 5 or a ½-mile radius. Potential Midtown South Rezoning (currently pending City Council vote): Proposed Zoning: M1-8A / R12 Maximum FAR: 18.0 (with Mandatory Inclusionary Housing) Up to 12.0 FAR for commercial use Up to 43,542 buildable square feet for residential use if rezoning is adopted Neighborhood Demand Drivers Premier location near major transportation and commercial hubs. Proximity to Penn Station, Hudson Yards, and Chelsea’s tech and creative corridor. Rapidly evolving submarket with increased investment and infrastructure improvements. Opportunity Highlights Boutique-sized development site with flexible zoning and future upzoning potential. Eligible for UAP and potential Midtown South rezoning bonuses. Ideal for developers or investors looking to capitalize on Chelsea’s ongoing transformation and proximity to high-demand neighborhoods.212 West 29th Street (Block 778, Lot 47) is a development site located mid-block on the south side of West 29th Street Street, between Seventh and Eighth Avenues in the heart of the Chelsea neighborhood.The lot area of the property spans approximately 2,419 square feet, with 24.5 feet of frontage and 98 feet of depth. The existing lot includes a 9,212-square-foot building that is spread across four stories. The lot is situated in an M1-6D zoning district, which permits a base FAR of 10.0 for either residential or commercial use, allowing for up to 24,190 square feet of total ZFA. Through the Universal Affordability Preference (UAP), which was enacted through City of Yes, the FAR can be increased to 12.0, resulting in a maximum of 29,028 buildable square feet. Depending on the developer’s execution, the UAP requirement can be satisfied either by building the affordable units on-site or by purchasing off-site UAP air rights from a property owner within Community Board 5 or within a 1⁄2-mile radius of the site. Additionally, the property is located within the boundaries of the proposed Midtown South rezoning, which has been approved by the City Planning Commission and is scheduled for a City Council vote by the end of the summer. If adopted, the new zoning district would be an M1-8A / R12 which could increase the allowable density to a residential FAR of 18.0 (with Mandatory Inclusionary Housing), of which 12.0 FAR could be allocated to commercial use— expanding the total development potential to a maximum of 43,542 buildable square feet for residential purposes Located steps from Penn Station, Hudson Yards, the High Line, and key corridors in Chelsea and NoMad, this site offers rare proximity to major infrastructure, lifestyle amenities, and centers of economic growth. This boutique site allows for a variety of exit strategies, including the potential for significant rezoning upside. 212 West 29th Street presents a unique opportunity for forward-thinking developers and investors in a rapidly evolving submarket.