The subject property is an approximately 30,432 square foot parking garage located in the northern most portion of Midtown West, just steps away from Columbus Circle. 411-413 West 55th Street provides an exceptional development and/or conversion opportunity in an area that appeals to both young professionals just starting out, as well as families looking to be close to Columbus Circle and Central Park West.
Currently, the site is improved by a six-story parking garage that is owner-occupied and will be delivered vacant. The site is split-zoned C6-2 and is located within the Special Clinton District, providing a 4.20 FAR, equating to a maximum of approximately 22,365 square feet. Due to the fact that the structure is overbuilt, a developer could potentially convert the existing structure in order to utilize the additional 8,067 square feet or construct a completely new structure. The property features an expansive existing floor plate with 50’ of frontage and 11’ ceiling heights. A developer also can take advantage of the current use as a garage in order to generate substantial income during the approval process and planning phases of a new development.
The property sits on the border of Midtown West and Upper West side, providing the best of both neighborhoods. The site is located within walking distance to major attractions such as Central Park, Columbus Circle, Lincoln Center, and the Hudson River Greenway. It is conveniently located near Manhattan’s major business districts and is accessible by the A C B D & 1 subway lines. With major developments such as Hudson Yards and Manhattan West adding tremendous future value to westside neighborhoods, 411-413 West 55th Street is an unprecedented redevelopment opportunity.