The 72,568-sf office building, currently owned by Holy Spirit Association has a development potential of over 150,000-sf

New York, NY – Avison Young announces the listing of an office property at 4 West 43^rd Street off Manhattan’s Fifth Avenue on behalf of owner Holy Spirit Association (HSA). The 72,568-square-foot (sf) property includes a ZFA of 125,530-sf for residential development (10x FAR with potential for an additional 2x FAR through an amenity bonus as per ZR 81-241) and 150,636-sf for commercial development (12x FAR). There is a path to fully vacating the Property, making it a considerable development opportunity.

HSA is being represented by James Nelson, Alexandra Marolda, Brandon Polakoff, Charles Kingsley, Eric Karmitz, and Kyle Sabath of Avison Young’s Tri-State Investment Sales team, located in the firm’s New York City office. Gaurav Khanna of Val-Add RE Partners are advising and managing the process as owner representatives on behalf of HSA. The team will market the property towards multifamily developers and commercial end-users.

“Since COVID changed the office landscape in NYC, the Bryant Park area has seen an increase in residential development like 520 Fifth Avenue whose pre-completion sellouts are exceeding expectations,” said Nelson.

“We’ve seen very few large-scale development sites for sale since the sunsetting of the 421-a tax abatement. Since the passing of 485-x and the future possibilities around the City of Yes, developers are more eager to get off the sidelines,” said Polakoff.

The property’s location exists in a prime area of Midtown East where residential condominium, rental apartment, and trophy/class A office developments are booming. “This is a great opportunity to bring housing into a neighborhood that is rapidly transforming from a commercial hub to a live-work area. Given the development potential and vacant delivery of the property, the eventual sale of the property could likely lead to a brand-new building spanning over 150,000-sf, taking advantage of a substantial amount of unused air rights with the ability to be transferred to the parcel,” said Marolda.

“The facility has served HSA’s needs for many years, and we are excited to partner with Avison Young’s Tri-State Investment Sales team to facilitate the disposition of this property, ensuring its continued contribution to the resurgence and transformation of Midtown Manhattan.” said Gaurav Khanna and Sung Kim, advisors to HSA.

Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.

Avison Young is a 2024 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 13 consecutive years. 

For more information:

• Download property photos here.
• Find the full listing here.

Media contact:

• Nathan Reyna, Regional Media Relations & Content Specialist, Northeast: +1.917.877.1697