WEST 21ST STREET
NEW YORK CITY
34
SINGLE FAMILY DEVELOPMENT
OPPORTUNITY
Condentiality
THIS IS A CONFIDENTIAL MEMORANDUM intended solely for your own limited use in
considering whether to pursue negotiations to acquire an interest in 34 West 21st Street, New
York, New York 10010 (The Property). The renderings and plans within are for marketing
purposes only.
This Condential Memorandum contains brief, selected information pertaining to the business
and affairs of the Owner, and has been prepared by Massey Knakal Realty Services (Massey
Knakal) primarily from information supplied by the Owner. Although this Condential
Memorandum has been reviewed by representatives of the Owner, it does not purport to be
all inclusive or to contain all of the information which a prospective purchaser may desire.
Neither Massey Knakal, nor any of their ofcers, employees or agents make any representation
or warranty, expressed or implied, as to the accuracy or completeness of this Condential
memorandum or any of its contents, and no legal liability is assumed or to be implied with
respect thereto.
By acknowledgment of your receipt of the Condential Memorandum, you agree that the
memorandum and its contents are condential, that you will hold and treat it in the strictest of
condence, that you will not directly or indirectly, disclose or permit anyone else to disclose this
memorandum or its contents to any person, rm or entity without prior written authorization of
Owner, and that you will not use, or permit to be used, this memorandum or its contents in any
fashion or manner detrimental to the interest of Owner. Photocopying or other duplication is
strictly prohibited.
Owner and Massey Knakal expressly reserve the right, at their sole discretion, to reject any or
all proposals or expressions or interest in the building, and to terminate discussions with any
party at any time with or without notice.
If you do not wish to pursue negotiations leading to this acquisition, kindly return this condential
memorandum to Massey Knakal.
This Condential Memorandum shall not be deemed a representation of the state of affairs to
the property or constitute an indication that there has been no change in the business of affairs
or the property since the date of preparation of this memorandum.
*Renderings are for marketing purposes only
The Massey Knakal Advantage
Best Inventory
On average, Massey Knakal exclusively
lists 600+ properties at any given time
the largest inventory of properties in the New
York City metropolitan area. More buyers and
sellers choose to work with Massey Knakal
than any other rm for any size or type of
property transaction.
Best Territory Knowledge
The Massey Knakal Territory System assigns
only one sales agent to represent property in a
given area, making these agents superior real
estate experts for their territory. The benet
to you is that our agents can assist you with
making a more protable buying decision. You
can be condent that a purchase made through
Massey Knakal will be the right decision for
your needs.
Best Opportunity
Massey Knakal treats all buyers fairly, which
means that you will always have an equal
opportunity to purchase a property. Since
Massey Knakal only handles exclusive
listings, you will be able to get accurate
property information and up-to-the-minute
status reports on the availability of all our
properties. The benet to you is that you will
not waste valuable time tracking properties
that have already been sold. Additionally,
throughout the purchasing process, you
will always be treated with respect and
professionalism by our sales agents.
Offering Memorandum
Asking Price:
$5,750,000
JAMES NELSON
JOHN CIRAULO
PARTNER
PARTNER
jnelson@masseyknakal.com
212.696.2500 x7710
jciraulo@masseyknakal.com
212.696.2500 x7700
MITCHELL LEVINE
CRAIG WAGGNER
DIRECTOR OF SALES
DIRECTOR OF SALES
mlevine@masseyknakal.com
212.696.2500 x7761
cwaggner@masseyknakal.com
212.696.2500 x7744
MATTHEW NICKERSON
SENIOR ASSOCIATE
mnickerson@masseyknakal.com
212.660.7742
MASSEY KNAKAL REALTY SERVICES
275 MADISON AVENUE, 3RD FLOOR NEW YORK, NY
(P) 212-696-2500 (F) 212-696-0333
Introduction
Overview
Property Information
Tax Map
Floor Plans
Neighborhood Description
Neighborhood Map
Transportation Maps
Renderings
*Renderings are for marketing purposes only
Overview
A 16.08 wide lot located on the south side of West 21st Street between 5th and 6th
Avenues. Delivered with plans to break ground immediately on a 7-story elevatored single
family mansion which call for a total 8,183 SF with 6,767 SF of that being above grade.
The project, designed by architect Karl Fischer and cutting-edge interior designer Andres
Escobar, calls for a dramatic 7 story elevatored mansion with 6 bedrooms, 6 full baths, 4
powder rooms and private indoor parking. The house features include oversized windows,
ceiling heights from 10 to over 25 feet, a custom glass elevator, and private Spa.
Property Description
Location
South side of West 21st Street between 5th and
6th Avenues
Block/Lot
822 / 59
Lot Size
16.08 x 92 (Approx)
Lot Area
1,479 (Approx)
Proposed Townhouse Information
(1)
(1)
Above Grade SF
6,767 (As Per Plans)
Below Grade SF
1,416 (As Per Plans)
Total SF
8,183 (As Per Plans)
Stories
Zoning
C6-4A
Historic District
Ladies Mile
Assessment
$306,000
(14/15)
Est. Taxes
$31,588
(14/15)
The 6,767 SF Includes Inll Of Double Height Ceiling In Kitchen, Plans Call For 6,558 Sellable SF
16.08
59
822
The Opportunity
34 West 21st Street is an incredible
opportunity to acquire a shovel-ready
development designed by renowned Karl
Fisher and cutting-edge interior designer
Andres Escobar in one of the most exciting
and coveted neighborhoods.
As currently designed, the townhouse plans
call for a dramatic 7 story elevatored mansion
with private indoor parking and curb-cut, 6
bedrooms, 6 full baths, and 4 powder rooms.
The townhouse design features oversized
windows, ceiling heights in excess of 25 feet,
a custom glass elevator, and private Spa.
Interestingly, the former townhouse at 34
West 21st Street was the home of former
US President Chester A. Arthur for many
years. While this townhouse was lost to time
generations ago, the opportunity to create
one of the most distinct and magnicent
townhouses in the neighborhood remains.
Current ownership has painstakingly and
meticulously designed what could be one of
the most luxurious new construction single
family townhouses in the entire market. The
project will be delivered with plans from
the Department of Buildings and Landmark
Preservation Commission. Not only would a
buyer benet from the cost savings of all of
this work, which can run well into the seven
gures, but most importantly a buyer could
break ground immediately, saving the 9-14
months typically associated with securing
approved building plans.
Alternatively, zoning allows for a boutique
ofce building, multi-family residential,
retail, or a combination of all three uses.
Current ownership has painstakingly and meticulously designed what
could be one of the most luxurious new construction single family
townhouses in the entire market.
Highlights/Features of
Proposed Townhouse
One-of-a-kind, 7-story
mansion with 6-bedrooms, 6 baths
and 4 powder rooms
Full basement with a private spa
featuring a sauna, steam room, hot
tub, and mosaic waterfall
Indoor parking and a curb cut with
automatic glass and bronze garage
doors.
3 replaces
Custom wall-mounted wine cooler
Generous ceiling heights from 10 to
25
Radiant heated oors
Fully customized glass MachineRoom-Less (MRL) Traction
Elevator
4 wet bars strategically located
throughout the home
Rooftop sun deck with hot tub and
outdoor shower
An open staircase with oating
wood treads wrapping the glass
elevator shaft and accented with
glass railing
Oversized windows
Backyard terrace with waterfall
feature and built-In outdoor gas
BBQ
25 kitchen ceilings, overlooking the
backyard
34 West 21st Street offers the opportunity to purchase a centrally located
development site suited for a myriad of uses. Given the explosive residential and
ofce growth in the area, the site can be used to accommodate either use.
CELLAR
FIRST FL
THIRD FL
SECOND FL
FOURTH FL
FIFTH FL
SIXTH FL
SEVENTH FL
*Renderings are for marketing purposes only
*Renderings are for marketing purposes only
*Renderings are for marketing purposes only
*Renderings are for marketing purposes only
Neighborhood Description
Flatiron District
Flatiron
The Flatiron District has undergone quite
a renaissance over the past two decades to
become a premier destination for both New
York City locals and visitors looking to shop,
dine, work, or relax. The burst of activity is
reminiscent of the days when the neighborhood was called Ladies Milea reference
to its Gilded Age heyday as the epicenter of
womens retail.
1,000 technology startups being founded
in the 5 boroughs since 2007 is a dramatic
under representation of the true gure.
Bounded by two of the citys favorite public
spaces, Madison Square Park to the north
and Union Square to the south, the area has
become a hotbed of entrepreneurial creativity and economic growth. On the heels
of this phenomenon is the emergence of a
Major companies like eBay and innumerable startups like the microblog-giant Tumblr
are located in the area, creating a vibrant
community of young, wealthy, and highlyeducated workers.
Though the dramatic spike in new rms is
expected to eventually level off, public and
private investment in accelerator programs
and business incubators continues to create
an entrepreneur-friendly environment.
Considered the epicenter of the Midtown-South area of Manhattan, the property is
situated on the cusp of three dening neighborhoods, the Madison Square Park/Flatiron
District, Union Square to the South and Gramercy Park to the East.
diverse and dynamic community of
retailers to cater to the employees of
rapidly growing businesses.
Employment Opportunities
In recent years, this micromarket has become
the place to be for companies in media,
publishing, and technology. In fact, media
and technology have been the major sources
of job creation in New York City since the
2008 recession, surpassing all other sectors.
The Center for an Urban Future estimates
that the citys count of over
Dining
Though many of the areas best restaurants
pre-date the neighborhoods recent
technology and media boom, a fair share
of the newcomers owe their success to the
dramatic changes witnessed over the past
few years. Eleven Madison Park, Tom
Colicchios Craft, and Gramercy Tavern all
consistently rank among the best restaurants
in the city, but offer a more casually elegant
experience than the traditional restaurants of
Midtown. Mario Batalis Eataly in the newly
renovated Toy Building has been the talk of
the neighborhood and the broader New York
restaurant scene since its debut, serving as
part restaurant, part specialty goods shop.
Tinier, delicious locales include Aldea and
the original Madison Square Park location of
the famous chain Shake Shack.
Nightlife
With the sharp increase in daily workers and
full-time residents, plenty of new nighttime
destinations have popped up in recent years.
230 Fifths rooftop is considered one of
the best bar scenes in the city, and Eatalys
rooftop Birreria follows close behind. Olive
Bar at the W Hotel is routinely standing
room only and lled to the brim with stylish
20 and 30 somethings enjoying evening
drinks. The neighborhood seems to have an
endless amount of after-dark options.
Madison Square Park
The Madison Square Park Conservancy
recently raised six million dollars for capital
renovation of the park, including $2.5 million in private funds from corporate leaders,
such as Metropolitan Life Insurance Company, New York Life Insurance Company,
Credit Suisse First Boston, Rudin Management, and Union Square Hospitality Group.
The Madison Square Park Conservancy has
also raised $4 million for a permanent fund
to help support maintenance of the park.
The renovation restored elements of the
parks original 19th-century design by Ignatz
Pilat and William Grant, while helping to
make the park once again a center of neighborhood life. The restored park features lush
green lawns, colorful owering shrubs and
plants, Worlds-Fair-style benches, a spectacularly restored fountain, a contemporary
reecting pool, new gateways, new paving
and ornamental lighting.
Today, Madison Square Park is at the heart
of a revitalized business district, bordered
by ofce buildings, retail establishments and
restaurants. The restoration of the park has
also spurred new residential development,
welcoming a new generation of young park
users.
Local Landmarks
The neighborhoods namesake, the Flatiron
Building, sits on the edge of another local
destination, Madison Square Park. The Flatiron is a beautifully ornate, 1902 landmark
known for its unusually triangular shape and
is a huge draw for tourists and photographers
alike. The 6.2 acre park is the former home
of Madison Square Garden and the current
home of the original Shake Shack, creator
of the citys favorite hamburgers. It is also
frequently the set of large public sculptures
and a lounging area for nearby workers and
residents. It is also beset by some additional
Gilded Age structures like the Toy Center
and the New York Life Building.
Gramercy Park sits slightly east of 30 West
21st Street and offers a scenic walk through
a charming and quiet neighborhood full of
restaurants and shops. The park, however,
remains open to only those who live along
its perimeter. Union Square to the south is
one of the liveliest public spaces in all of
New York City. It is almost always full of
people relaxing or performing. Its weekend
Greenmarket is frequented by many and
serves as a model for successful farmers
markets across the ve boroughs.
Shopping
Most of the nearby retail options can be
found along 23rd Street, 14th Street, and
Sixth Avenue, and those thoroughfares are
dominated by big box names and national
brands. Many of those stores, particularly
along Sixth Avenue, are housed in beautiful
landmarked properties such as the SiegelCooper Dry Goods Store, the Hugh ONeill
Building, and the Adams and Ehrich Brothers Building. They are all now home to
stores such as The Container Store, TJ Maxx,
Marshalls, Bed Bath & Beyond, but at one
time housed Bergdorf Goodman, Saks, and
Lord & Taylor before they moved farther
uptown. Home Depot has a store on 23rd
Street. Best Buy and Nordstrom Rack both
sit on 14th Street adjacent to Union Square.
Needless to say, this tiny submarket is has
an unusual density of stores to meet every
consumer need.
Ladies Mile
The Ladies Mile is named for the popularity of Broadway and part of 6th Avenue as a
major shopping district in the second half of
the 1800s. Large cast-iron dry goods stores
opened along 6th Avenue between 18th &
23rd streets, many of which are still extant.
The citys major department stores and
luxury sellers lined Broadway from Union
Square to Madison Square, earning this
stretch of Broadway the nickname Fashion
Street. As ofce buildings and loft buildings moved in, the stores moved uptown.
Broadway and 5th Avenue grew into ofce
districts. And by 1910 a major construction
boom had changed the side streets between
Broadway & 6th Avenue into a major commercial district of predominantly 12 story
loft buildings.
Conclusion
The classic architecture of the neighborhood
and serenity of the park itself add an aura of
sophistication and old world charm to the
area. Nearby trend-setting restaurants and
theaters deliver the level of cutting-edge
culture downtown residents have come to
expect, and the convenient shopping of Fifth
Avenue and Union Square are an added amenity. For all members of this community,
convenient access to subways and busses
facilitates transportation throughout the City.
This neighborhood is both old and new, reinforcing Manhattans traditional dynamic of
reinventing itself while preserving the best
elements of its fascinating history.
*Renderings are for marketing purposes only
Transportation
In addition to the diversity of services and
amenities located within its parameters,
34 West 21st Street has excellent access to
major transportation modes. The Lexington Avenue mass transit subway line (with
stops at 14th, 23rd, 28th, 33rd, 42nd, 51st
and 59th Streets) provides quick access
to all Eastside midtown ofce addresses
and downtown without transfer. A second
subway line, the IRT, runs below 59th
Street from Queens to the Westside before
turning downtown. The area is also serviced by express and local MTA buses for
southbound trafc along Second Avenue
and Fifth Avenue, northbound trafc on
First Avenue, Third Avenue, and Madison
Avenue, and east/west bound along 14th,
23rd, 34th and 42nd Streets. The fare for
both the bus and subway lines is $2.50.
By car, there is easy access to and from the
Eastside by the Franklin Delano Roosevelt
Drive, the Queensboro Bridge, and the Triboro Bridge. The highway transportation
network connects Manhattan to Westchester County, Connecticut, New England,
and Long Island.
The three major metropolitan airports....
LaGuardia (approximately 20-25 minutes
drive) John F. Kennedy (approximately
30-35 minutes drive) and Newark (approximately 30-35 minutes drive) are located in
the immediate Metropolitan area.
The caliber of quick access from 34 West
21st Street to local and regional business
destinations is unusual and denitely enhances the attractiveness of the property.
