Vanbarton Group is marketing its prime Nomad development site at 3 West 29th Street—a property poised to become one of the first major projects under New York City’s upcoming Midtown South rezoning. With nearly 700,000 square feet of potential residential development rights and an estimated value exceeding $250 million, this listing signals a critical moment for the city’s housing policy and development market.
Key Takeaways
Strategic Site in Midtown South: The 3 West 29th Street site sits in Nomad, adjacent to the Collegiate Marble Church, and benefits directly from the Midtown South rezoning aimed at boosting residential development.
Massive Development Potential: The site allows for approximately 700,000 buildable square feet—likely to be residential under the new zoning—placing its estimated land value above $250 million.
First Major Test of New Rezoning: With the City Council expected to approve Mayor Adams’ Midtown South rezoning this summer, this is among the first sites to test market appetite for large-scale residential projects in the area.
BKREA & CBRE Tapped to Lead Sale: Vanbarton has engaged top brokerage teams, including Bob Knakal’s BKREA and CBRE, to explore sale options with NYC’s leading developers.
Deep Backstory and Legal Complexity: The site was acquired by Vanbarton in 2021 through foreclosure after HFZ Capital defaulted, in a situation complicated by a church partnership and legal settlements.
Vanbarton May Still Build: While the site is being marketed, Vanbarton—already active in office-to-resi conversions with over 2,200 units underway—may choose to develop the project in-house.
Frequently Asked Questions
Q: What is the Midtown South rezoning?
A: It’s a city-led initiative to transform aging commercial areas into residential neighborhoods, aiming to create 10,000 new housing units in Manhattan.
Q: Why is this site important?
A: 3 West 29th Street is one of the first major sites to benefit from the rezoning, making it a barometer for market confidence in the plan.
Q: What’s the estimated sale price?
A: While unconfirmed, estimates based on land comps suggest the site could be worth north of $250 million.
Q: Who owns the site?
A: Vanbarton Group acquired the property via foreclosure from HFZ Capital in 2021.
Q: What could be built there?
A: Likely residential. The rezoning enables Vanbarton to develop up to 700,000 square feet of housing, depending on final approvals.
Q: Is Vanbarton planning to sell or build?
A: Both options are on the table. The firm is marketing the site but may develop it themselves depending on market response.
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