Midtown office tower to become 107 studio apartments, first major conversion under rezoning

An underutilized Midtown office building is set to become over 100 studio apartments in its next life. Infinite Global Real Estate and Buttonwood Development, in partnership with 400 Capital Management, have acquired 29 West 35th Street, with plans to turn the 12-story tower into a rental building. The project marks the first major office-to-residential conversion in the neighborhood following the Midtown South rezoning, approved by the City Council this summer.

The developers plan to turn the century-old building into 107 studio apartments, with 27 designated affordable via the 467-m tax abatement program. The affordable apartments will be priced at $1,701/month, with market-rate units closer to $4,000/month, according to Bloomberg.

The units will measure between 400 and 575 square feet and include ceilings of 11 to 14 feet, designer kitchens, and in-unit washer/dryers. A majority of the units will include flexible spaces, like home offices, alcoves, or bonus rooms, to address “the evolving needs of remote work and modern living.”

Amenities will include a rooftop space with views of the Empire State Building, an outdoor movie screen, a doorman, a pet wash station, and storage.

Developers Marty Burger and Andrew Heiberger, who purchased the building for roughly $25 million as part of a joint venture, plan to invest $70 million in the redevelopment, Bloomberg reported. The project will repurpose the existing building, which has been mostly vacant. The bar Liberty NYC currently operates on the ground level.

“New York City is home to some of the world’s most beautiful and iconic structures, many of which have outlived their original commercial purpose but possess incredible architectural character that deserves preservation,” Marty Burger, founder and CEO of Infinite Global Real Estate Partners, said.

“Rather than tearing these buildings down, we have an incredible opportunity to breathe new life into them as homes for New Yorkers.”

Conveniently located in the heart of Midtown, the building is close to several public transit options, with Penn Station and Grand Central Terminal nearby, as well as Bryant Park, Broadway, and more. Plus, developers believe employees of major employers in the area like Amazon, Meta, and Salesforce, will be drawn to the rental.

“Work patterns have shifted, and proximity to the office is now a top priority for Manhattan residents,” Heiberger said. “They seek efficiency, the ability to walk to work, to enjoy amazing restaurants, and to live in thoughtfully designed spaces. We’re delivering on that vision with 29 West 35th Street, where true live-work lifestyle isn’t a luxury but a priority.”

In August, the City Council voted to approve the Midtown South Mixed-Use Plan (MSMX), which covers about 42 blocks between West 23rd Street and West 40th Street, and between 5th Avenue and 8th Avenue. Updating the zoning rules allows for new housing to be built in the area, which has largely been limited to commercial space. Officials estimate 9,500 new apartments could be built in the neighborhood.

Midtown continues to be a major target of office-to-residential conversions following the passing of City of Yes late last year. The legislation changes the cut-off date of eligibility for Midtown office conversions from 1961 to 1991. The state also expanded the tax incentives for office conversions and lifted the residential density cap to allow for larger buildings.

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