75-83 Nassau Street, New York, NY, 10038, US

75-83 Nassau Street

Description

Jones Lang LaSalle ("JLL") has been exclusively retained to represent 75-83 Nassau Street (the "Site," "Asset," or "Property"), a vested AFNY development site with 276,299 square feet of zoning floor area that sits on a 13,250-square foot lot in the Fulton Street submarket of the Financial District. The vested 421a Site (Option B) provides significant tax advantages with a 12.0 FAR and requires only 30% affordable units at 110% AMI. The current design (with 80% completed construction drawings) has plans for a 50-story, mixed use development with four stories of commercial space, two ground-floor retail units, and 253 residential apartments comprising 177 market-rate units (70%) and 76 affordable units (30%). This current design can be amended to significantly decrease the height of the building while maintaining the unit count to improve efficiency and lower construction costs. Located just one minute from the Fulton Street subway complex—one of Manhattan’s largest transportation hubs serving nine subway lines (A, C, J, Z, 2, 3, 4, 5) - the Property offers unparalleled connectivity, with commutes to Penn Station in approximately 15 minutes and Grand Central Terminal in 18 minutes. From Fulton Street, residents and commuters enjoy direct service into Brooklyn and Queens via the A/C/J/Z/4 lines reaching major destinations like Downtown Brooklyn in under 10 minutes and Long Island City or Astoria in roughly 25–30 minutes. The nearby World Trade Center PATH station also provides quick access to Jersey City and Newark Penn Station in about 25 minutes, ensuring seamless regional connectivity across all five boroughs and beyond.

The Financial District has emerged as one of Manhattan's most dynamic residential markets, with new construction purpose-built rental developments achieving exceptional leasing velocity and commanding premium rents that reflect the neighborhood's transformation into a premier residential destination. The neighborhood's success stems from its exceptional positioning at the epicenter of Manhattan with unparalleled access to premier destinations. To the west, residents enjoy proximity to the West Side Highway, Brookfield Place's luxury retail and dining, Battery Park City's waterfront promenades, and One World Trade Center. The eastern corridor provides access to the South Street Seaport featuring Pier 17's rooftop entertainment venue, the acclaimed Tin Building food hall, Stone Street's historic dining district, and the scenic East River Esplanade, creating a dynamic live-work-play environment that drives residential demand and rental performance.

75-83 Nassau Street represents an exceptional opportunity to capitalize on the Financial District's residential transformation. The combination of location, superior transit access, and proven market performance positions this development for exceptional returns in Manhattan's most rapidly evolving neighborhood.

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Attributes

ZFA

276,299

Zoning

C5-5/R10 (Special Lower Manhattan District)

Proposed Units

253 Residential, 2 Retail

Media

Investment highlights

Premier Downtown Manhattan Development Opportunity

A substantial 13,250 square-foot lot with 276,299 max permitted zoning floor area (ZFA) in the highly desirable Fulton Street submarket of the Financial District. This rare offering presents an exceptional chance to develop a large-scale mixed-use project in one of Manhattan's most sought-after neighborhoods.

Vested Affordable New York & Zoning

The Property is vested under the lapsed 421a program (Option B), which provides significant tax advantages over the current 485x program. Crucially, the vested zoning (C5-5/R10 (Special Lower Manhattan District)) permits a 12.0 FAR and requires affordability for only 30% of units at 110% AMI solely through the 421a requirements, avoiding the less accretive UAP affordability. Finally, the completion deadline for 421a benefits has been extended from June 15, 2026, to June 15, 2031, adding five years of flexibility for project completion.

Unparalleled Connectivity

The Property enjoys a premier location just steps from the Fulton Street subway complex—Manhattan’s largest transit hub, offering access to nine subway lines (A, C, J, Z, 2, 3, 4, 5). This exceptional connectivity allows swift 15-minute rides to Penn Station and 18 minutes to Grand Central Terminal. The A/C/J/Z/4 ines provide direct service into Brooklyn and Queens, reaching Downtown Brooklyn in under 10 minutes and destinations like Long Island City and Astoria in 25–30 minutes. The nearby World Trade Center PATH station adds convenience with 25-minute service to Jersey City and Newark Penn Station, ensuring effortless access across all five boroughs and the broader tri-state region.

New Construction Advantage Vs. Office Conversion

As a new construction residential development, 75-83 Nassau Street holds a significant advantage to outperform the wave of office-to-residential conversions in the Financial District. This competitive position allows 75-83 Nassau to set a new benchmark for rental rates in the Financial District. Its new construction luxury units feature modern design, optimized layouts, and dedicated residential amenity packages, directly supporting a 5% to 10% rent premium over comparable apartments in converted office buildings.

Thriving Market Fundamentals

Lower Manhattan boasts strong market fundamentals with an affluent residential base ($265,050 average household income), over 35,100 residential units, and a dynamic pipeline of 5,000+ new apartments (mostly office-to-residential conversions). The neighborhood is a major employment center for over 300,000 people, while its commercial and hospitality sectors remain robust, demonstrating strong performance and visitor demand. This sustained demand, combined with persistently tight inventory, drove Manhattan's median asking rent to increase 6.0% year-over-year in Q3 2025.