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1400 Broadway holds 148,000 sf of residual vertical capacity in a C6-4.5 Special Midtown district. Preliminary analysis supports a parallel-track strategy of rooftop monetization plus feasibility for a mixed-use vertical addition. Composite AIRScore 92 · confidence 0.79.
34-story steel-frame Class A office (1968), 268,800 gsf on a 22,400 sf corner lot, 0.1 mi to 34 St-Herald Sq. Owner: Broadway Vertical Holdings, LLC. Zoning: C6-4.5 · Special Midtown (SNX).
Max FAR 15.0 vs current 12.0 → 67,200 sf as-of-right plus 80,800 sf via MIH inclusionary and ZR 81-27 subway bonus. Estimated 148,000 sf vertical addition feasible; NPV modeled at $54–71M.
Mixed-use vertical addition (Class A office + hospitality) capturing the ZR 81-27 subway bonus, with a rooftop telecom + solar overlay preserved on the existing improvement.
Midtown vertical demand +6.4% YoY. Class A absorption 1.4M sf trailing 12 months. Median vertical addition residual land value $71/sf across five recent comps.
5 midtown vertical additions 2022–2025 · median $71/sf residual · range $58–86/sf. 2 rooftop telecom deals · median $178K/yr per array.
Entitlement timing (12 mo), capital markets exposure, historic-district adjacency review, construction disruption to in-place tenants. Flood zone X — no FEMA constraint.
421-a legacy · MIH inclusionary lift · ZR 81-27 subway improvement bonus. Estimated aggregate value $18–24M NPV.
Composite 92 · Development 88 · Air Rights 91 · Market 87 · Environmental Risk 55 (inverse).
1) Sign rooftop telecom LOIs within 60 days. 2) Commission zoning feasibility for vertical addition. 3) Model 214 kW rooftop solar as parallel workstream. 4) Explore TDR sale for 20% transferable capacity.
Rooftop-only NPV: $19–24M. Vertical addition NPV: $54–71M. Blended parallel strategy NPV: $63–88M.
A) Preserve + rooftop overlay (low risk, $19–24M). B) Vertical addition mixed-use (medium risk, $54–71M). C) Full redevelopment with TDR (high risk, $88–112M).
Base case IRR 14.2% · equity multiple 1.9x · stabilization 42 months · basis $412/sf.