Shkury tells GlobeSt.com that the seller is a Manhattan-based family, and notes that the location is great. "The surrounding neighborhoods have already been successfully developed and the planned development of Hudson Yards will present a buyer with even more opportunities for development."

Shkury explains that the asking price of $29.9 million is very competitive for the area.The bidding deadline has been set for March 14th.

Shkury says that his team has already received several offers and has only just begun sending the marketing proposal out to contacts a few weeks ago. Although Shkur could not discuss who has bid so far, he notes that the team is showing the building to "local and international investors interested in developing hotel, office, or residential space."

The building is located between 8th and 9th avenues in a neighborhood that is benefiting from the successful development in Times Square, Herald Square, and Chelsea as well as the emerging growth taking place in the Penn Plaza and Garment Center districts, according to Shkury. "Originally built in 1927, the property is zoned C6-4M. Most C6 districts are in Manhattan and permit corporate headquarters, large hotels, entertainment facilities, retail stores, and high-rise residences in mixed buildings."

Shkury tells GlobeSt.com that the current tenants in the building are in the garment, technology and courier business. "The space would need to be renovated for hotel, office or residential use."

The commercial property provides an excellent repositioning opportunity from a variety of angles, Shkury notes. Approximately 55% of the leasable area operates on a month-to-month basis and/or operates on leases with demolition clauses. Coupled with an additional 17,250 sf of vacant space, investors have the flexibility to reposition approximately 75% of the building while maintaining cash flow, he says. The ground floor is currently leased to retail tenants.