Rent/Lease Office 345 Seventh Ave

History of 345 Seventh Avenue, Manhattan, NYC

345 Seventh Avenue is a 25-story office building located in the Penn District of Manhattan, New York City, adjacent to the Chelsea neighborhood. Constructed in 1928, the building features high ceilings and oversized windows on all four sides, allowing abundant natural light throughout its interior. It encompasses approximately 186,000 rentable square feet, with large contiguous blocks over 100,000 RSF and full floors averaging around 8,000 RSF.

Strategically positioned just two blocks from Penn Station, the building benefits from proximity to one of the city’s most important transportation hubs, offering access to 14 subway lines and four regional train lines. This location places 345 Seventh Avenue in one of the most transit-accessible neighborhoods in New York City, making it attractive for a wide range of commercial uses.

The building sits at the heart of a rapidly transforming area, as the Penn District undergoes a $45 billion redevelopment initiative led by major developers including Vornado and Tishman Speyer. This redevelopment aims to create a “city within a city” with nearly 7.5 million square feet of new office, retail, and residential space, contributing significantly to the Midtown skyline and urban fabric.

Historically, 345 Seventh Avenue was owned by Namdar Realty Group and Empire Capital Holdings, who acquired the property in 2021 during a period of optimism about the office market. However, the building experienced occupancy challenges, with rates declining from 59% to 43% by late 2023, leading to foreclosure proceedings by the mortgage holder, Benefit Street Partners.

In early 2025, the building was purchased for approximately $85 million by a partnership including The Katan Group, Kohan Retail Investment Group, and investor Ilya Mikhailov. This transaction represented a significant discount from the previous $107 million acquisition price. The new owners have expressed intentions to potentially convert the building from office use to residential, taking advantage of recent zoning changes under New York City's "City of Yes" initiative, which facilitates conversions of commercial buildings to residential use in Midtown South.

The proposed conversion aligns with broader neighborhood plans to add thousands of residential units around the revitalized Penn Station area, supporting a vibrant mixed-use community. The building's architectural presence and substantial size make it a potentially impactful addition to the evolving urban landscape of Manhattan's Penn District and Chelsea neighborhoods.

345 Seventh Avenue

345 Seventh Avenue is a boutique office building located in the heart of the Penn Plaza district in Manhattan, NYC. The 25-story building spans approximately 191,000 square feet of office space, featuring polished concrete floors, exposed high ceilings, and abundant natural light with unobstructed views of Manhattan.

Location

Situated between West 29th and West 30th Streets on Seventh Avenue, the property enjoys a prime location strategically positioned between the vibrant neighborhoods of NoMad and Chelsea. It is steps from Penn Station, offering access to Long Island Rail Road (LIRR), New Jersey Transit, and 14 subway lines, making it one of the most transit-accessible areas in the city.

Building Features

• Newly renovated entrance, lobby, elevators, and façade
• Tenant amenity lounge and conference center
• Class A level finishes with wraparound windows providing panoramic views
• 24-hour access and 24/7 attended lobby for security
• High-speed elevators and modern building systems
• Polished concrete floors and exposed ceilings

Available Spaces

The building offers a range of partial and full-floor office spaces from approximately 2,000 to over 9,000 rentable square feet (RSF), suitable for various business needs. Spaces can be customized with full build-outs to tenant specifications.

Nearby Amenities

The location is surrounded by a rich array of shopping, dining, and cultural amenities, benefiting from proximity to NoMad's tech and fashion sectors and Chelsea's vibrant art galleries and luxury residences.

Future Outlook

Recent ownership changes signal plans to potentially convert the office building into residential units, reflecting evolving neighborhood zoning and development trends within the rapidly transforming Penn District and Manhattan real estate market.

345 Seventh Avenue offers a variety of amenities to enhance the office experience:

• Class A Level Finishes: Offices feature sleek, contemporary finishes.
• Tenant Amenity Center: A thoughtfully built-out space for tenant use.
• Conference Rooms: Secluded conference areas available for meetings.
• Wraparound Windows: Providing amazing views and abundant natural light.
• 24/7 Attended Lobby: Ensuring safety and security for all tenants.
• New Entrance, Lobby, and Amenity Lounge: Recent renovations enhance the building's appeal.
• High-Speed Elevators: Efficient transportation for tenants and visitors.
• Polished Concrete Floors and Exposed High Ceilings: Adding to the modern aesthetic.
• Food and Beverage Services: Convenient amenities for tenants.
• 24 Hour Access: Flexible work hours supported by around-the-clock access.

345 Seventh Avenue in Manhattan, New York City, is home to a diverse range of tenants across various industries. Some of the notable tenants include:

• NYC Training Center - Provides training services.
• Apple Bank - A banking institution.
• Zoom Media | GymTV - New York - Media company.
• Chapter - Construction industry.
• Corporate Resolutions - Professional services.
• Fox Unlimited - Manufacturing sector.
• Hooligan NYC - Information sector.
• Jack L Gordon Architects - Professional services in architecture.
• Lightman Law Firm - Legal services.
• New York Center for Integrative Health - Healthcare.
• Pahdo Labs - Information technology.
• United States Tour Operators Association - Tourism services.
• Wilmac Technologies - Wholesale technology services.

These tenants reflect the diverse business landscape of the area, which is strategically positioned between Chelsea and the Penn District.

• Verizon Fios - Fiber-optic provider offering up to 1 Gbps download speeds with symmetrical uploads in select areas
• Spectrum - Cable internet with plans up to 1 Gbps, widely available throughout Manhattan
• Astound Broadband (RCN) - Fiber-optic services reaching 1.5 Gbps download speeds, available in most Manhattan areas
• Level 3 Communications - Enterprise-grade fiber offering 10 Gbps symmetrical speeds
• Optimum - Fiber provider delivering up to 8 Gbps speeds in select NYC locations
• Xfinity - Cable internet plans up to 2 Gbps download speeds

345 Seventh Avenue is strategically located in Manhattan, NYC, situated between 29th and 30th Streets on 7th Avenue. It is close to major transportation hubs including Penn Station, LIRR, NJ Transit, and multiple subway lines. The building is surrounded by the bustling neighborhoods of NoMad and Chelsea, offering an abundance of amenities and transportation options.

The primary cross streets for 345 Seventh Avenue are 29th Street to the south and 30th Street to the north. The nearest subway stations include those along 7th Avenue, with multiple lines available. Key transportation options include:

• Subway: Multiple lines including B, D, F, M, R, W, 1, 2, and 3.
• Trains: LIRR and NJ Transit from nearby Penn Station.
• Buses: Various city and intercity bus routes.

Given its prime location, 345 Seventh Avenue provides unparalleled access to city and suburban destinations, making it an ideal choice for businesses seeking convenience and connectivity.