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5 Shocking Changes At 29 West 35th Street: The Penn Building's Historic $25M Transformation

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As of December 24, 2025, the address 29 West 35th Street in New York City is no longer just another aging commercial property in Midtown South; it is the epicenter of a historic urban transformation. This 12-story structure, officially known as The Penn Building, is currently undergoing a massive, multi-million dollar office-to-residential conversion, marking a pivotal moment for Manhattan’s real estate landscape.

This ambitious project is not just about changing a few floors; it represents the first major conversion under Mayor Eric Adams’ new Midtown South mixed-use plan, signaling a shift away from traditional office space and towards much-needed rental housing. The building’s metamorphosis from a century-old commercial tower into a modern residential hub with 107 new studio apartments is capturing the attention of developers, residents, and urban planners across the five boroughs.

The Penn Building's Historic Profile: A Midtown South Landmark

The 12-story commercial building at 29 West 35th Street possesses a rich history that is deeply intertwined with the industrial and commercial growth of Manhattan. Before its current transformation, the structure was a quintessential example of the early 20th-century commercial architecture that defines the area.

  • Official Name: The Penn Building
  • Address: 29 West 35th Street, New York, NY 10001
  • Neighborhood: Located in the vibrant heart of the Garment District, nestled on the edge of Koreatown, within the larger Midtown South area.
  • Borough: Manhattan
  • Year Built: 1911
  • Original Use: Commercial Office Building
  • Stories: 12 stories
  • Total Square Footage: Approximately 95,500 square feet.
  • Original Units: Contained 16 commercial units.
  • Current Market Value (Tax Assessor): Valued at over $12 million before the conversion project began.
  • Key Infrastructure: Equipped with business-grade Gigabit fiber-optic Internet by Stealth Communications.

Constructed in 1911, the Penn Building spent over a century serving the bustling commercial needs of the Garment District. Its location, just a stone's throw from Penn Station and Herald Square, made it a highly desirable address for various businesses, from fashion showrooms to tech startups, reflecting the evolving nature of Midtown South. The building’s sturdy, pre-war construction is what made it an ideal candidate for the complex and costly conversion process.

The $25 Million Office-to-Residential Conversion: A NYC First

The most significant and recent development concerning 29 West 35th Street is its groundbreaking conversion into a modern rental apartment building. This project is a direct response to the post-pandemic shift in office usage and the city's urgent need for more housing.

The Pivotal Midtown South Mixed-Use Plan

The conversion is not an isolated event; it is a direct result of Mayor Eric Adams' administration pushing for the Midtown South mixed-use plan. This initiative aims to revitalize underutilized commercial areas by incentivizing developers to transform obsolete office buildings into residential units. The Penn Building is the first major project to move forward under this new zoning framework, setting a precedent for similar conversions across Manhattan.

Key Details of the Residential Transformation

The purchase and repurposing of the building involved a partnership between major real estate players, including Infinite Global Real Estate Partners, led by Marty Burger and Andrew Heiberger. The transaction for the Midtown office building was reported to be around $25 million, reflecting the high value placed on its potential for residential use.

  • Developers: Partnership including Infinite Global Real Estate Partners, Marty Burger, and Andrew Heiberger.
  • Acquisition Cost: Approximately $25 million for the office building.
  • New Unit Count: The 12-story tower is being converted into 107 new rental studio apartments.
  • Unit Type: The focus is on smaller, efficient studio apartments, catering to the demand for affordable (by Manhattan standards) and well-located housing for young professionals.
  • Significance: It represents the "true live/work/play" vision for the neighborhood, transforming a purely commercial structure into a true mixed-use property.

This shift from commercial space to 107 residential units injects a vital new element into the Garment District's ecosystem. It brings permanent residents to an area previously dominated by nine-to-five office workers, promising to boost local businesses, including restaurants and retail, outside of standard business hours.

Beyond the Facade: Current Tenants and Neighborhood Vibe

While the upper floors are being gutted and redesigned for residential living, the street-level experience at 29 West 35th Street continues to be defined by its vibrant location and a notable ground-floor tenant. This mix of old and new—the historic commercial legacy meeting the residential future—is what makes the address so compelling.

The Liberty NYC: A Local Anchor

One of the most well-known entities currently operating at the address is The Liberty NYC. This establishment serves as a popular bar, restaurant, and event space, acting as a social anchor for the local business community and visitors.

  • Type: Bar, Restaurant, and Event Space.
  • Atmosphere: Described as a Welsh-owned, family-run restaurant.
  • Key Feature: Known for its daily Happy Hour, attracting crowds from the nearby office towers and hotels.

The continued operation of The Liberty NYC during the conversion process highlights the building's transition from a purely commercial hub to a true mixed-use property. It ensures that the building maintains a direct connection to the community, even as its internal structure changes dramatically. This ground-floor retail presence is essential for the success of the new rental building, providing an immediate amenity for the future residents of the 107 studio apartments.

A Nexus of Connectivity and Culture

The building's location is a major selling point, strategically positioned at the intersection of several key Manhattan districts. This geographical advantage ensures high topical authority and continued relevance for the property.

The Penn Building sits firmly in Midtown South, a dynamic area that has seen an explosion of tech and creative firms in recent years. Its specific location places it directly in the Garment District, a historic center of the fashion industry, and immediately adjacent to Koreatown (K-Town), known for its 24/7 dining and nightlife.

This connectivity is unparalleled:

  • Transit Hubs: Proximity to Penn Station provides access to Amtrak, NJ Transit, and the Long Island Rail Road (LIRR), making it a commuter dream.
  • Subway Access: Multiple subway lines (B, D, F, M, N, Q, R, W) are within a short walk at Herald Square and 34th Street, offering seamless access to the rest of the city.
  • Landmarks: Nearby major landmarks include the Empire State Building, Macy's Herald Square, and the vibrant NoMad district, ensuring a constant flow of foot traffic and commercial activity.

The conversion of 29 West 35th Street is a powerful symbol of New York City's ability to adapt and reinvent itself. By transforming an underutilized office asset into 107 much-needed residential units, the Penn Building is leading the way for a new era in Midtown South—one that is more residential, more dynamic, and less reliant on the traditional 9-to-5 commercial model. This historic project ensures that the 1911-era structure will remain a vital and relevant part of the Manhattan skyline for generations to come.

5 Shocking Changes at 29 West 35th Street: The Penn Building's Historic $25M Transformation
29 west 35th street new york
29 west 35th street new york

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