SL Green submits plans to convert Midtown East office to 680-unit apartment
750 Third Avenue (Credit - Google)
The large office landlord SL Green Realty submitted plans with the city’s Department of Buildings this week to convert the 34-story office building 750 Third Avenue in Midtown East, Manhattan, to a 680-unit apartment building.
The New York Post reported in January 2025 that the real estate investment trust was moving forward with the concept, which would include a health club and half an acre of outdoor space. The article says the developers plan on “adding eleven floors on the building’s western side,” but the current plans in DOB do not reflect that. The plans as submitted show only 34 floors and the same height, 435 feet.
The DOB plans call for retail on the ground floor and lower level; accessory fitness center, laundry, yoga rooms, reception, sauna, steam, treatment and wellness rooms on the lower levels; office space on the second floor; co-working space on the third; and apartments on floors three to 34.
Recent large conversions filed:
750 Third Avenue
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Sub-Cellar - 1 | BACK OF HOUSE AND LOCKER ROOMS | Mechanical and/or electrical equipment room | 5 | Factory and Industrial | 0 | |
| 2 | Sub-Cellar - 1 | ACCESSORY FITNESS CENTER, LAUNDRY AND YOGA ROOMS | Apartment | 98 | Residential | 0 | |
| 3 | Sub-Cellar - 1 | BIKE STORAGE AND STORAGE ROOMS | Storage of non combustible Materials | 69 | Storage | 0 | |
| 4 | Cellar | BIKE STORAGE, STORAGE | Storage of non combustible Materials | 21 | Storage | 0 | |
| 5 | Cellar | JANITOR'S CLOSET, TRASH ROOM | Mechanical and/or electrical equipment room | 8 | Factory and Industrial | 0 | |
| 6 | Cellar | ACCESSORY FITNESS CENTER, LAUNDRY, RECEPTION, SAUNA, STEAM, TREATMENT & WELLNESS ROOMS. | Apartment | 87 | Residential | 0 | |
| 7 | Cellar | RETAIL | Retail Sale | 271 | Mercantile | 0 | |
| 8 | 1 | RETAIL A & B | Retail Sale | 328 | Mercantile | 0 | |
| 9 | 1 | COMMERICAL AND RECEPTION | Business and Service | 19 | Business | 0 | |
| 10 | 1 | MAILROOM, PACKAGE, SEATING | Apartment | 79 | Residential | 0 |
The property
The office building in Midtown East has 761,384 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 230 feet deep with a total lot size of 38,210 square feet. The lot is irregular. The zoning is C5-3 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $210.9 million.
Violations and lawsuits
According to city public data, the property has received $3,825 in OATH penalties in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
The neighborhood
In Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the 3rd highest sale turnover among other neighborhoods in the city with $2.5 billion in sales volume in the last two years. For development, Midtown East is the 2nd most active neighborhood among other neighborhoods. It had 19.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 31 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of three of the three commercial properties representing 3,092,049 square feet of the 3,092,049 square feet. The identified owner is SL Green Realty.
The owner
The PincusCo database currently indicates that SL Green Realty owned at least 36 commercial properties with 892 residential units in New York City with 18,006,928 square feet and a city-determined market value of $7.7 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 93 percent of the 18,006,928 square feet of built space are office properties, with elevator properties next occupying 4 percent of the space. They are all located in Manhattan.
The surrounding
Within a 400-foot radius of 750 Third Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months. One of those three items was a sale which Holiday Inn Club Vacations bought the 92,501-square-foot, four-unit hotel (H3) on 501 Lexington Avenue for $30.3 million from Timeshare Acquisitions on January 29, 2024. Of those three items, two were loans above $5 million totaling $345 million. The most recent of the two was Durst Organization in which borrowed $190 million from Citibank secured by the 405,399-square-foot, 20-unit office building (O4) on 733 3rd Avenue and 17 other properties on May 21, 2025.
Direct link to the property’s ACRIS page and link to DOB NOW portal.