ABS Partners Files Plans for 394-Unit Midtown Tower at 515 West 57th Street

• ABS Partners proposes 394-unit residential tower in Midtown
• Includes 119 affordable units under the MIH program
• Site currently used as TV studio space

What the project means for Midtown development

ABS Partners Real Estate is pushing forward with a major rezoning proposal that could bring nearly 400 new residential units to Midtown Manhattan at 515 West 57th Street. The plan reflects continued interest in converting underutilized commercial sites into housing, especially as demand for residential density remains strong across New York City.

What’s being built

The proposed development calls for a 30-story tower spanning roughly 377,000 square feet. The building would deliver 394 units, including 119 designated as affordable under the city’s Mandatory Inclusionary Housing program. A commercial component is also planned, though details on its use have not yet been finalized.

What the land deal tells you

ABS secured a 75-year ground lease for the site, acquiring it for $17.2 million from Duke Holdings. This structure allows the developer to control a prime Midtown site with lower upfront capital, a strategy increasingly common in high-cost urban markets.

Why this matters for investors and landlords

This project highlights a key trend. Older commercial properties, especially low-rise buildings, are becoming prime targets for residential redevelopment. For investors, rezoning plays like this offer significant upside, particularly when paired with affordability incentives that unlock higher density.

What to watch next

The project must move through the ULURP approval process, which will determine the final scope and feasibility. If approved, the development would add meaningful housing supply in a transit-rich Midtown corridor. The takeaway is clear. Rezoning-driven residential projects continue to be one of the most powerful value-creation strategies in New York real estate.