1527-1531 York Avenue, New York, NY 10028

Upper East Side, New York, New York 10028

Listing ID Number

25089

Property Description

Cushman & Wakefield has been retained on an exclusive basis to sell 1527-1531 York Avenue, a development site with income. While the existing 3 story property totals approximately 8,420 SF, there remain approximately 27,280 SF of additional development rights. The 51’ x 70’ lot is located in an R-10 district with a C1-5 overlay, allowing 10.0 FAR for a total buildable square footage of approximately 35,700 BSF. Additionally, potential purchasers have the option to reach 12.0 FAR through utilization of the Inclusionary Housing Bonus, bringing the total buildable square footage of the site to 42,840 BSF.

Located on the southwest corner of York Avenue at 81st Street, the existing 3 story mixed-use property currently consists of 4 retail units and 14 residential units. All retail tenants are subject to termination clauses. With the exception of two units, the remaining rent stabilized units are receiving significant preferential rents and thus can be moved to market upon lease expiration. Additionally, one of the rent stabilized units will be delivered vacant, allowing the next tenant to be moved out of regulated status.

The subject property is located in the heart of the Upper East Side, one of the city’s most desirable residential enclaves. In addition to its location within walking distance of premier cultural establishments, schools, medical intuitions, restaurants, and parks, the property benefits from the recent opening of the Second Avenue Subway. In addition to the Q train, the property is conveniently located next to the M31 bus and is a short walk away from the 6 train. The property’s close proximity to establishments such as New York Presbyterian and schools Marymount Manhattan College and Hunter College create an ever growing population in the immediate area driving both commercial and residential markets.

The sale of 1527-1531 York Avenue represents an opportunity to leverage in-place cash flow while planning a new development. In particular, the potential size of a new project makes this property a compelling opportunity for a user looking to build a new building to their specifications.

Overview

Building Type:Development/Conversion Sites, Mixed-Use Investment Buildings
Location:On the southwest corner of 81st Street and York Avenue
Block/Lot:1560/27 & 28
Lot Dimensions:51 x 70
Residential Units:14
Commercial Units:4
Zoning:R10 w/ C1-5 overlay
FAR:10 (12.00 w/ Incl.Housing Bonus)

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Robert A. Knakal
Chairman, New York Investment Sales
(212) 660 7777
robert.knakal@cushwake.com

Thomas D. Gammino Jr.
Executive Managing Director
(212) 660 7727
tom.gammino@cushwake.com

Jonathan Hageman
Executive Managing Director
(212) 660 7773
jonathan.hageman@cushwake.com

Hunter L. Moss
Director
(212) 589 5136
hunter.moss@cushwake.com

Charlotte Myers
Associate Director
(212) 660 7749
charlotte.myers@cushwake.com


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Property Map


Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.