440 3rd Avenue, New York, NY 10016

Midtown East, Gramercy Park, Flatiron, Murray Hill, New York, New York 10016

$13,500,000  

Listing ID Number

25531

Property Description

Cushman & Wakefield is pleased to offer the following opportunity located in the booming Kips Bay neighborhood. 440 Third Avenue is located on the west side of Third Avenue between East 30th and 31st Streets, and contains two separate buildings with 13 apartments, 1 retail store and a total gross square footage of ±8,108. The irregularly shaped ±2,339 SF lot has a front building that is 22’ x 70’ and approximately 4,412 SF and a rear building is 33’ x 28’ and approximately 3,696 SF. The front building contains a ground floor restaurant that is leased until January 2027 and 6 one bedroom apartments above, of which 3 are rent stabilized. The rear building contains 7 studio apartments, of which 3 are rent stabilized.
This is the first time this property has been offered for sale in over 25 years. The building offers investors a unique opportunity to own a cash flowing asset with tremendous upside in the 6 rent stabilized units as well as the 7 free market units which are all well below market for renovated apartments of the same size in this neighborhood. Furthermore, there are over 15,281 SF of unused air rights which can be utilized for a future redevelopment or possible assemblage with the adjacent buildings. This is a rare opportunity for investors to own an avenue building in a superb location with a long term retail lease in-place and tremendous value-add future upside in the apartments.

Overview

Building Type:Mixed-Use Investment Buildings

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

John F. Ciraulo
Vice Chairman
(212) 660 7700
john.ciraulo@cushwake.com

Craig Waggner
Director
(212) 660 7744
craig.waggner@cushwake.com

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

Lou Magarelli

2123078167
Lou.Magarelli@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.