1660 3 AVENUE

For Sale - Manhattan - Upper East Side

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Key Details

Property Type
Mixed Use
Neighborhood
Upper East Side
Property Dimensions
75.0 x 50.0
Property Area
20,831 sq.ft.
Total Units:
54
Stories:
5
NOI
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Price
Submit Best Offer
Price Per Unit
-
Cap Rate
-%

Listing Description

Avison Young, as exclusive agent, is pleased to offer for sale a development site at 1656-1660 Third Avenue aka 188 East 93rd Street (“Property” or “Site”) in the Upper East Side neighborhood of Manhattan. The Property features a combined 144± feet of wraparound frontage on the southeast corner of 93rd Street and Third Avenue. 1660 Third Avenue represents a development opportunity in one of Manhattan’s most sought-after neighborhoods.

The corner lot, which spans 5,221 square feet is zoned C1-9, which has an R10 residential equivalent, allowing a maximum residential FAR of 10.00x and the potential to develop up to
52,210± square feet as-of-right. With the purchase of Inclusionary Housing Certificates, the site can be expanded to a buildable of approximately 62,652± square feet. Given the corner location of the property, a new development would allow for windows on all four sides on the above floors. Additionally, this will enable majority of the units to have outdoor space, which has seen increased demand in the current environment.

The Property is currently improved with a five-story mixed-use building that totals 20,831± square feet. The building will be delivered vacant, with the exception of three rent stabilized tenants. In the event the buyer cannot vacate the existing tenants, plans exist to demolish the rear of the corner building and build on the remaining L shaped lot. With frontage on Third Avenue, one of Carnegie Hill’s strongest commercial corridors, 1660 Third Avenue offers prospective retailers exceptional visibility. Additionally, the neighborhood has seen a recent influx of new developments, which have performed well above the citywide average, a testament to the strong demand for new construction condominiums in the Upper East Side.

The corner development lot is conveniently located a five-minute walk from both the 96th Street and 2nd Avenue subway station and from the 96th Street and Lexington Avenue subway station serving the 6 and Q trains, respectively, providing ample transportation options. 1660 Third Avenue presents a unique opportunity to create a highly visible development on a corner site in the Upper East Side. Download listing setup for additional information.

Property Details

Block/Lot:
1521/40
Lot Dimensions
75.67 x 69.0
Lot Area
5,221 sq.ft
Zoning:
C1-9
FAR as Built:
3.99
Max FAR:
10.0
James NelsonAvison Young
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Sales & Transactions

AddressSale PriceSale DateProperty Type
47 EAST 63RD STREET$7,425,00007/23/2018Mixed Use
1628 YORK AVENUE$8,086,95707/12/2018Mixed Use
1632 YORK AVENUE$6,065,21707/12/2018Mixed Use
1291 3 AVENUE$8,095,33406/28/2018Mixed Use
225 EAST 60TH STREET$7,000,00006/20/2018Mixed Use
4 EAST 77TH STREET$8,900,00004/16/2018Mixed Use
1528 1 AVENUE$14,938,62504/12/2018Mixed Use
1514 1 AVENUE$16,200,00003/22/2018Mixed Use
420 EAST 80TH STREET$86,000,00003/22/2018Mixed Use
1694 2 AVENUE$7,450,00003/06/2018Mixed Use