| Prime Midtown Development Site|
211-215 East 38th Street New York, NY
Rendering of Proposed Development 211
213
18.9’ x 98.75’ 25’ x 98.75’
LOT DIMENSIONS STORIES GROSS SF ZONING FAR
215
Totals
27.21’ x 98.75’
71.11’ x 98.75’
4
4
2
3,402
8,531
5,170
C1-9
C1-9
C1-9
C1-9: Residential 10.0 (of which 2.0 FAR can be used as Commerical)
LOT SIZE TOTAL BUILDABLE SF
1,866
2,469
2,687
7,022
18,664
24,688
26,870
70,221
3,402
8,531
5,170
17,103
AVAILABLE AIR RIGHTS
15,262
16,157
21,700
53,118
ASSESSMENT (14/15)
$569,940
$776,343
$567,990
$1,914,273
$58,834
$80,141
$58,633
$197,608
MINUS EXISTING STRUCTURE
TAXES (14/15)
$42,000,000
| PROPER T Y DESCRIPTION |
SEC OND AVENUE
|ASKING PRICE|
T UN N EL ACCES S
T HIRD AVENUE
EA ST 39 T H STREET
EA ST 38 T H STREET
These three contiguous properties are located on the northwest corner of East 38th Street and the Midtown Tunnel Access Road between Second and Third Avenues. Together they create a development parcel with over 71’ of frontage on East 38th Street and 98.75’ of frontage along the Midtown Tunnel Access Road. The three buildings can all be delivered completely vacant with 120 days notice at any time before December 31st, 2015 creating an ideal scenario for a luxury residential development. The site is zoned C1-9 with a residential FAR of 10.0, of which 2.0 FAR can be for commercial use, allowing for approximately 70,221 buildable square feet. An extra 2.0 FAR residential can be developed by purchasing additional air rights through the Inclusionary Housing Program. This would increase the residential FAR from 10.0 to 12.0 and increase the total buildable square footage to 84,265. | For further information or inspection, please contact Exclusive Agents |
Robert A. Knakal
John F. Ciraulo
Jonathan Hageman
Craig Waggner
Nicholas Gillott
Sales Team Manager Director of Sales Associate Vice Chairman Chairman
[email protected] [email protected] [email protected] [email protected] [email protected] 212.696.2500 x7773 212.696.2500 x7744 212.696.2500 x7797 212.696.2500 x7700 212.696.2500 x7777 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. 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.
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333 www.masseyknakal.com THE BRONX BROOKLYN MANHATTAN NASSAU NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER