This rare three-parcel corner assemblage at Third Avenue and East 56th Street is a premier Midtown East development site offered for sale at $30,000,000. The property combines high-visibility ground-up development potential with strong, stable in-place rental income to offset carry costs during the pre-development planning phase.
Key Investment Highlights
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Substantial Development Rights: Yields a combined total of 71,370 as-of-right commercial buildable square feet (~$420/BSF) or 47,580 as-of-right residential air rights (~$631/BSF).
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Zoning & Regulatory Bonus: Situated under highly flexible C6-6 zoning (R10 overlay), allowing for luxury residential, boutique hotel, or mixed-use commercial space. It is also eligible for the Universal Affordability Preference (UAP) bonus to increase the residential FAR to 12.0.
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Immediate Cash Flow: Generates a stable current Net Operating Income (NOI) of $764,402 on a scheduled annual gross income of $1,344,529, reflecting a 2.55% current CAP rate.
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Prime Midtown Location: Positioned in one of Manhattan’s most desirable mixed-use corridors, capturing heavy foot traffic and exceptional transit access near major corporate office towers and luxury residential properties.
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Existing Property Configuration: Features a combined lot area of 4,795 square feet currently configured with multiple ground-floor commercial retail spaces and 14 residential apartment units.
