6-8 East 37th Street & 9 East 36th Street - Map blueView Map

For Sale - Manhattan

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Property Details:

Price: $55,500,000

Estimated Annual Income: None Provided

Property Type: Land

Lot Dimensions (ft): 50.0 x 98.75

Lot Area: 4,938 sq. ft.

Building Dimensions (ft): 0.0 x 0.0

Building Area: 0 sq. ft.

Building:

Block/Lot: 00866/0071

BIN: 1000000

Building Class: V1

Stories: N/A

Total Units: N/A

Corner Lot: No

Buildings on Lot: 0

Year Built: unknown

Landmark: none

Has Garage: no

Year Last Altered: n/a

Residential Units: 0

Residential Area: 0 sq. ft.

Zoning: C5-2

Floor Area Ratio:

Max FAR: 10.0

Useable Floor Area: 0 sq. ft.

FAR as Built: 0.0

Neighborhood:

Neighborhood: Not available

Historic District: n/a

Community District: 105

School District: 2

Census Tract: 82

6-8 East 37th Street & 9 East 36th Street

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of both a development site located on the south side of East 37th Street and a mixed-use building located on the north side of East 36th Street. 6-8 East 37th Street is a development site with 50’ of frontage on East 37th Street between Fifth and Madison Avenue. The site is currently a vacant lot zoned C5-2 with an FAR of 10.0 for both commercial or residential use giving it 49,375 buildable square feet as-of-right. An additional 17,320 square feet of air rights can be transferred from 9 East 36th Street for a total of 66,695 buildable square feet. C5-2 zoning also benefits from the Inclusionary Housing Program which would allow for an additional 2.0 FAR of residential to be purchased, further increasing the total buildable by 9,875 square feet to a total potential of 76,570 buildable square feet for residential use. 9 East 36th Streetis a 31’ wide, 5-story, mixed-use building with an elevator located on the north side of East 36th Street between Fifth and Madison Avenues. The property contains a vacant ground floor retail space, 8 studios and 8 loft apartments above. Of the 16 apartments, 11 are fair market, 4 are rent stabilized, and 1 is rent controlled. With 5 rent regulated units achieving only 30% of market rental rates, the property represents a great opportunity for an investor to capture upside by repositioning the asset. The property has approximately 17,320 square feet of air rights which can be transferred to 6-8 East 37th Street.

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