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, for the first time in over 25 years, a unique investment opportunity with tremendous future redevelopment potential in 440 Third Avenue. 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 oversized irregularly shaped ±2,339 SF lot has a front building that is 22’ x 70’ and approximately 4,412 SF and a rear building that 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.

The property’s unique oversized lot becomes 30’ wide in the rear and provides a boost in air rights making 440 Third Avenue a future ± 24,000 SF development site on its own. With a plethora of development rights still intact on neighboring properties there is the potential for assembling a site capable of over 125,000 buildable SF.

The sale of 440 Third Avenue offers a unique opportunity to own a cash flowing asset with tremendous immediate upside in the form of below market rents while being in a position to redevelop down the road.

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

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


Property Images

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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.