16 West 18th Street & 21 West 17th Street, New York, NY 10011

Flatiron, New York, New York 10011

$24,000,000  

Listing ID Number

25677

Property Description

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a rare Flatiron block-through development site at 16 West 18th Street and 21 West 17th Street within the Ladies’ Mile Historic District. Situated between Fifth Avenue and Avenue of the Americas, the two adjacent lots create a 27’ x 184’ (4,968± SF) footprint with a maximum allowable ZFA of 49,680± BSF (as-of-right). Building plans have been filed with the Department of Buildings and approved by the Landmarks Preservation Commission to construct a 13-story building on 17th Street and a 10-story building on 18th Street, the result of keeping the contextual height of the adjacent neighboring properties uniform. Designed by Morris Adjmi Architects, the combined buildings will total 38,789± SF (above grade) and have 13 full-floor residential units on 17th Street and 10 full-floor residential units on 18th Street with a shared common area, gym and rear courtyard that provides an enjoyable amenity, natural light and access.

In its present state, the assemblage contains a vacant 3-story office and retail building on 17th Street and a vacant 2-story retail building on 18th Street. The site is situated within a flexible C6-4A (R10A Equivalent) zoning district that allows for the creation of a tremendous mixed-use project with the potential to include a mixture of retail, residential, community facility, hotel and/ or office.

Conveniently located at the epicenter of Midtown South Manhattan, the site is within close proximity to Madison Square Park, Union Square, Herald Square and Gramercy Park, which combine to offer residents, employees, and guests world-class restaurants, prestigious shopping, exclusive nightlife and unparalleled transportation. This incredible redevelopment opportunity provides developers the ability to capitalize on tremendous demand in an area with a scarcity of developable land and high barrier to entry while benefiting from time savings and the elimination of any uncertainty to obtain landmarks approval. The acquisition of 16 West 18th Street and 21 West 17th Street is an ideal opportunity for any investor/developer looking for a sizeable, unencumbered development project within one of Manhattan’s most sought after submarkets.

Overview

Building Type:Development/Conversion Sites
Location:Blockthrough from the south side of West 18th Street to the north side of West 17th Street between Fifth Avenue and Avenue of the Americas
Section/Block/Lot:1/819/55 & 26
Lot Dimensions:27' x 184'
(approx.)
Lot Sq Ft:4,968
(approx.)
Buildable Sq. Ft:38,789
(approx.)
Zoning:C6-4A (R10A Equivalent)
FAR:10.0

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

Douglas Blankrot
Associate Director
(212) 589 5157
douglas.blankrot@cushwake.com


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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.