EXISTING STRUCTURE 2252 THIRD AVENUE
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1 EXISTING STRUCTURE 2252 THIRD AVENUE 50 WIDE DEVELOPMENT SITE: ~ 51,000 BSF Within The New East Harlem Rezoning
2 2252 THIRD AVENUE - PROPERTY FEATURES ASKING PRICE: $12,000,000 PPBSF: $236 Property Features: Location: West side of Third Avenue between East 122nd & East 123rd Streets Block & Lot: Lot Dimensions: 50.92' x 100' Lot Size: 5,092 sq ft (approx.) Zoning: R10 / C4-6 Residential FAR: Total Residential Buildable SF: Max Buildable Height: Mandatory Inclusionary Housing Requirement*: (Wide Street) 50,920 sq ft (approx.) 235 ft 20% or 25% of residential FAR Existing Building Dimensions: 50.92' x 100' Existing Building SF: Available Air Rights: 14,500 sq ft (approx.) 36,420 sq ft (approx.) Assessment (17/18): $549,990 Taxes (17/18): $58,156 *For more information please visit page 7 Tax Map East 123rd Street 100 Lot 39 Lexington Avenue Lot 38 Lot 33 Third Avenue East 122nd Street 100 Three connecting lots with potential for air rights transfer 2
3 PROPERTY OVERVIEW Property Overview 2252 Third Avenue is a 50 wide residential development site with a commercial overlay located in the newly rezoned section of East Harlem. The site is located just two blocks south of 125th Street along the west side of 3rd Avenue and offers future development of just under 51,000 buildable square feet. Newly upzoned from a 4.0 FAR with a 85 foot maximum building height to a FAR with a 235 foot maximum building height rd Avenue offers tremendous assemblage and development opportunities. Current Use The site is currently a three-story plus basement structure that is built full in its entirety on the 100 foot deep lot. The property is currently occupied by a local, retail, department store. Potential benefit exists for a developer to generate an income stream while they are in the planning stages or seeking to assemble other assets on the blocks. Assemblage Possibilities / Air Rights Transfer 2252 Third Avenue is a unique asset due to its mid-block location adjacent to three other potential, same-zoned, assemblage sites. New ownership will have the flexibility to maintain the as-is retail asset for future redevelopment, develop the site or sell off the remaining air rights. Transportation Public transportation is easily accessible via the Subway and both Metro-North Railroad lines at 125th Street and numerous bus lines that feed directly into mid and downtown Manhattan and the Bronx. Highlights Approximately 51,000 buildable square feet with a 235 foot height restriction Three connecting lots with potential for air rights transfer Roughly 50 feet of 3rd Avenue frontage Current use offers potential for income while development plans are being filed Close proximity to 125th Street and 3rd Avenue retail CUSHMAN & WAKEFIELD 3
4 2252 THIRD AVENUE = EAST HARLEM REZONING AREA FIFTH AVENUE 125TH STREET 5TH ON THE PARK MARCUS GARVEY PARK 1800 & 1801 PARK AVENUE PARK AVENUE 120TH STREET 109 EAST 115TH STREET 118TH STREET 6 LEXINGTON AVENUE 116TH STREET 247 EAST 117TH STREET 4 3RD AVENUE
5 NEW DEVELOPMENTS MAP PARK AVENUE BRIDGE 69 EAST 125 TH STREET GOTHAM PLAZA GOTHAM RESIDENTIAL 2306 THIRD AVENUE 3RD AVENUE BRIDGE PATHMARK DEVELOPMENT EAST 125TH STREET 225 EAST 126TH STREET HARLEM RIVER 2252 THIRD AVENUE ZONE: C4-6 FAR: MAX HEIGHT: 235 2ND AVENUE 308 EAST 126TH STREET 2211 PARK AVENUE 122ND STREET ZONE: C4-6 FAR: 9.0 MAX HEIGHT: TH STREET 2338 SECOND AVENUE 1ST AVENUE 120TH STREET CUSHMAN & WAKEFIELD 5
6 RETAIL MAP E 125TH ST WILLIS AVE BRIDGE E 127TH ST RFK E 124TH ST 2252 THIRD AVENUE E ST E 122ND ST 2ND AVE E 120TH ST 3RD AVE LEXINGTON AVE PARK AVE E 121ST ST MADISON AVE 5TH AVE MARCUS GARVEY MEMORIAL PARK RD E 118TH ST
7 EAST HARLEM REZONING E 132 ND ST 2252 THIRD AVENUE: LEGEND Located between East 122nd Street and East 123rd Street C1-5 Commercial Overlay 4.0 Re-mapping of TA Special District 12.0 E 125 TH ST 12.0 TA RD AVE Previous Zoning: C4-4 New Zoning: R10 / C4-6 E 120 TH ST E 116 TH ST E 110 TH ST TA Previous FAR: 4.0 MAX Building Height: 85 Feet Rezoning Summary: New FAR: MAX Building Height: 235 Feet On December 6th 2017, The City Council approved the East Harlem Rezoning plan. Under this approval, many properties located on specific avenues of East Harlem received a significant increase in development rights. There are many different zoning blocks within the larger district, each of which has its own unique characteristics and include an affordable housing component. The rezoning impacts specific blocks between East 104th Street and East 132nd Street between Second Avenue and Park Avenue Third Avenue falls within the rezoned area and changed from a 4.0 FAR* to a FAR with a max height limit of 235 Feet. Mandatory Inclusionary Housing Options: There is a mandatory inclusionary housing requirement under the recently approved rezoning. E 106 TH ST TA Option One: Requires that 25% of residential floor area to be made available to households earning 60% of AMI**, on average. There is an additional stipulation that 10% of residential floor area will need to be made available to households earning 40% of AMI, on average. MADISON AVE PARK AVE LEXINGTON AVE 3RD AVE 2ND AVE Option Two: Requires that 20% of residential floor area be made available to households earning 40% of AMI, on average. *FAR- Floor Area Ratio **AMI- Area Median Income ***Additional information regarding the Mandatory Inclusionary Housing and Rezoning can be found at CUSHMAN & WAKEFIELD 7
8 2252 THIRD AVENUE For more information contact: Robert M. Shapiro Executive Managing Director (212) Jordan Sutton Associate (212) Cushman & Wakefield Copyright No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
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