411-415SECONDAVE (A/K/A 240 EAST 24TH STREET) NEW YORK, NY

±54,000 BSF MIXED-USE DEVELOPMENT SITE IN DESIRABLE GRAMERCY NEIGHBORHOOD

PROPERTY FEATURES ASKING PRICE Southwest corner of Location Second Avenue and East 24th Street $ 3 0 M Block / Lot 904 / 29 (556/BSF) Lot Dimensions 74.06’ x 97.08’ (approx.) Lot Size 7,190 SF Building Size 74.06’ x 97.08’ (approx.) Stories 5 plus basement Existing Gross SF 25,259 Zoning C1-8A (R9A) /TA Commercial FAR 2.0 Residential FAR 7.5 Community Facility FAR 7.52 Landmark Designation None Total Buildable SF 53,923 (approx.) Available Air Rights 28,664 SF (approx.) Assessment (19/20) $2,507,880 Taxes (19/20) $294,397

PROPERTY DESCRIPTION Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of an exceptional mixed-use development opportunity located at 411-415 Second Avenue in the coveted Gramercy neighborhood of Manhattan. The site is conveniently situated on the southwest corner of Second Avenue and East 24th Street providing tremendous light and air to the units within. With a total of approximately 171’ of wraparound frontage, retailers benefit from excellent visibility and an abundance of foot-traffic on two of the neighborhood’s most desirablec o rr idors while residents can enjoy the privacy of a side street entrance.

411-415 Second Avenue is fully located within the C1-8A zoning district with an R9A equivalency. This zoning permits 7.5 FAR as of right which equates to approximately 53,923 buildable square feet for the site. Due to the fact that the site is not hindered by historic district or landmark regulations, the existing structure could be completely razed for the creation of a unique ground up development project.

In its present state 411-415 Second Avenue is a 5-story, 25,259± SF residential co-op with 36 residential units, street level retail, and 26 shareholders. Shareholders holding a controlling, super-majority of shares (more than 75%) have signed an agreement to market and sell the corporation’s issued shares and leases. About half of the units are currently owner occupied and may be delivered vacant, while the remaining units are rented with less than a year of term remaining on their respective leases. There is 1 rent controlled tenant and the retail currently has a master lease through January 31, 2020.

This exceptional mixed-use development opportunity would feature substantial presence along the avenue and side street due to the significant frontage on both. Gramercy is arguably one of Manhattan’s most attractive and desirable residential areas with convenient access to transportation and the major employment centers of Midtown and Midtown South. The Gramercy submarket has seen unparalleled demand for residents and has benefited from a significant influx of thriving new developments. The site represents a tremendous opportunity to create a one-of-a-kind development. 411-415SECONDAVE NEW YORK, NY DESIRABLE GRAMERCY NEIGHBORHOOD N NEL APPROACH STREET St. Vartan’s Park

W 35TH STREET E 35TH STREET E 35TH STREET LOCATION MAP Herald Macy’s Square

B,D,F,M,N,Q,R St Exit Tunnel A,C,E 1,2,3 W 34TH STREET E 34TH STREET E 34TH STREET Heliport PATH

Empire State Bldg.

W 33RD STREET E 33RD STREET 6 E 33RD STREET PARK AVENUE SOUTH Greeley Square Penn Station W 32ND STREET E 32ND STREET E 32ND STREET

Kips Bay Plaza W 31ST STREET N E 31ST STREET E 31ST STREET W 30TH STREET R E 30TH STREET E 30TH STREET

W 29TH STREET E 29TH STREET E 29TH STREET SIXTH/AVENUE OF THE AMERICAS MADISON AVENUE Q FIFTH AVENUE

1 W 28TH STREET N,R E 28TH STREET 6 E 28TH STREET EIGHTH AVENUE SEVENTH AVENUE PARK AVENUE SOUTH FIRST AVENUE FDR/EAST RIVER DRIVE A 1 B W 4 LEXINGTON AVENUE THIRD AVENUE SECOND AVENUE T MT. CARMEL PLACE

W 27TH STREET E 27TH STREET Broadway Alley E 27TH STREET

C 2 D 5 Waterside W 26TH STREET E 26TH STREET E 26TH STREET Plaza E 3 M 6 W 25TH STREET E 25TH STREET E 25TH STREET UN ASSER LEVY PLACE International Madison School Baruch College Square F Park W 24TH STREET E 24TH STREET E 24TH STREET 411-415SECONDAVE C,E 1 F,M,PATH W 23RD STREET N,R E 23RD STREET 6 E 23RD STREET

Baruch College

W 22ND STREET E 22ND STREET E 22ND STREET Peter Cooper Village

W 21ST STREET E 21ST STREET E 21ST STREET Park East Gramercy Park West Gramercy Gramercy Potters Park Field W 20TH STREET E 20TH STREET E 20TH STREET

Cabrini/ Flatiron Columbus PARK AVENUE SOUTH District BROADWAY Medical Center W 19TH STREET E 19TH STREET E 19TH STREET SIXTH/AVENUE OF THE AMERICAS 1 W 18TH STREET E 18TH STREET E 18TH STREET

W 17TH STREET E 17TH STREET E 17TH STREET Stuyvesant Town Beth Israel

Union Square East Stuyvesant Medical Square Center W 16TH STREET E 16TH STREET Union Square West EIGHTH AVENUE SEVENTH AVENUE FIFTH AVENUE IRVING PLACE THIRD AVENUE SECOND AVENUE E 16TH STREET FIRST AVENUE

Union Beth Square Israel W 15TH STREET E 15TH STREET E 15TH STREET

L A,C,E,L 1,2,3 F,L,M,PATH W 14TH STREET E 14TH STREET L,N,Q,R,4,5,6 L E 14TH STREET L The New School

ict W 13TH STREET E 13TH STREET E 13TH STREET Planned Second Avenue Subway Parsons T Jackson School of Square Design North Shore/ L.I.J. Ctr for Comprehensive Care

W 12TH STREET E 12TH STREET PLACE UNIVERSITY E 12TH STREET J. Seravalli FOURTH AVENUE Playground AVENUE EIGHTH St. Vincent’s Hospital HUDSON STREET MILLIGAN BROADWAY Mulry PLACE W 11TH STREET E 11TH STREET E 11TH STREET Square

WIC GREENWICH AVE SITE MAP W 10TH STREET E 10TH STREET E 10TH STREET H STRE East Abington NYU YU E uare NU PATCHINACE NT STREETN Village Sq PL SA EAST 24TH STREET C1-8A SECOND AVENUE SECOND AVENUESECOND 29

R8B

C2-8A C1-9A THIRD AVENUE

24TH STREET

EAST 23RD STREET 23RD STREET

The Property Zoning

For More Information, Please Contact: John F. Ciraulo Craig M. Waggner Mike Kavanagh JP Will CUSHMAN & WAKEFIELD Vice Chairman Seniror Director Associate Associate 1290 Avenue of the Americas New York, NY 10104 212 660 7700 212 660 7744 212 660 7765 212 660 7718 phone: +1 212 696 2500 [email protected] [email protected] [email protected] [email protected] nyinvestmentsales.com

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