1068 SECOND AVENUE REDUCED PRICE $5,250,000
The Opportunity:
Cushman & Wakefield has been exclusively retained to offer 1068 Second Avenue (the “Property”), a four story, mixed-use building in Midtown Manhattan. The 4,584 square foot property is conveniently located in the beautiful submarkets of Sutton Place and Midtown East, home to many bars, shops, restaurants, with abundant access to public transportation.
1068 Second Avenue is an opportunity to acquire a stable, cash-flowing asset with future assemblage potential of over 100,000 buildable square feet. Zoned C1-9, the property allows for 14,581 buildable square which could be utilized on the existing site or sold to a neighboring developer.
As currently configured, the property has a three floor through apartments and a restaurant on the ground floor. 1068 Second Avenue is just a five-minute walk from the 3rd Ave & 53rd St and Lexington Ave & 60th Street subway stations with service to the E, M, 6, N, Q and R subway trains.
WILL CONRAD CHARLOTTE REDICAN (212) 660-7740 (212) 713-6950 [email protected] [email protected]
PROPERTY FEATURES
Located on the east side of Second Avenue between Location: East 56th and East 57th Street
Block & Lot: 1349 / 2
Lot Dimensions: 20.83’ x 70’
Lot Square Footage: 1,458 SF (approx.)
Gross SF: 4,583 (approx.)
Total Buildable SF: 14,581 SF (approx.)
Available Air Rights: 9,998 SF
Zoning: C1-9
Commercial FAR: 2.00
Residential FAR: 10.00
Assessment (20/21): $956,260
Taxes (20/21): $100,761 (before abatements)
TAX MAP: EAST 57TH STREET FIRST AVENUE
SECOND AVENUE SECOND 2
LOT: 1349 EAST 56TH STREET
4 CUSHMAN & WAKEFIELD ASSET HIGHLIGHTS 1068 SECOND AVENUE
FIVE-STORY MULTI-FAMILY BUILDING DELIVERED VACANT; POTENTIAL SINGLE-USER, MULTI-FAMILY, UN-MISSION OR OTHER USER CONVERSION
ADJACENT HISTORIC AND PRESTIGIOUS TURTLE BAY GARDENS
EASILY ACCESSIBLE VIA 4, 5, 6, E, M, & FUTURE T SUBWAY LINES
BENEFITS FROM BOLSTERING SECOND & THIRD AVENUE RETAIL CORRIDORS
QUIET TREE-LINED BLOCK STEPS FROM COUNTLESS NEIGHBORHOOD AMENITIES, SHOPS AND RESTUARANTS
FIVE-MINUTE WALK (1/4 MILE) TO GRAND CENTRAL TERMINAL AND UNITED NATIONS HEADQUARTERS
1068 SECOND AVENUE 5 1068 BLOCKSECOND STUDY AVENUE
EAST 57TH STREET
49 44 41 40 35 32 31131 28 FIRST AVENUE
4 14 3 23 SECOND AVENUE SECOND 102 5 8 9 BLOCK 104 105 2 1349 1 EAST 56TH STREET
BLOCKBLOCK STUDY STUDY SUBJECT LOT 1068 Second Avenue, LotLOT 1 Address BSF Zoning Notes LOT 102 1LOT 3 1066 Second Avenue 14,880 C1-9, TA 44% FM LOT 4 2LOT 49 1068 Second Avenue 14,581 C1-9, TA 100% FM LOT 44 102LOT 41 1070 Second Avenue 14,580 C1-9, TA Retail & Office LOT 40 3LOT 35 1072 Second Avenue 14,580 C1-9, TA 100% FM LOT 32 4LOT 31 1074 Second Avenue 14,580 C1-9, TA Retail & Office LOT 131 49LOT 28 1076-1082 Second Avenue 180,000 R10, C1-9, TA 78% FM LOT 23 105LOT 14 303 East 56th Street 20,080 C1-9, TA 55% FM LOT 9 104LOT 8 305 East 56th Street 12,088 R8, C1-9, TA 100% FM LOT 5 LOT 105 Total 105,369 LOT 104
6 CUSHMAN & WAKEFIELD 1068 SECOND AVENUE
1068 SECOND AVENUE 7 FINANCIALS
REVENUE (ACTUAL):
Gross Monthly Income: $29,030
Gross Annual Income: $348,364
Less Vacancy & Credit Loss: 3% ($10,451)
EFFECTIVE GROSS INCOME: $337,913
EXPENSES (ACTUAL):
Real Estate Taxes (20/21) Actual $100,761
Water/Sewer $1.00/SF $4,583
Insurance $1.00/SF $4,583
Fuel $0.50/SF $2,291
Electricity $0.35/SF $1,604
Repairs & Maintenance $0.50/SF $2,291
Super $500/Month $6,000
TOTAL $122,113
FINANCIAL SNAPSHOT:
Effective Gross Income $337,913
Less Expenses ($122,113)
NET OPERATING INCOME: $215,800
8 CUSHMAN & WAKEFIELD PROPERTY PHOTOS 1068 SECOND AVENUE
1068 SECOND AVENUE 9 TRANSPORTATION MAP
E 74TH ST E 74TH ST
E
ANNUAL SUBWAYV RIDERSHIP BY STATION
A
E 73RD ST 73RD ST D 73R TRANSPORTATION MAP R D ST E 73RD ST
3 1068 2ND AVE, NEW YORK TE CE DR LEXINGTON AVENUE / 59TH STREET W 17,888,188 RR A VE E 72ND ST E 72ND ST
A
N
O
VE
S
A I E 71ST ST
VE
D
VE
N
LEXINGTON AVENUE - 53RD STREET / 51ST STREETA 18,940,774
A
A
O
VE
D
M
T
K
A
N
G R E 70TH ST E 70TH ST
2
D
N R A
I
R
P
X D 3
T E S E 69TH ST L E 69TH ST A Q E
T
S E 68TH ST VE E 68TH ST N
I
A
A
T
M
S 1/2 Mile E 67TH ST 1 E 67TH ST
VE E 66TH ST T A ST 66TH E S
VE
A D
N I
N
K
4 2 A R E E 65TH ST M E 65TH ST VE A A
A P S 5 T K R 6 E 64TH ST R D E 64TH ST O
Y 6
R
E F E 63RD ST F 63RD ST E 63RD ST T D
W R E I T V S VE E 62ND ST 62ND ST R E
A
VE
E
W
A
H V
VE I
VE
T
T
A R
A
5
S E 61ST ST 61ST ST 1 61ST ST
D
N
N
O
2 T 5 E 60TH ST G 60TH ST N Q R N
I
X 59 TH ST 5 E 9TH ST
59TH L ST E 59TH ST 59TH ST 59TH ST 59TH ST
T
S 58TH ST E 58TH ST E 58TH ST S UTTON SQ N
I
A
M 57TH ST 57TH ST 57TH ST E 571068TH ST SECOND AVENUE D R ^
W 56TH ST E 56TH ST L E 56TH ST T
P S
A
N
E
O
W 55TH ST E 55TH ST E 55TH ST T
VE
T
A
U
S
T
S W 54TH ST E 54TH ST E 54TH ST 1
E 3 E 53RD ST E 53RD ST E 53RD ST M E M W 52ND ST 4 E 52ND ST 5
VE
A
W 51ST ST 6 E 51ST ST
N
O
VE
S
A
I W 50TH ST
D K E 50TH ST
VE
A
R
A
A
M
P
D
W 49TH ST R E 49TH ST 3 HELL PL TC MI W 48TH ST E 48TH ST V E A
K W 47TH ST VE E 47 R TH ST E 47TH AVE A E 47 TH ST A
D P
N W 46TH ST E 46TH ST 2 VE E 46TH ST
A
N
W 45TH ST O V E
T
E 45TH ST V E A
VE A G
10 CUSHMAN & WAKEFIELD
A T
N
T
I L
S H L
X 1 B I
T W 44TH ST P E E 4 4TH ST
5 R
L
E
W
D E P N E 4
E 3RD ST
A D V
S 42ND ST 7 42ND ST 42ND ST 7
E 41ST ST 41ST ST
W 40TH ST PARK AVE E 40TH ST 40TH ST VE A 0 0.05 0.1 0.2 T Miles S I
1 AMENITIES MAP VE A 1068
E V SECOND AVENUE
T A
S E 68TH ST
1
D R
VE
3 1/2 Mile
A
E V
1 T
A 7 8
S E 68TH ST 1
1 D 2 R
3 1/2 Mile 1 E 66TH ST 7 8
1 2 1 2 2 VE
A
E 65TH ST 3 1 E 66TH ST K
R 1 2 3 2 VE
O
A
4
Y E 65TH ST 4 3 1 K E 64TH ST 3 R
O
VE 4 4 5 Y
A E 64TH ST
N VE 6 5 5 A
O
VE 63RD ST
S
N
A I 2
5
5 6 3 V E
O
D VE 63RD ST D A
S
A I 2
A
5 N
3 V E
D D
VE M D 2
E 62ND ST VE A 62ND ST
A R
A N
A
D
VE 3 M 11 2 E 62ND ST VE 62ND ST R
H
A
A
N
3 11
T
VE
H
O
N
5
A
T
VE
E 61ST ST T 61ST ST
O
5
A
T E 61ST STK G 61ST ST 10
K G
R N 10 10
I
R N 10
A I 7
X
A P 7
X
E P 60TH ST E 60TH ST L 6 L 6 1016086 28n d2 nAdv eAve 6 6 111 59TH59STTH ST 7 7 9 9 9 9 1100 8 8 4 9 8 4 9 8 15 EE 5 588TTHH S TST 15 VE 19 VE A 19 12
A
D 12
PENDING57TH ST R
D
3 57TH ST
R 1068 57TH ST 3 17 13
3 57TH ST 3 17 13 SECOND AVENUE 20 ^VE E 56 TH ST A
13 14 20 VE ^D 27 28 E 56 TH ST 21 A
N 14 13 14 2 D 27 28 21 22 23 24 N 14 E 55TH ST 16 312 18 24 25 11 2 2 2 3 E 55TH ST W 54TH1 S6T 26 31 E 54TH ST 25 12 11 13 14 15 18 12
W VE 54TH ST VE 26 E 54TH ST 39
A
A
53RD ST 12 29 13 14 15 K 4 H 16
R T 12
VE
VE
5 30 A 33 39
A
P A
37 53RD ST 29
K 4 H 32 34 15 6 16
R T 17
5 30 A 3136 19
VE ST 51ST ST P 37
A
L 5
32 P 34 T 15 6 35 36
38 S
N 1 7 1 1 16 E 50TH ST 19 A
ST VE 51ST ST M
A
L 7 40 K 5 18
P
E
8 T 35 36 W 49TH ST 38 S
N
1 E 49TH ST BE 1
2 A
E 5VE 0TH ST
41 M
A
7 40 K E 48TH ST N 18 8 E
O
W 49TH ST T
E 49TH ST BE
G 2
N
I W 47THVE ST E 47TH ST
X 41
A
E
L 0 0.05 0.1 0.2 E 48TH ST N Miles O I
T
G Society of St. Vincent de Restaurants & Grocery 19 Muscle N Maker Grill 38 McDonald's 14 I 12 24 Hour Fitness W 45TH ST W 47TH ST E 47TH ST X E 45TH ST Paul
1 Dunkin' Donuts 20 Jersey E Mike's 39 D'Agostino 13 Blink Fitness
L 0 0.05 0.1 0.2 15 Duane Reade W 44TH ST2 DAVIDsTEA 21 Johnny Rockets 40 Le Pain Quotidien 14 SIoulCycle Miles Morton Williams 16 Petco 3 Le Pain Quotidien 22 Peet's Coffee and Tea 41 Society of St. Vincent de1 5 Equinox Restaurants & Grocery 19 Muscle Maker Grill 38 McDSoupnearlmda'srkets 174 CVS 12 24 Hour Fitness W 45TH ST 4 Hale and Hearty 23 Whole Foods MaEr k4e5tTH ST Paul 16 Sports Clubs Network 1 Dunkin' Donuts 20 Jersey Mike's 39 D'Agostino 18 Staples 5 Peet's Coffee and Tea 24 Starbucks US Retail 13 Blink Fitness Hotels Morton Williams 1195 BDluueamneer cRueryade W 44TH ST2 DAVIDsT6EA 21 John25ny DRuonckkine' tDsonuts 40 Le Pain Quotidien 14 SoulCycle Supermarkets 1 Pier 1 Imports 41 Morton Williams 16 Petco 1 Comfort Inn 3 Le Pain Quotidien 22 Pee2t'6s CJouifcfe eP raenssd Tea Health & Fitness 15 Equinox 7 Gristedes 2SupSetarmplaerskets 2 Rodeway Inn 27 Morton Williams 17 CVS 4 Hale and Hearty 23 Whole Foods Market 1 Crunch 8 Peet's Coffee and Tea Supermarkets 3 Barneys New York 3 R16enaiSspsaonrctes HColutebls Network 218 ESqtuainpolexs 5 Peet's Coffee and Tea 24 Starbucks US 4RetSatiulart Weitzman 9 Juice Press 28 Peet's Coffee and Tea 4 CourtHyaortde blsy Marriott 6 Morton Williams 139 SBoluulCeymcelercury 10 Chipotle Mexican2 G5rillDun2k9in' ADuo Bnount sPain 5 Duane Reade 5 DoubleTree by Hilton Supermarkets 1 Pier 1 Imports 4 Pure Barre 1 Comfort Inn 11 SUBWAY 26 Juic3e0 PrJeusicse Generation 6 Bloomingdale's Health & Fitness 6 Hilton Garden Inn 7 Gristedes 2 Staples 5 Barry's Bootcamp 2 Rodeway Inn 12 Starbucks 27 Mort3o1 n PWinikllbiaermrys 7 ALDO 7 The Maxwell NYC 3 Barneys New York 61 SCprourntsc Chlubs Network 8 Peet's C1o3ffeCeh oapntd C Treeaative Salad Sup3e2rmPaarkries tBsaguette 8 The Container Store 8 B3est WReenstaeirsnsance Hotels 4 Stuart Weitzman 72 FElyqwuhineoelx 9 Juice Pr1e4ss Cosi 28 Pee3t'3s CCohfofepte C arneadt iTve aSalad 9 The Home Depot 4 Courtyard by Marriott 8 Velocity Sports 3 SoulCycle Urgent Care 10 Chipotle15 MeMxciDcaona Gldr'isll 29 Au B3o4n PPoatibnelly Sandwich Works5 1D0uaBneed RBeatahd &e Beyond Performance 5 DoubleTree by Hilton 4 Pure Barre 11 SUBWA1Y6 sweetgreen 30 Juic3e5 GeBnaeskraint iRoonbbins 6 1B1loTo.Jm. iMnagxdxale's 9 Crunch 1 C6ityMHD i2ltnodn A Gvaenrdue n Inn 17 Juan Valdez Café 36 SUBWAY 12 CVS 150 CBraorsrsyF'ist Bootcamp 2 Medrite Urgent Care 12 Starbucks 31 Pinkberry 7 ALDO 7 The Maxwell NYC 18 Pret A Manger 37 BareBurger 13 Bluemercury 161 TSITpLoEr tBso Cxilnugb Cs luNbetwork 13 Chopt Creative Salad 32 Paris Baguette 8 The Container Store 1068 SECOND8 Best W AVENUEestern 11 DATA IS FROM SOURCES DEEMED RELIABLE BUT MAY BE SUBJECT TO ERRORS, OMIS7SIONS,F OlRy MwODhIFeICAeTlIONS. THE INFORMATION HEREIN IS PROVIDED WITHOUT REPRESENTATION OR WARRANTY. 14 Cosi 33 Chopt Creative Salad 9 The Home Depot 8 Velocity Sports 15 McDonald's 34 Potbelly Sandwich Works 10 Bed Bath & Beyond Performance Urgent Care 16 sweetgreen 35 Baskin Robbins 11 T.J. Maxx 9 Crunch 1 CityMD 2nd Avenue 17 Juan Valdez Café 36 SUBWAY 12 CVS 10 CrossFit 2 Medrite Urgent Care 18 Pret A Manger 37 BareBurger 13 Bluemercury 11 TITLE Boxing Club
DATA IS FROM SOURCES DEEMED RELIABLE BUT MAY BE SUBJECT TO ERRORS, OMISSIONS, OR MODIFICATIONS. THE INFORMATION HEREIN IS PROVIDED WITHOUT REPRESENTATION OR WARRANTY. THE NEIGHBORHOOD
MIDTOWN EAST:
Midtown East, stretching from 42nd to 63rd Streets and flock to the area for its proximity to the UN on First Fifth Avenue to the East River is characterized by energized Avenue and East 43rd Street. and diverse street life, both day and night, prominent office towers, and easy access to transportation. From the In addition, two of the city’s most sought after prestigious flagship stores on Fifth and Madison Avenues residential enclaves – Sutton Place and Beekman Place to the Midtown office core on Park and Lexington, the – are located within Midtown East. This mix of office western side of this neighborhood is all about business, towers, retail flagships, foreign consulates, and desirable tourism, shopping, and recreation. Moving eastward, residential locations draw a diverse group of shoppers, Third, Second, and First Avenues are predominantly lined commuting businessmen and women, tourists, foreign with post-war residential towers, with mid-rise elevator dignitaries, and young residents to visit, work, and live and walk-up apartment buildings filling in the side streets. in Midtown East. United Nations employees, ambassadors, and visitors
A MAJOR EMPLOYMENT CENTER:
The Greater Midtown business district is one of the the economic engine of the city and perhaps even largest job centers in New York City and one of the the United States, drawing in more workers than any most high-profile business addresses in the world. other American central business district. The area’s The area spanning Fifth and Second Avenues between tenants have historically included prestigious financial East 39th and East 57th Streets contains more than 70 institutions, law offices, hedge funds and private million square feet of office space, more than a quarter equity firms, largely because the proximity to Grand million jobs, and innumerable Fortune 500 Companies. Central Station makes for an easy commute from Many of the world’s most iconic office buildings are Westchester and Fairfield Counties, from which many located in Midtown East, including the Chrysler high-powered executives hail. Building, the Graybar Building, the Helmsley Building, the Seagram Building, Lever House, the Empire State Area tenants serve as a who’s who of industry leaders Building, and the MetLife Building. including: NBC Universal, McGraw-Hill, The New York Times, Colgate-Palmolive, JPMorgan Chase, Bank Midtown Manhattan continues to be one of the of America, PricewaterhouseCoopers, and Cleary most sought-after office addresses in the New York Gottlieb Steen & Hamilton. metropolitan region. The neighborhood serves as
LOCAL ATTRACTIONS:
Within just a few blocks are several landmarks of performances by the world’s most famous artists on national and world renown such as Grand Central a near nightly basis. Midtown East is also home to the Terminal, the New York Public Library, and the Empire United Nations at East 43rd Street and First Avenue, State Building. Bryant Park, just a stone’s throw and many of the U.N.’s employees and dignitaries call away, serves as an urban oasis to Midtown workers the neighborhood home. Additionally, some of New and tourists alike from morning to night throughout York’s oldest and most prestigious private clubs are all seasons. To the west, Madison Square Garden, the located in Midtown East, including the Yale Club and “world’s most famous arena” and home of the New the University Club. York Rangers and New York Knicks, plays host to
12 CUSHMAN & WAKEFIELD 1068 SECOND AVENUE
1068 SECOND AVENUE 13 THE NEIGHBORHOOD
UNITED NATIONS DAG HAMMARSKJOLD HEADQUARTERS: PLAZA:
Midtown East is home to the United Nations The 1.5 acre park is named after Dag Hammarskjold, Headquarters, located off First Avenue between East a luminary who served as Secretary-General of 42nd and 45th Streets. The complex has served as the United Nations in 1953 and who spent his term the official headquarters of the United Nations since suppressing and preventing war across the world, opening in 1952. The United Nations was created to ultimately earning the Nobel Peace Prize in 1961. A promote co-operation among nations after WWII. The garden sits within the Plaza, dedicated to the life of intergovernmental organization is dedicated to five core Katherine Hepburn, a renowned actress who worked pillars: Peace and Security, Development, Human Rights, hard to conserve the neighborhood, preserving Humanitarian Affairs, and International Law. Embassies, trees and the charming character of Turtle Bay. Now non-profits and missions have chosen the nearby area adorned with a symmetrical layout, steel pavilions, and as their home and utilize the Plaza spanning six blocks fountains, the Plaza is frequently used as a popular around the Headquarters. place for gathering and public demonstrations.
Located within a one-mile radius are many of the foreign embassies, missions and consulates serving United Nations member states. Many nations choose to be within walking distance of the U.N. Headquarters for ease of transportation and convenience.
14 CUSHMAN & WAKEFIELD POINTS OF INTEREST MAP 1068 SECOND AVENUE
SHOPPING:
Midtown East is a submarket with no equal in regards Bergdorf Goodman, Barneys, Bloomingdale’s, Louis to shopping. Recognized as one of only a handful Vuitton, Prada, Giorgio Armani, Tiffany & Co., Cartier, of truly first-class shopping locations in the world, Versace, and Jimmy Choo. Additionally, a wide array Fifth and Madison Avenues offer a staggeringly of middle-market retailers have appeared in recent impressive display of elite retailers. Among the world- years, including J. Crew, Zara, H&M, Banana Republic, class luxury brands and department stores that and Urban Outfitters. The plentiful shopping options line Midtown East’s streets are Saks Fifth Avenue, in the submarket continue to grow.
DINING:
The area’s dining options are as plentiful as they are Nearly every one of the area’s restaurants serves diverse, offering something for every palate from as a nice spot for after-work drinks, yet there are a hyper-trendy spots to oak bar classics. La Grenouille, number of great bars and lounges to discover. Area Jean Georges, and Cipriani all offer traditional, white hotels such as The Bryant Park Hotel (Cellar Bar), The tablecloth experiences, while relative newcomers STK Setai (Bar on Fifth), and The Gansevoort all offer chic Midtown and Tao present more modern, high-end locations to enjoy cocktails with coworkers, clients, options. A variety of steakhouses, including The Palm, or other Midtown workers that complement local Capital Grille, and Smith & Wollensky, offer red-blooded watering holes like Park Avenue Tavern. slices of Americana and traditional corporate dining.
TRANSPORTATION:
Midtown East is one of the most transit-rich locations The N, Q, R, F and M lines also drop residents from in the city. This area centers on Grand Central Terminal, Queens, Brooklyn, the Upper West Side, Northern one of the city’s major transportation hubs and Manhattan, and the Bronx into the heart of Midtown, famous civic spaces. Nearly 1,500,000 people pass and almost every other train passes through nearby through Grand Central Terminal each day on their way Times Square, just a shuttle ride away. Midtown East is to Midtown’s offices, retailers, hotels, and restaurants. also easily accessible by numerous bus lines. Individuals come via the 4,5,6 subways that serve the entire east side of Manhattan, from Queens that runs Midtown Manhattan is the most connected west all the way to the Hudson Yards, or Metro-North neighborhood in the city. Getting to Midtown East trains that arrive from Westchester and Connecticut. from all corners of the five boroughs and the greater Soon, that ridership figure will grow as the Long New York metro area is both simple and easy. Island Rail Road adds a Grand Central stop on its way towards Penn Station.
1068 SECOND AVENUE 15 ZONING:
221 EAST 48TH STREET STREET IS LOCATED WITHIN A R8B ZONING DISTRICT. R8B: FAR (RESIDENTIAL) 4.00
R8B: R8B contextual districts usuually present the same unified blocks of “brownstone” rowhouses as R5B and R6B districts but the higher floor area ratio of 4.0 creates a taller building that is commonly found on the narrow side streets of the Upper West Side and the Upper East Side in Manhattan. The mandatory Quality Housing bulk regulations encourage new six-story apartment buildings, with a setback at the top story, that fit in well with the rows of 19th century houses.
The base height of a new building before a setback is 55-65 feet. The maximum building height is 75 feet. many buildings are set back from the street with stoops in shallow front yards. To maintain the traditional streetscape, curb cuts are prohibited for zoning lot frontages less than 40 feet. The street wall of ane wbuilding, on any lot up to 50 feet wide, must be as deep as one adjacent street wall but no deeper than the other. On lots with at least 50 feet of frontage, the street wall must be no closer to the street line than the street wall of an adjacent building. Street walls need not be set back beyond 10 feet. Buildings must have interior amenities for residents pursuant to the Quality Housing Program
MIDTOWN EAST REZONING: In 2017, the Department of City Planning passed a rezoning of East Midtown, a 73-block area surrounding Grand Central Terminal. The purpose of the rezoning is to ensure the area’s future as a world-class business district and major job generator for New York City. The plan provides zoning incentives to promote the development of a handful of new, state-of-the-art commercial buildings. 323 East 53rd Street is on the edge of the new Midtown East Rezoning district, where maximum FAR can reach 21.6 if certain requirements are met such as frontage based on a wide street and a minimum property width.
16 CUSHMAN & WAKEFIELD R8B ZONING OVERVIEW: 1068 SECOND AVENUE
R8B contextual districts usually present the same unified building, on any lot up to 50 feet wide, must be as deep blocks of “brownstone” rowhouses as R5B and R6B as one adjacent street wall but no deeper than the other. districts but the higher floor area ratio (FAR) of 4.0 On lots with at least 50 feet of frontage, the street wall creates a taller building that is commonly found on the must be no closer to the street line than the street wall narrow side streets of the Upper West Side and the Upper of an adjacent building. Street walls need not be set back East Side in Manhattan. The mandatory Quality Housing beyond 15 feet. Buildings must have interior amenities for bulk regulations encourage new six-story apartment residents pursuant to the Quality Housing Program. buildings, with a setback at the top story, that fit in well with the rows of 19th century houses. Off-street parking is not allowed in front of a building and any open area between the street wall and the street line The base height of a new building before a setback must be planted. Parking is required for 50% of dwelling is 55 to 60 feet. The maximum building height is 75 units, and can be waived if 15 or fewer parking spaces feet. Many buildings are set back from the street with are required or if the zoning lot is 10,000 square feet or stoops in shallow front yards. To maintain the traditional less. In Brooklyn, however, parking is required for 40% of streetscape, curb cuts are prohibited for zoning lot dwelling units, and parking waivers are not allowed. frontages less than 40 feet. The street75’ maximum wall of a building new height
Base height: 55’ minimum 75’ maximum building height 60’ maximum Above the maximum base height, building must be set back at least 15’ Base height: from a street wall facing a narrow street 55’ minimum 60’ maximum Above the maximum base height, building must be set back at least 15’ from a street wall facing a narrow street
NARROW STREET
NARROW STREET
All open areas between the street wall and the street line must be planted All open areas between Street line the street wall and the street line must be planted Street line
R8B General Residence District
Lot Coverage (max) FAR R8B General ResidenceBase Height DistrictBuilding Height Required Parking (max) Corner LotLot Coverage Interior/Through (max) Lot (min/max) (max) (min) R8B FAR Base Height Building Height Required Parking R8B 4.0(max) Corner 80% Lot Interior/Through70% Lot (min/max)55–60 ft (max)75 ft 50%(min) of dwelling units1 1 1 40% in Brooklyn 4.0 80% 70% 55–60 ft 75 ft 50% of dwelling units
1 40% in Brooklyn 1068 SECOND AVENUE 17 PROPERTY TAX BILL:
18 CUSHMAN & WAKEFIELD DOB OVERVIEW / VIOLATIONS: 1068 SECOND AVENUE
1068 SECOND AVENUE 19 1068 SECOND AVENUE
FOR MORE INFORMATION CONTACT:
WILL CONRAD CHARLOTTE REDICAN (212) 660-7740 (212) 713-6950 [email protected] [email protected]
©2020 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) REFERENCED HEREIN OR AS 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). ANY PROJECTIONS, OPINIONS OR ESTIMATES ARE SUBJECT TO UNCERTAINTY AND DO NOT SIGNIFY CURRENT OR FUTURE PROPERTY PERFORMANCE.