EXISTING STRUCTURE 2252 THIRD AVENUE 50’ WIDE DEVELOPMENT SITE: ~ 51,000 BSF Within The New East Harlem Rezoning 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: 1771 - 36 Lot Dimensions: 50.92' x 100' Lot Size: 5,092 sq ft (approx.) Zoning: R10 / C4-6 Residential FAR: 10.0 (Wide Street) Total Residential Buildable SF: 50,920 sq ft (approx.) Max Buildable Height: 235 ft Mandatory Inclusionary 20% or 25% of residential FAR Housing Requirement*: Existing Building Dimensions: 50.92' x 100' Existing Building SF: 14,500 sq ft (approx.) Available Air Rights: 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 Third Avenue Third Lot 38 Lexington Avenue Lexington Lot 33 100’ East 122nd Street Three connecting lots with potential for air rights transfer 2 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 10.0 FAR with a 235 foot maximum building height. 2252 3rd 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 4 5 6 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 2252 THIRD AVENUE 2 EAST HARLEM = 3 2031-2033 REZONING AREA FIFTH AVENUE 125TH STREET 5TH ON THE PARK MARCUS 1800 & 1801 GARVEY PARK PARK AVENUE PARK AVENUE 120TH STREET 109 EAST 115TH STREET 118TH STREET 6 116TH STREET 247 EAST 117TH STREET LEXINGTON AVENUE 3RD AVENUE 4 NEW DEVELOPMENTS MAP PARK AVENUE BRIDGE 69 EAST 125TH STREET GOTHAM RESIDENTIAL GOTHAM PLAZA 2306 THIRD AVENUE 3RD AVENUE BRIDGE 4 225 EAST 126TH STREET 5 HARLEM RIVER PATHMARK 6 DEVELOPMENT 201 EAST 125TH STREET 2252 THIRD AVENUE 2ND AVENUE 308 EAST 126TH STREET ZONE: C4-6 FAR: 10.0 MAX HEIGHT: 235’ ZONE: C4-6 2211 PARK AVENUE 125TH STREET FAR: 9.0 MAX HEIGHT: 215’ 122ND STREET 2338 SECOND AVENUE 1ST AVENUE 120TH STREET CUSHMAN & WAKEFIELD 5 RETAIL MAP E 127TH ST 4 E 125TH ST RFK 5 WILLIS BRIDGE AVE 6 E 124TH ST 2252 THIRD AVENUE E 123RD ST MARCUS GARVEY E 122ND ST MEMORIAL PARK E 121ST ST E 120TH ST E 118TH ST 5TH AVE 5TH MADISON AVE LEXINGTON AVE AVE 3RD 2ND AVE PARK AVE PARK 6 SUFFOLK ST T EAST HARLEM REZONING E 132ND ST 2252 THIRD AVENUE: 8.5 3.0 LEGEND Located between East 122nd Street and East 123rd Street C1-5 Commercial 3.0 8.5 Overlay Re-mapping of TA 4.0 Special District 3.0 8.5 12.0 3.0 8.5 12.0 E 125TH ST TA 2252 3RD AVE 8.5 10.0 3.0 10.0 Previous Zoning: C4-4 New Zoning: R10 / C4-6 3.0 Previous FAR: 4.0 New FAR: 10.0 10.0 10.0 MAX Building Height: 85 Feet MAX Building Height: 235 Feet 5.6 E 120TH ST 10.0 Rezoning Summary: 12.0 8.5 3.0 9.0 On December 6th 2017, The City Council approved the East Harlem Rezoning plan. Under this approval, many 7.2 TA properties located on specific avenues of East Harlem 5.6 received a significant increase in development rights. 8.5 TH E 116 ST 5.6 5.6 5.6 There are many different zoning blocks within the larger 8.5 5.6 3.0 5.6 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. 2252 Third Avenue falls within the rezoned area and changed from a 4.0 FAR* to a 10.0 FAR with a max height limit of 235 Feet. 3.0 E 110TH ST Mandatory Inclusionary Housing Options: 8.5 There is a mandatory inclusionary housing requirement under the recently approved rezoning. 9.0 5.6 Option One: Requires that 25% of residential floor TA 3.0 area to be made available to households earning 60% E 106TH ST of AMI**, on average. There is an additional stipulation that 10% of residential floor area will need to be made 8.5 available to households earning 40% of AMI, on average. 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 www.nyc.gov. MADISON AVE MADISON AVE PARK LEXINGTON AVE AVE 3RD 2ND AVE CUSHMAN & WAKEFIELD 7 SUFFOLK ST T 2252 THIRD AVENUE For more information contact: Robert M. Shapiro Executive Managing Director (212) 660 7717 [email protected] Jordan Sutton Associate (212) 589 5101 [email protected] Cushman & Wakefield Copyright 2017. 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..