1361 First Avenue

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange the sale of 1361 First Avenue (“The Site”), a ~24,456 buildable square foot (“BSF”) development site in the heart of the Upper East Side of Manhattan. The Site encompasses a 2,038 square foot parcel with just over 100’ of wraparound frontage on the northwest corner of East 73rd Street and First Avenue.

Currently, The Site is improved by a 4-story, ~8,000 square foot mixed-use building. The entire residential portion of the building is being delivered vacant, while the ground floor retail space is leased to an Irish Pub, Finnegan’s Wake, through March 2030. The retail space can also be made vacant through the demolition clause that is embedded in the lease. If desired, prospective developers will benefit from the in-place cash flow being generated by the retail tenant while they initiate the 180-day demolition notice and begin to devise their plans.

The Site falls within the C1-9 zoning district which provides developers with the option to build a residential rental development under the Universal Affordability Program (“UAP”) or residential condominium. For a residential rental project, prospective developers are permitted 20,380 zoning floor area (“ZFA”) as-of-right under the current zoning. For those who elect to utilize the UAP, they will be granted an additional 2.0 FAR so long as it is designated for permanently affordable units. With the FAR bonus, the maximum buildable potential at The Site is increased to 24,456 ZFA. Condo developers can build up to the base residential ZFA of 20,380. In addition, they can purchase inclusionary air rights to mass the maximum ZFA of 24,456.

1361 First Avenue sits in the heart of Manhattan’s prestigious Upper East Side, on the northwest corner of East 73rd Street and First Avenue. This prime location offers excellent transportation connectivity with the 77th Street subway station on the 6 line just four blocks north, and the 68th Street-Hunter College station on the same line five blocks south. The property also benefits from proximity to the Second Avenue Subway ( Q line) at 72nd Street, providing enhanced access to Midtown and Lower Manhattan. Multiple bus routes along First Avenue and nearby Lexington Avenue ensure seamless connectivity throughout the city.