139-141 East 45th Street, New York, NY, 10017, US

139-141 East 45th Street

Attributes

Land area gross

392 sm

Zoning

C5-2.5

Asset description

JLL has been retained on an exclusive basis to arrange for sale 139-141 East 45th Street (“The Site”), an incredibly rare mid-block development opportunity totaling 50,604 BSF in the heart of Midtown East. Situated on the north side of East 45th Street between Lexington and Third Avenue, the 42’ wide Site is composed of two tax lots totaling 4,217 square feet.

Currently, there are two separate buildings, one on each tax lot, that will be delivered entirely vacant which allows for immediate demolition by prospective developers. The Site is located in the Special Midtown Zoning District, which provides residential and/or commercial development as-of-right. While the base residential FAR in this district is 10.0, it is possible to increase the FAR to 12.0 if residential recreation space is developed. The as-of-right commercial FAR in this district is 12.0, enabling various design strategies for future developers. While development is likely the highest and best use, the vacancy in the existing buildings allows prospective investors and/or users to utilize or lease them out as mixed-use residential properties in the near term during the development planning process.

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Investment highlights

VACANT POSSESSION

The two existing buildings at the Site will be delivered completely vacant, allowing for immediate demolition by prospective developers. Prospective investors and/or users also have the option to utilize or lease the buildings as mixed-use residential buildings.

MULTIPLE DEVELOPMENT SCHEMES

The flexible Special Midtown Zoning District permits FAR for both residential and commercial development as-of-right, allowing for numerous residential and/or mixed-use design strategies.

POTENTIAL FOR MIDTOWN EAST REZONING BONUS

Given the low-rise nature of the neighboring buildings to the west, there is long-term potential for developers to acquire several of the adjacent tax lots and qualify for the Midtown East Rezoning, which effectively increases the available FAR for a development project.

TREMENDOUS LOCATION

Midtown East is known for being the home to some of Manhattan’s most iconic sites including Grand Central Terminal and the United Nations Headquarters. The Property is situated in the heart Manhattan’s Central Business District with proximity to several major employers. Finally, Midtown East offers an excellent selection of dining and entertainment options for both residents and employees alike.

EXCELLENT ACCESSIBILITY

The Site at 139-141 East 45th Street has excellent accessibility, given its’ proximity to the 4, 5, 6, 7, and S subway lines and the Metro-North at Grand Central Terminal. Furthermore, automobile transportation is made possible via the Queensboro Bridge and Queens -Midtown Tunnel.