248 East 62nd Street

The property is currently owner occupied and thus will be

delivered fully vacant. As a result, the building offers a flexible

investment opportunity for an owner-user, multi-family and/

or condominium redevelopment. In addition to the vacant

possession, the property features a significant amount of excess

development rights (22,685 BSF approx.) that provides a user

or investor the ability to redevelop and/or expand the property

further with the long term potential of taking part of a future

assemblage. Alternatively, due to the sliver law, the existing

building could be torn down and massed to approximately

17,754 BSF with new ownership still retaining approximately

12,774 BSF of development rights to potentially be transferred

to one of the neighboring receiving sites along Second Avenue

that will certainly be developed in the future.