238 Madison Ave

Ariel Property Advisors has been retained on an exclusive basis to sell 238 Madison Avenue, a mixed-use building and future development opportunity, located on the west side of Madison Avenue between 37th and 38th Street. This 34 foot wide, five-story walk-up building is comprised of two ground floor retail units and 14 residential units (12 free market tenants, one rent controlled and one rent stabilized). While the existing structure provides cash flow with upside, the C5-2 zoning and 10.00 FAR allows for a total buildable area of 33,750 sf, as-of-right, to be used for a mixed-use residential, office or hotel development project. 238 Madison Avenue is located in the heart of Midtown Manhattan, within walking distance to Grand Central Station, Pennsylvania Station, Bryant Park and The Empire State Building. Other popular attractions such as The New York Public Library and Manhattan Mall provide for extensive foot traffic, attracting thousands of tourists and locals daily. The property is centrally located near the 4,5,6,7,S,B,D, F and M subway lines, Metro North and the Path, allowing for easy access throughout Manhattan, the outer boroughs and the tri-state area. 238 Madison Avenue presents a unique opportunity for investors and developers to either continue to operate the property on a rental basis or take advantage of the property’s full development potential.