$40,000,000
Updated 11 years ago
Off Market

331-339 East 82nd Street

Upper East Side, Manhattan | Second Ave & First Ave

40,000 Square FeetIncome Property

$40,000,000
Lot Size97' wide
Building TypeDevelopment Site
RE Taxes$228,700
Price Per SF
$1,000

Building Amenities

  • Elevator

Property Description for 331-339 East 82nd Street

These five contiguous houses combine for approximately 97 feet of street frontage on East 82nd Street, just east of Second Avenue. With a residential FAR of 4, this is an extraordinary opportunity for a developer to create a beautiful, luxury condominium with an all-in envelope of nearly 40,000 square feet. With the completion of the subway project in sight, the neighborhood has already begun its renaissance. Major retailers and high end restaurants have moved in and space is incredibly limited for the development of like product. As the project continues to near its final completion, residential property values are expected to continue to trend upwards. This unique opportunity would allow a developer to potentially deliver rare condo stock to coincide with the opening of the subway line. In addition to being in the immediate vicinity to the new subway line, the site sits in the middle of world renowned schools, hospitals. For those interested in the site for the development of a school, place of worship, or other community facility, the site is eligible for a bonus 5.1 FAR, making the all-in envelope approximately 50,000 square feet. 333-337 East 82nd can be delivered vacant. There are three rent stabilized tenants and one rent controlled tenant in 331, and three rent stabilized tenants in 339. Rent rolls and estimated operating expenses can be supplied upon request. *All zoning and square footage claims should be verified separately by the purchaser.

Listing History for 331-339 East 82nd Street

Now
05/02/2015
POM by Christopher Halstead
Brown Harris Stevens Residential Sales LLC
01/26/2015
$40,000,000
Initial Price by Christopher Halstead
Brown Harris Stevens Residential Sales LLC

Building Details for 331-339 East 82nd Street

OwnershipIncome Property
Building TypeDevelopment Site
Learn More About the Building

Transit and Citi Bike

Subway

86 St
0.2 miles
86 St
0.34 miles
77 St
0.39 miles

Citi Bike

E 84 St & 1 Ave
0.11 miles
3 Ave & E 82 St
0.2 miles

Contact Agent

Contact Agent

Christopher Halstead
Brown Harris Stevens

Upper East Side | Manhattan

Quick Profile

Exuding a cosmopolitan, refined air that is reminiscent of Paris or other European cities, the Upper East Side (the UES, to local cognoscenti) has a reputation as being a bastion of wealth and privilege. Even though it was built by American “royalty” families like the Vanderbilts, Roosevelts, Kennedys, Carnegies and Rockefellers, whose elaborate mansions once anchored Fifth Avenue, there are affordable housing options throughout the neighborhood. The further east you move, away from Central Park and the more commercial avenues, the more likely you are to find quiet, tree-lined streets with historic townhouses and brownstones. Keep your eye out for reasonably priced apartments in pre-war low-rise and even a few high-rise buildings.

With abundant, beautifully landscaped green spaces, including the oasis of Central Park acting like a backyard, the area is quiet and lushly green. You can relax and unwind in John Jay Park, Carl Schurz Park or take a stroll along the East River Promenade. The whole neighborhood seems isolated from the workaday chaos of the city at large. Add to that the history of the neighborhood and the abundance of cultural institutions, and you have a uniquely welcoming neighborhood.

Known for its abundance of high-end retail shopping, especially on Madison Avenue, the Upper East Side is host to the Barneys New York flagship department store. Here you can find upscale goods, fashion and home decor items. You will also find the edgy runway-inspired Alexander McQueen collections. If you are dying to treat your feet to red-soled opulence, be sure to visit the Christian Louboutin boutique. These are only a small sampling of this high-end shopper’s paradise that features everything from designer boutiques that offer the ultimate in haute couture to resale shops where you can find last season’s best on sale at hefty discounts .

There are many unique dining experiences, from fine dining to the casual bite-on-the-go, awaiting you in the UES. Sushi is going through a renaissance in the city, and the best omakase-style sushi can be found at Sasabune on E 73rd Street. Omakase sushi means that you leave the choice of ingredients, preparation method and presentation to the chef. Elegant French cuisine can be experienced at JoJo, E 64th Street, housed in gorgeous townhouse. Just for fun, visit the Lexington Candy Shop on Lexington Avenue, to get a taste of an old-fashioned soda fountain.

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 57468TH