62-64 East 34th Street

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 62-64 East 34th Street, a 44' wide mixed-use building with extraordinary redevelopment potential. The 18,680 gross square foot elevatored building is located at the crossroads of two of Manhattan's most iconic corridors - East 34th Street and Park Avenue. The 44' x 99' lot is currently improved by a 5-story plus penthouse mixed-use building that was originally built as two buildings but later combined. As it currently stands, 62-64 East 34th Street consists of two retail units on the ground floor, one retail unit on the entire 2nd floor and 13 residential units above. Of the residential units, there are nine studios, three 1-bedrooms, and a 3-bedroom penthouse. The offering is unique considering it benefits from incredibly flexible zoning which allows for residential, office, hotel and retail uses in addition to having strong in-place revenue of $1,040,000. Due to the retail leases having early termination provisions, the property is ideal for future development. The 4,314 gross square foot lot may accommodate approximately 53,019 gross buildable square feet or 57,698 gross buildable square feet by utilizing the Inclusionary Housing Bonus (IHB).

62-64 East 34th Street is split zoned between a C5-2 (55% lot coverage) and C5-3 (45% lot coverage) zone. The C5-2 zone has a 10.0 FAR for both Residential and Commercial uses in addition to a 2.0 Inclusionary Housing Bonus. The C5-3 portion has a Commercial and Residential FAR of 15.0 and 10.0, respectively. Together, the lot may accommodate a combined 53,019 gross buildable square feet of which 43,144 gross buildable square feet may be residential. Furthermore, if a developer decides to use the Inclusionary Housing Bonus (IHB), the combined gross buildable square footage could reach approximately 57,698.

Positioned between NoMad and Murray Hill, 62-64 East 34th Street is ideally located near many local transportation options including Grand Central Terminal, Pennsylvania Station, and even the East 34th Street Heliport. Furthermore, the 33rd Street subway station is one block away and is serviced by the 6 train. In addition to convenient transportation options, the surrounding area benefits from a vibrant streetscape due to a rich diversity of uses including Madison Square Garden, luxury condominiums, state of the art hotels, office towers, and premier shopping options. With very few development opportunities on 34th Street, the offering presents an incredible rare opportunity to develop a new building that will neighbor some of the most iconic buildings in New York City.