132-134 East 24th Street

Massey Knakal has been retained by ownership to arrange the sale of 132-34 East 24th Street, a prime development site with 45’ of frontage along East 24th Street and excellent light on all four sides. The site is improved with two adjacent 5-story walk-up apartment buildings which have a combined retail store (could be separated). The existing structures have a total of approximately 13,848 existing square feet including the retail level and 14 free-market apartments. With the retail store currently vacant and each of the 14 apartments being free-market, the buildings have the ability to be vacated in a timely manner for a re-development while collecting in-place income during the project planning and approval phase. Currently, the gross annual revenue is approximately $389,880.

The properties combine for a total lot size of approximately 3,768 square feet lying in a C6-4A (R10A equivalent) zoning district which has a Floor Area Ratio of 10.0. This zoning designation would allow approximately 37,688 total buildable square feet of residential or office uses. Please verify all zoning and buildable footage independently. The desirability of a Gramercy/Flatiron address continues to grow as evidenced by average condominium prices exceeding $1,285 per square foot over the past 6 months while apartment rental rates have exceeded $65 per square foot. Furthermore, there is ever-increasing demand in this sub-market that is experiencing less than a 1.0% vacancy rate. Finally, the elimination of the costly and time-consuming tenancy hurdles makes 132-34 East 24th Street a truly remarkable Gramercy development opportunity.