11 Park Ave

The subject property is an approximately 63,195 square foot development site with 40’ of frontage on the east side of Park Avenue just north of 34th Street. The property is currently improved by an 8-story parking facility that contains approximately 150 legal parking spaces. The garage is currently NNN leased at $666,582 annually through November 2018. The property can be vacated with 180 days’ notice and represents a rare Park Avenue development opportunity in the most stately and historic portion of Murray Hill. The property is zoned C5-3, which allows for 15.0 FAR for commercial use and 10.0 FAR for residential use as-of-right, or approximately 63,195 square feet and 42,130 square feet, respectively. The property is eligible for an Inclusionary Housing Bonus, which would allow for 12.0 FAR and 50,556 square feet for residential use if utilized. This flexibility provides prospective developers the flexibility to deliver a great single or mixed-use project with a highly coveted curb cut. New York City continues to set new tourism records with over 52 million visitors in 2012 and forecasts predicting that number to steadily grow, creating hotel development opportunities all over Midtown Manhattan. With both Midtown South and Murray Hill becoming more popular residential destinations, residential condominium sales in the area are reaching new heights, allowing developers to reap the benefits. At 11 Park Avenue, prospective investors have the opportunity to build either, or both, along one of New York City’s most famous boulevards. Please contact us for more information.