$25,000,000
Updated 11 years ago
Off Market
1516-1518 First Ave
Upper East Side, Manhattan | East 79th Street & East 80th Street
12,000 Square FeetMixed Use
$25,000,000
floors / apts4 / 18
Lot Size50'x75'
Built Size50'x60'
ZoneR10A
Building TypeLow-Rise
RE Taxes$77,802
Price Per SF
$2,083
Building Amenities
- Voice Intercom
Property Description for 1516-1518 First Ave
Massey Knakal Realty Services has been retained on an exclusive basis to arrange for the sale of two contiguous mixed-use properties on the eastern side of First Avenue between 79th and 80th Streets. Both 1516 and 1518 First Avenue are located on 25’ x 75’ lots and offer a unique development opportunity in a rapidly growing portion of Manhattan’s Upper East Side.
Currently, 1516 First Avenue totals approximately 6,000 gross square feet and contains 2 commercial units on the ground floor along with 6 residential units, of which 1 is rent controlled, 2 are rent stabilized, and 3 are free market. 1518 First Avenue also totals approximately 6,000 gross square feet and features 2 commercial units with 12 free market studio apartments.
The R10 zoning designation permits a maximum FAR of 10.0 and allows a commercial overlay of 2.0 FAR. This equates to a total of approximately 37,500 square feet of development rights between the two properties. Due to the rent regulated tenancy within 1516 First Avenue a developer has the ability to wait for those tenants to vacate and mass the entire combined site or transfer the available air-rights to 1518 First Avenue and construct an approximately 31,500 square foot project. Furthermore, the site is surrounded by low-rise buildings providing additional long term expansion possibilities.
The Upper East Side is poised for a major transformation as the first phase of the Second Avenue Subway is scheduled to be completed in December of 2016. New subway stations will be located on 72nd Street, 86th Street and 96th Street along Second Avenue. As one of the most densely populated areas of Manhattan, the Upper East Side will greatly benefit from alleviated overcrowding along the Lexington Avenue line and easier travel within the neighborhood. Long considered one of the best residential neighborhoods in the country the Upper East Side is poised to experience rapid retail and residential growth as the project nears completion. The acquisition of 1516-1518 First Avenue represents a unique opportunity to capitalize on the lack of residential inventory and guaranteed retail progression within one of Manhattan’s most coveted residential enclaves.
Listing History for 1516-1518 First Ave
Now
11/19/2015
POM by Robert Knakal
Cushman & Wakefield
2015
Building Details for 1516-1518 First Ave
OwnershipMixed Use
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1910
Floors/Apts4/18
Transit and Citi Bike
Subway
86 St
0.37 miles
77 St
0.41 miles
72 St
0.41 miles
Citi Bike
1 Ave & E 78 St
0.1 miles
E 81 St & York Ave
0.12 miles
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: 55567TH
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