305 East 61st Street

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 305 East 61st Street, an 11-story, ~65,886 square foot building located on 61st Street between First and Second Avenues. This offering represents an exceptional investment and/or potential conversion opportunity in the highly-coveted Upper East Side neighborhood of Manhattan. The subject property is a fully vacant, state-of-the-art storage facility equipped with 358 individual storage lockers. Prior to its vacancy, the property functioned as a luxury storage facility, specializing in the storage of fine art and high-value goods. Given its extensive and robust security infrastructure, which includes reinforced steel doors and independent temperature control features on select floors, the building is able to cater to a wide range of luxury storage needs. Furthermore, the property benefits from recent improvements that include upgraded plumbing and select mechanical systems. Combined, these inherent features provide a potential purchaser with the ability to immediately begin operating the building as one of New York City’s premier luxury storage facilities. Rarely is a fully vacant building of this size offered for sale in the Upper East Side. With such large floor plates the property could be converted into a wide variety of commercial and/or residential uses. The size of the structure, coupled with its first class location, offers a highly desirable template for a large institutional user who could occupy the entire building. Potential users include schools and universities, government offices or medical facilities.* Another option is to convert the property into flexible commercial space catering to the unique needs of the “Design and Decorator” neighborhood, which encompasses the vast collection of art, home furnishing, interior design and antique businesses that populate the area. The current layout of the building would make this an easy conversion, due to the fact that these businesses traditionally seek facilities that offer both showroom space and secure storage. Lastly, current R8B zoning allows a potential purchaser to convert the building into luxury residential condominiums, a strategy supported by the tremendous demand for residences and record-high sell-out prices in the area. Situated along the southern border of the Upper East Side, 305 East 61st Street is ideally located in the most established and prestigious neighborhood in New York City. Defined by one of the world’s most distinguished shopping districts to the west, world-class medical facilities to the north, an emerging tech hub to the east at Cornell Technion on Roosevelt Island, and Midtown’s bustling business district to the south, its location is truly unparalleled. The property further benefits from exceptional accessibility to the rest of the city, located within close proximity to the N, Q, R, F, 4, 5 and 6 subways, the 59th Street Bridge, the FDR Drive, as well as the upcoming Second Avenue subway with an entrance at 55th Street. Combined, these factors offer tremendous value to a potential purchaser, making 305 East 61st Street an exceptional investment opportunity.