294 Third Ave

294 Third Avenue is a 24’ wide, 5-story plus basement, approximately 6,288 square foot mixed-use building in the vibrant Gramercy Park neighborhood. The walk-up building is located in between the luxury apartment residences at Instrata Gramercy (formerly known as Elektra) and just 30 feet south of the bustling southwest corner of Third Avenue and East 23rd Street. The property consists of six (6) residential apartments plus one (1) retail store. The entire building is subject to a NNN lease for $25,500 per year through July 14, 2020. The initial lease began in 1978 and was renewed for an additional 21 years back in 1999. The net lessee is responsible for all taxes, charges, operating costs and expenses and to keep and maintain the property in good working order and repair throughout the full term of the lease. The building benefits from it flexible zoning within the C2-8A (R10A equivalent) zoning district which permits 10.0 FAR as of right, allowing approximately 15,200 total buildable SF or roughly 8,900 square feet in unused air rights. 294 Third Avenue offers a unique opportunity to acquire a tremendous value-add investment property with exceptionally strong retail in close proximity to Gramercy Park, Madison Square Park, Stuyvesant Park and the Flatiron District.