$18,250,000
Updated 8 years ago
Off Market
3 East 44th Street
Midtown East, Manhattan | Fifth Ave & Madison Ave
14,175 Square FeetCommercial
$18,250,000
floors6
Lot Size27'x100'4"
ZoneC5-3
Building TypeDevelopment Site
RE Taxes$139,961
Price Per SF
$1,287
Building Amenities
- Elevator
Property Description for 3 East 44th Street
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 3 East 44th Street, a six-story, 14,175 SF (approx.) commercial property located steps off Fifth Avenue, just two blocks from Grand Central Terminal and Times Square. The building is currently occupied by Azusa, a sushi restaurant, on the ground floor and second floor. The
remaining four floors are currently set up as single tenant office space. All tenants are serviced by a single passenger elevator.
The entire property is currently subject to a master leasehold, expiring on July 31, 2020, with a rent of $25,950 per year, with no further escalations. The leaseholder is also responsible for 100% of all operating expenses.
Given the near term lease expiration, 3 East 44th Street offers a myriad of opportunities for purchasers to realize the true value of the asset. The premier location and generous development rights provide hotel developers, condominium developers, boutique office investors and institutional users the opportunity to take advantage of a truly special Midtown location.
remaining four floors are currently set up as single tenant office space. All tenants are serviced by a single passenger elevator.
The entire property is currently subject to a master leasehold, expiring on July 31, 2020, with a rent of $25,950 per year, with no further escalations. The leaseholder is also responsible for 100% of all operating expenses.
Given the near term lease expiration, 3 East 44th Street offers a myriad of opportunities for purchasers to realize the true value of the asset. The premier location and generous development rights provide hotel developers, condominium developers, boutique office investors and institutional users the opportunity to take advantage of a truly special Midtown location.
Listing History for 3 East 44th Street
Now
10/22/2018
POM by Will Conrad
Cushman & Wakefield
09/21/2018
Price Increase by Will Conrad
Cushman & Wakefield
Building Details for 3 East 44th Street
OwnershipCommercial
Building TypeDevelopment Site
AgePre-War
Year Built1940
Floors6
Transit and Citi Bike
Subway
Grand Central-42 St
0.13 miles
5 Av
0.16 miles
42 St-Bryant Pk
0.28 miles
47-50 Sts-Rockefeller Ctr
0.3 miles
Times Sq-42 St
0.38 miles
Railroad
Grand CentralMetro-North Railroad
0.16 miles
Grand CentralLong Island Rail Road
0.2 miles
Citi Bike
W 44 St & 5 Ave
0.06 miles
E 43 St & Madison Ave
0.08 miles
Midtown East | Manhattan
Quick Profile
Midtown West and Midtown East have a lot in common. They’re bustling, iconic, and full of people. But just like siblings, their personalities can be vastly different. Midtown East is a bit more sophisticated and doesn’t quite have the vivacity and unruliness that its westerly counterpart exudes.
Midtown East is bordered by 42nd to the south, 59th Street to the north, 5th Avenue to the west, and 3rd Avenue to the east.
The neighborhood is famous for its high-end stores, tourist attractions, posh hotels (budget ones too), and iconic architecture. Midtown East is also one of the largest financial and business hubs in Manhattan. During normal business hours the sidewalks are full of commuters and people moving from point A to point B. In the early evening, when the masses have left for the day, things suddenly get a little quieter and the sidewalks have a lot less foot traffic.
Although largely a commercial neighborhood, residential areas of Midtown East do exist on the eastern section of the neighborhood.
Grand Central Station is located in Midtown East and like Midtown West, it’s an extremely commutable neighborhood. The 4, 5, 6, 7 and S trains whisk people in and out of the neighborhood 24 hours a day. Grand Central Station also serves as a hub for New York State and Connecticut commuter rails. These trains can take you anywhere along the Hudson River or up into Connecticut. It’s perfect for day tripping.
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: 73771TH
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