411-415 Second Ave

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of an exceptional mixed-use development opportunity located at 411-415 Second Avenue in the coveted Gramercy neighborhood of Manhattan. The site is conveniently situated on the southwest corner of Second Avenue and East 24th Street providing tremendous light and air to the units within. With a total of approximately 171’ of wraparound frontage, retailers benefit from excellent visibility and an abundance of foot-traffic on two of the neighborhood’s most desirable co rr idors while residents can enjoy the privacy of a side street entrance. 411-415 Second Avenue is fully located within the C1-8A zoning district with an R9A equivalency. This zoning permits 7.5 FAR as of right which equates to approximately 53,923 buildable square feet for the site. Due to the fact that the site is not hindered by historic district or landmark regulations, the existing structure could be completely razed for the creation of a unique ground up development project. In its present state 411-415 Second Avenue is a 5-story, 25,259± SF residential co-op with 36 residential units, street level retail, and 26 shareholders. Shareholders holding a controlling, super-majority of shares (more than 75%) have signed an agreement to market and sell the corporation’s issued shares and leases. About half of the units are currently owner occupied and may be delivered vacant, while the remaining units are rented with less than a year of term remaining on their respective leases. There is 1 rent controlled tenant and the retail currently has a master lease through January 31, 2020. This exceptional mixed-use development opportunity would feature substantial presence along the avenue and side street due to the significant frontage on both. Gramercy is arguably one of Manhattan’s most attractive and desirable residential areas with convenient access to transportation and the major employment centers of Midtown and Midtown South. The Gramercy submarket has seen unparalleled demand for residents and has benefited from a significant influx of thriving new developments. The site represents a tremendous opportunity to create a one-of-a-kind development.