359 3rd Ave
New York, NY 10016
Multifamily Property For Sale · 5 Units

Cushman & Wakefield has been exclusively retained to arrange for the sale of 359 Third Avenue (aka 201 East 26th Street) located on the northeast corner of Third Avenue and East 26th Street between Madison Square Park and Gramercy Park. The building is a 24.69’ wide, 4-story, approximately 5,000 square foot, mixed-use corner building. The ground floor has a diner with a lease expiring in December, 2018 and five (5) apartments above. The 2nd and 3rd floors have two (2) one-bedroom apartments per floor and the 4th floor has a floorthrough two-bedroom apartment. The entire building can be delivered vacant upon the expiration of the diner’s lease. This property stands out on the avenue with its tremendous corner presence and wraparound frontage, situated among numerous adjacent low-rise buildings which all appear poised for redevelopment in the future. The site is in a C2-8 zone with an R10 Equivalent. The property is under-built, and contains approximately 6,728 square feet of unused air rights. The site can hold a maximum of 11,728± buildable square feet for a mixed-use development. It is an ideal opportunity for a retail or residential user to occupy the existing building or a developer looking to control the premium corner and maximize the building envelope while trying to assemble adjacent properties. It is within close proximity to many new developments including: 400 Park Avenue South, 88 & 90 Lexington Avenue, Huys at 404 Park Avenue South, Tempo at 300 East 23rd Street, Alfa Development’s 200 East 21st Street and Toll Brothers 160 East 22nd Street and 121 East 22nd Street. Given the corner location and the sites ability to be delivered vacant offers an excellent opportunity for a user/ developer to take advantage of a fast growing neighborhood.