Ownership Request All Proposals
Cushman & Wakefield is pleased to offer, for the first time in over 25 years, a unique investment opportunity with tremendous future redevelopment potential in 440 Third Avenue. 440 Third Avenue is located on the West side of Third Avenue between East 30th and 31st Streets, and contains two separate buildings with 13 apartments, 1 retail store and a total gross square footage of ±8,108. The oversized irregularly shaped ±2,339 SF lot has a front building that is 22’ x 70’ and approximately 4,412 SF and a rear building that is 33’ x 28’ and approximately 3,696 SF. The front building contains a ground floor restaurant that is leased until September 2031 and 6 one-bedroom apartments above, of which 3 are rent stabilized. The rear building contains 7 studio apartments, of which 3 are rent stabilized.
The property’s unique oversized lot becomes 30’ wide in the rear and provides a boost in air rights making 440 Third Avenue a future ± 24,000 SF development site on its own. With a plethora of development rights still intact on neighboring properties there is the potential for assembling a site capable of over 125,000 buildable SF.
The sale of 440 Third Avenue offers a unique opportunity to own a cash flowing asset with tremendous immediate upside in the form of below market rents while being in a position to redevelop down the road.
