440 Third Ave 14 Unit Apartment Building $7,900,000 ($564,286/Unit) New York, NY 10016

440 Third Avenue is located on the West side of Third Avenue between East 30th and 31st Streets, and contains two separate build- ings 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 vacant 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 user the opportunity to own the asset they operate out of while collecting additional income or an investment opportunity offering immediate upside in the form of below market residential rents and the ability to reposition the retail while being in a position to redevelop down the road.