531-535 Park Ave
New York, NY 10065
Cooperative · Multifamily Property For Sale · 32 Units

A multi-use commercial space available on the corner of Park Avenue and East 61st Street. The unit is situated within 535 Park Avenue, a distinguished pre-war coop with an imposing edifice that anchors the northeast corner of this premier location. Operating as 531 Park Avenue, the commercial space features its own canopied curb to door entrance just steps off Park Avenue on the 61st Street side of the building. The 1100 square foot floor plate enjoys over 30' of Park Avenue frontage featuring 4 large windows allowing western sunlight to illuminate the space. In addition, the south facing East 61st Street side of this corner unit offers 25 feet of 61st street frontage with an additional 4 windows. Currently configured as a doctor's office with large lobby, administrative office and two consult rooms the space offers a multitude of possibilities for a re-design. There is currently one restroom in the waiting area, but plumbing risers can easily be made available in several areas within the unit for a kitchenette or an additional restroom if desired. A new central air system was installed in 2019. In addition to medical use the current R10 zoning falls under a 1970 zoning resolution that permits uses known as 'Group Use 4 'which outlines many non-retail uses. These are grouped by the city under the titles School, Recreational, Religious, Health, Clubs and Philanthropic. Those titles suggest uses such as art studios, chess rooms, religious meeting space or satellite space related to local houses of worship, general medical use along with Yoga Studios, Wellness Centers, membership clubs of all kinds and philanthropic organizations. Guidance can be offered to any buyer to help in verifying that a specific use is covered by the 'Group Use 4' resolution that applies to the R10 zoning. 531 Park is conveniently located near transportation options, such as the 4, 5, 6, Q subway lines and UES bus routes. 531 Park is also within close proximity to Lenox Hill, Memorial Sloan Kettering, Manhattan Eye, Ear, Nose and Throat, HSS, Mount Sinai, Weill Cornell Hospitals, and Rockefeller University Hospital should 531 be used for a physician's office that also desires a nearby hospital for surgical use. The coop will permit up to 40% financing. There is flip tax of 2% of the purchase price that is to be paid by the purchaser.