62-64 E 34th St
New York, NY 10016
Development Site · Land For Sale · 4,314.00 AC

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 62-64 East 34th Street, a mixed-use building and development opportunity, located on the north side East 34th Street between Park Avenue and Madison Avenue in Manhattan’s Midtown South / Murray Hill neighborhood.? Located just off the southwest corner of East 34th Street and Park Avenue, the property is currently a 5-story plus penthouse, 18,680 SF mixed-use elevator building with 16 units consisting of 2 retail stores, 1 second floor office space, and 13 residential units.? The residential units are all either free market or vacant and the commercial tenants all have termination/buyout clauses offering developers the opportunity to capitalize on the tremendous redevelopment potential within a short time frame in an area that has been transformed by a surge in recent successful development projects.? 62-64 East 34th Street is ideal for development with a maximum buildable square footage of approximately 57,727.? The 4,314 gross square foot lot is split zoned between a C5-2 (54% lot coverage) and C5-3 (46% lot coverage) zone, both of which allow retail, office, hotel, residential and student housing.? The C5-2 portion has a 10.0 FAR for both Residential and Commercial uses.? The C5-3 portion has a Commercial and Residential FAR of 15.0 and 10.0, respectively.? Both zoning designations have an additional 2.0 bonus FAR for Inclusionary Housing.? 62-64 East 34th Street offers investors a unique “covered land” opportunity, whereby a new owner could continue to operate the existing multifamily building on a rental basis and generate cash flow until they take advantage of the property’s full development potential in one of the most coveted neighborhoods in New York City.?