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930 Third Ave 2 Multifamily Properties Offered at $30,000,000 in New York, NY
Investment Highlights
- Highly visible corner position at Third Avenue and East 56th Street within Midtown East.
- Universal Affordability Preference program allows additional density through FAR bonuses.
- Existing rent roll offers stable interim cash flow during entitlement process.
- Combined as-of-right development rights enable significant mixed-use or residential projects.
- Strong surrounding market with major office towers, luxury condo developments, and retail components.
- Proximity to Grand Central Terminal and major transportation hubs, ensuring connectivity and convenience.
Executive Summary
This exclusive Midtown East assemblage offers a rare opportunity to acquire three contiguous parcels positioned at the highly visible intersection of Third Avenue and East 56th Street. Spanning a combined lot size of approximately 4,795 square feet, the site delivers significant development flexibility supported by C6-6 zoning and an R10 overlay, among the most permissive commercial designations in New York City. The property features as-of-right buildable square footage of roughly 71,370 BSF for commercial use and 47,580 BSF of residential air rights, unlocking potential for a premier mixed-use or luxury residential project in one of Manhattan’s most sought-after corridors.
This assemblage benefits from eligibility for the Universal Affordability Preference (UAP) bonus, offering an additional 5,750 BSF of residential density beyond current FAR baselines. Situated amidst leading Midtown office towers, luxury condominiums, and robust retail corridors, the site ensures strong demand drivers and long-term value. Existing income-producing assets generate approximately $1.34 million in annual gross income, providing cash flow during entitlement and development planning. Offered at $30 million, equating to favorable pricing metrics as compared to nearby benchmarks, this acquisition represents an exceptional foundation for a transformative ground-up project in Manhattan’s commercial and residential core.
This assemblage benefits from eligibility for the Universal Affordability Preference (UAP) bonus, offering an additional 5,750 BSF of residential density beyond current FAR baselines. Situated amidst leading Midtown office towers, luxury condominiums, and robust retail corridors, the site ensures strong demand drivers and long-term value. Existing income-producing assets generate approximately $1.34 million in annual gross income, providing cash flow during entitlement and development planning. Offered at $30 million, equating to favorable pricing metrics as compared to nearby benchmarks, this acquisition represents an exceptional foundation for a transformative ground-up project in Manhattan’s commercial and residential core.
Property Facts
| Price | $30,000,000 | Status | Active |
| Price / SF | $693.72 / SF | Number of Properties | 2 |
| Sale Condition | Redevelopment Project | Individually For Sale | 0 |
| Cap Rate | 2.55% | Total Building Size | 43,245 SF |
| Sale Type | Investment | Total Land Area | 0.12 AC |
| Price | $30,000,000 |
| Price / SF | $693.72 / SF |
| Sale Condition | Redevelopment Project |
| Cap Rate | 2.55% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 43,245 SF |
| Total Land Area | 0.12 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
| 928-930 Third Ave, New York, NY 10022 | Multifamily | 28,125 SF | 1920 | - |
| 164 E 56th St, New York, NY 10022 | Multifamily | 15,120 SF | 1910 | - |
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