Overview
BKREA has been exclusively retained to facilitate the sale of an exceptional boutique development site (“The Site”), situated at 139-141 East 45th Street. Positioned in the vibrant Midtown East district, around the corner from Grand Central Station, this 4,217 square foot parcel comprises two contiguous buildings boasting a collective frontage of 42 feet along the northern side of East 45th Street, nestled between Lexington and Third Avenues.
Currently, 139 East 45th Street stands as a vacant 5- story, mixed-use building maintaining 22 feet of frontage, while 141 East 45th Street presents as a vacant 4-story, mixed-use building with 20 feet frontage. Positioned within the C5-2.5, MiD (Special Midtown District), the property permits a base FAR of 10.0 for market rate residential and a 12.0 FAR for commercial or residential - Universal Affordability Preference (UAP). This equates to a market rate residential density of 42,170 ZFA and a commercial or residential - UAP density of 50,604 ZFA.
Investment Highlights
- Favorable Zoning: The C5-2.5, MiD* (Special Midtown District) permits both residential and commercial developments as-of-right
- Vacant Possession: The Site will be delivered vacant allowing prospective developers to demolish the buildings. Additionally prospective value-add investors could renovate and lease the existing buildings.
- Proximity to Midtown CBD: The Midtown CBD is home to numerous Fortune 500 companies, facilitating a seamless “walk-to-work” lifestyle
- Ideal Location: Distinguished by the presence of the United Nations and numerous international embassies, Midtown East is home to a thriving culinary scene featuring vibrant restaurants and bars that cater to both local residents and global visitors.
- Convenient Accessibility: The offering is well positioned near Grand Central Station allowing access to Manhattan, the surrounding boroughs, Long Island, Westchester and Connecticut.
