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2560 BroadwayNew York, NY 10025
2560 Broadway
Asset ClassMultifamily, Industrial, Land
overview of deal

Overview

Avison Young has been exclusively engaged to offer for sale the leasehold interest and air rights owned in fee at 2560 Broadway (the “Property”), a premier redevelopment opportunity located at the North-East intersection of Broadway and West 96th Street in Manhattan’s Upper West Side. This unique offering includes a 150-year ground lease that commenced in 2017 under highly favorable terms, featuring low scheduled rent increases every five years and no fair market value resets, along with significant air rights that provide exceptional development flexibility and upside. The air rights will be conveyed in fee and not subject to the ground lease, enabling condominium development.

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Investment Highlights

The UWS development pipeline is nearly dry, signaling a sharp decline in future supply and driving prices and rents higher

 

Favorable Ground Lease Terms

  • 5% rent escalations every 5 years, increasing in 2057 to 7.5% every 5 years
  • Historically below long-term inflation trends
  • No FMV resets

Zoning: R10A / C4-6 Allowing

  • 10.0x Residential FAR (as-of-right)
  • 12.0x Residential FAR with UAP bonus
  • 3.4x Commercial FAR

Maximum Development Potential

  • Vacant, fully assembled site
  • 154,445 ZFA

Proposed Development Program

  • Lower Portion: 94,020 ZFA of residential rentals within the ground lease
  • Upper Portion: Ability to create 60,425 ZFA of residential condominiums

 

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2560 BroadwayNew York, NY 10025
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