Overview
BKREAhas been exclusively retained to arrange forthe sale of 591 ParkAvenue ("The Property"), a premier development opportunity in the prestigious LenoxHill neighborhood of Manhattan. The property is located on the East side of ParkAvenue, between East 63rd and 64th Streets, offering prominent frontage along ParkAvenue. Its flexible zoning and prime location provide developers with a unique opportunity to capitalize on the high demand forluxury residential properties, as well as hospitality ventures, given its proximity to Central Park, world-class dining, and top cultural institutions.
Currently, the property consists of a vacant 8,250 square foot existing structure available for redevelopment. The entire site will be delivered vacant, offering developers the opportunity to create amodern, high-end development at amaximumof 23,892/ZFAusing theUniversal Affordability Preference (UAP) in one of Manhattan’smost sought-after neighborhoods. The location’s combination of affluentresidents, proximity to key commercial hubs, and unparalleled access to green spacesmakes this an exceptional investment opportunity forforward-thinking developers.
Investment Highlights
- Prime Park Avenue Address - Located on one of Manhattan's most iconic avenues, 591 Park offers unmatched prestige and visibility in the heart of the Upper East Side.
- Steps from Central Park - Just a short stroll to Central Park, the site provides future residents or tenants with access to one of the world's most renowned urban green spaces.
- Vacant Possession - The existing building will be delivered vacant, providing time and cost savings.
- Architectural Integration Opportunity - Flanked by two historic buildings, the site invites innovative design that can seamlessly blend modern luxury with timeless architectural elegance.
- Unrivaled Visibility - Park Avenue frontage ensures high visibility on a wide street, making it an ideal location for a statement residential development.
- Boutique Development Potential - The smaller footprint provides a unique opportunity to craft an exclusive, high-end project tailored to discerning buyers or tenants.
