Cushman & Wakefield (“C&W”) has been exclusively retained to offer for sale a 100% fee simple interest in 305 East 46th Street, aka The Albano Building (the “Property”). The Albano Building is a 16-story, 187,060 square foot office building located in the Midtown East neighborhood of Manhattan between First and Second Avenues. The Property is 100% leased to the United Nations (the “UN”) through September 30th, 2027. The Property features 100’ of frontage on East 46th Street, 100’ of depth, and unobstructed light and air in the rear, facing Dag Hammarskjold Plaza Park. It is expected that the UN will vacate the premises at the expiration of its lease (and they have until 9/30/2026 to elect otherwise), making this a prime opportunity for a redevelopment of the asset into either a state-of-the-art residential property or repositioned office space. The near-term, stable cash flows from the lease provide a purchaser with the benefit of above-market cash flows as redevelopment plans are put together.

The Albano Building offers exceptional features that make it a prime candidate for an office to residential conversion. The Property has highly efficient floor plates with approximately 20-foot column spacing and two side-core elevator banks (east and west) equipped with five elevators (4 passenger, 1 freight). Additionally, ceiling heights reach 12-feet slab-to-slab and uninterrupted light and air facing north and south on every floor. There are multiple setbacks on the upper floors allowing for the potential to add terraces. These critical characteristics make it a rare opportunity to seamlessly convert legacy office space into highly efficient, high-end residential units with light-filled interiors. The Property has been well-maintained over the years as prior owners replaced all of the windows in 2017 and modernized the elevators in 2015.

This is a unique opportunity for a developer to convert this Art Deco-era Property into a best-in-class residential or office property. It’s a particularly strong candidate for New York City’s 467-m tax abatement that incentivizes landlords to convert office buildings into mixed-income multifamily housing in exchange for a 30-year tax abatement.

The Albano Building is ideally located just a 10-minute walk from Grand Central Terminal, within walking distance of the United Nations Campus and the heart of the Midtown office core. The neighborhood has undergone a remarkable transformation, fueled by the delivery of new trophy office towers such as JPMorgan Chase's headquarters at 270 Park Avenue and One Vanderbilt, to name a few. It is also located in the heart of a Midtown East neighborhood that is currently going through a massive transformation into a true live, work and play locale in the heart of Manhattan. Collectively, these characteristics position the Property among the highest-quality conversion candidates in New York City.