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Documents

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Attributes

Year Built 1900

Asset Description

Jones Lang LaSalle (“JLL”) has been exclusively retained to sell the fee simple interest in an exceptional redevelopment opportunity located at 1691-1695 Second Avenue in the Upper East Side. The site is located at the southwest corner of East 88th Street & 2nd Avenue and currently contains two buildings across two tax lots. In total, the combined lot square footage is approximately 6,053, with 75’ of frontage along Second Avenue and 80’ of frontage along East 88th Street. The expansive site allows for an extremely efficient layout that would enable valuable retail along the avenue and a separate, private entrance for the residential portion along treelined East 88th Street.


The development site is situated in a C2-8 zoning district, which allows for a base residential FAR of 10.0. Given the 6,053 SF lot, this translates to approximately 60,530 of zoning floor area (“ZFA”) as-of-right. Additionally, ownership has transferred approximately 13,540 ZFA, from the adjacent lot 129 which they also control. Finally, they have also already purchased 16,135 sf of inclusionary housing rights utilizing the 2.0 FAR bonus available within this zoning district. As a result, in total the zoning floor area available for development is approximately 90,204 ZFA.


In addition, the existing building located at 236 East 88th Street will remain on lot 129 and is to be included in the sale with the development lots at 1691 1695 Second Avenue. Lot 129 measures 25’ wide by 100’ deep and is currently improved by a 5-story walk-up building totaling 8,617 ZSF. In total, the building contains 15 residential units. The unit mix features four (4) studios, ten (10) 1 bedrooms, and one (1) 2 bedroom.

Investment Highlights

  • 6,053 SF Development Lot Size


  • 60,530 ZFA As-of-Right


  • 90,204 ZFA with Air Rights and IHB


  • 155' of Combined Frontage


  • Existing Building at 236 East 88th Street to Remain
Last Updated Date: 08 Nov 2022

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Last Updated Date: 08 Nov 2022

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