1341-1347 Second Avenue & 242 East 71st Street

BKREA has been retained on an exclusive basis to arrange for the sale of 1341-1347 Second Avenue & 242 East 71st Street (“The Site”), a rare mixed-use development opportunity in the Upper East Side neighborhood of Manhattan. The site is located on the southwest corner of East 71st Street and Second Avenue and benefits from a significant wraparound frontage of roughly 200.42 square feet (100.42' x 100.00'). In its current state, each tax lot is improved by a five-story mixed-use building. The site will be delivered completely vacant allowing prospective developers to demolish the existing structures right away. The 10,042 square foot corner lot is in the C1-9 (R10 equivalent) zoning district allowing for an as-of-right FAR of 10.0 for residential use, translating to an as-of-right ZFA of 100,417 ZFA. Also, due to its favorable zoning district, developers could further increase their density by an additional 2.0 FAR with offsite Inclusionary Housing Certificates, amounting to a total of 120,500 ZFA. The offsite IH air rights will not be a part of the sale. Current ownership has plans that qualified for the 421A program that called for 112,984 ZFA and 121 units spread across 21 stories. Ownership has also taken the necessary steps to extend that deadline to June 2031. All the materials regarding these plans are readily available in the data room. Perfectly situated in the prime Upper East Side, the site is set to capitalize on the area’s demand drivers. Furthermore, the site is a 1-minute walk from the 72nd Street subway station, providing access to the Q line.BKREA has been retained on an exclusive basis to arrange for the sale of 1341-1347 Second Avenue & 242 East 71st Street (“The Site”), a rare mixed-use development opportunity in the Upper East Side neighborhood of Manhattan. The site is located on the southwest corner of East 71st Street and Second Avenue and benefits from a significant wraparound frontage of roughly 200.42 square feet (100.42' x 100.00'). In its current state, each tax lot is improved by a five-story mixed-use building. The site will be delivered completely vacant allowing prospective developers to demolish the existing structures right away. The 10,042 square foot corner lot is in the C1-9 (R10 equivalent) zoning district allowing for an as-of-right FAR of 10.0 for residential use, translating to an as-of-right ZFA of 100,417 ZFA. Also, due to its favorable zoning district, developers could further increase their density by an additional 2.0 FAR with offsite Inclusionary Housing Certificates, amounting to a total of 120,500 ZFA. The offsite IH air rights will not be a part of the sale. Current ownership has plans that qualified for the 421A program that called for 112,984 ZFA and 121 units spread across 21 stories. Ownership has also taken the necessary steps to extend that deadline to June 2031. All the materials regarding these plans are readily available in the data room. Perfectly situated in the prime Upper East Side, the site is set to capitalize on the area’s demand drivers. Furthermore, the site is a 1 minute walk from the 72nd Street subway station, providing access to the Q line