339-345 East 33rd Street

BKREA is exclusively handling the sale of 339-345 East 33rd Street, a prime mixed-use development opportunity in Manhattan’s Kips Bay neighborhood. The site, with 90 feet of frontage between First and Second Avenues, spans 8,888 square feet and is located in a C1-9A zoning district, allowing for up to 130,350 square feet of buildable area with acquired air rights. Currently occupied by four-story buildings, it can potentially be delivered vacant. Plans by GF55 Architects propose a 23-story, 160-unit project, with 39 affordable units, making this a standout opportunity in the growing Kips Bay area.BKREA has been retained on an exclusive basis to arrange for the sale of 339-345 East 33rd Street (“The Site”), an incredible mixed-use development opportunity in the Kips Bay neighborhood of Manhattan. The site is located on the north side of East 33rd Street between First and Second Avenues and benefits from a significant frontage of 90 feet. Currently, the tax lot is improved with four, four-story buildings. While tenants are in place, the current ownership is working on delivering the site vacant. At 339 East 33rd Street, there are 3 RS tenants and 1 RC tenant. At 341 East 33rd Street, there is 1 RS tenant, and 343 East 33rd Street has 1 RS tenant. A potential purchaser can either buy the site as-is or make an offer contingent upon the site being delivered vacant. The development lot is roughly 8,888 square feet and is in the C1-9A (R-10A equivalent) zoning district. It also is in an MIH area enabling an as-of-right FAR of 12.0 for residential use, translating to an as-of-right ZFA of 122,846 square feet. Ownership also purchased the air rights from the adjacent Lot 23 increasing the max ZFA to 130,350. Furthermore, the offering is being delivered with approved 421A plans conducted by GF55 Architects utilizing the MIH Option 1. The plans call for a 23-story, 130,194 ZFA, mixed-use project, featuring 160 units of which 39 of the units are MIH. Also, ownership has already extended the 421A deadline. All information regarding these plans is readily available in the data room. 339-345 East 33rd Street presents an exceptional opportunity and is poised to capitalize on the demand drivers of the emerging Kips Bay neighborhood.