Cushman & Wakefield Sells Corner Development Site Near Tudor City
A development site, consisting of two adjacent properties located at 762-766 Second Avenue and 302 East 41st Street in Manhattan’s Midtown East, was sold in an all-cash transaction valued at $19,800,000.
The development site included two parcels located on the corner of East 41st Street and Second Avenue and consisted of approximately 37,869 buildable square feet and over 120’ of wraparound frontage. The C1-9 zoning designation allows for a total of 10.0 FAR residential, of which 2.0 FAR could be commercial.
762-766 Second Avenue is currently a one-story corner retail property consisting of a pizzeria, a Japanese restaurant, and one vacant store while 302 East 42st Street is a vacant four-story building. Both properties are situated at the entrance of Tudor City. This site is ideally located just steps from the United Nations, Grand Central Terminal and New York University’s Langone Medical Center.
“The development community produced a strong level of interest for this highly desired location. The winner was a foundation that plans on developing a new facility for their own use,” said Cushman & Wakefield Vice Chairman John Ciraulo, who exclusively handled this transaction with Senior Associate Nicholas Gillott.