Massey Knakal Retained Exclusively To Sell Park Avenue Development Site
Massey Knakal Realty Services has been retained on an exclusive basis to sell a development site at 11 Park Avenue. The property is located between East 34th and East 35th Streets in Manhattan’s Murray Hill neighborhood. The asking price is $55,000,000.
The site currently consists of an eight-story parking facility that contains approximately 35,305 square feet and 150 legal parking spaces on a 40’ x 100’ lot. The garage is NNN leased and can be vacated with 180 days’ notice, representing a rare Park Avenue development opportunity in the most stately and historic portion of Murray Hill. This property is zoned C5-3, which allows for 15.0 FAR for commercial use and 10.0 FAR for residential use as-of-right, or approximately 63,195 square feet and 42,130 square feet, respectively. It is eligible for an Inclusionary Housing Bonus, which would allow for 12.0 FAR and 50,556 square feet for residential use if utilized. This flexibility provides prospective developers the option to deliver a great single or mixed-use project with a highly coveted curb cut.
New York City continues to set new tourism records, creating hotel development opportunities all over Midtown Manhattan. Also, with Midtown South and Murray Hill becoming more popular residential destinations, residential condominium sales in the area are reaching new heights. This property offers prospective investors the opportunity to build either, or both, along one of New York City’s most famous boulevards.
This property is being marketed exclusively by Massey Knakal’s Bob Knakal and John Ciraulo.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.