Eastern Consolidated Marketing for Sale 106,000 Square Feet of Development Rights in Midtown Manhattan's Community District 5
NEW YORK, NY –– June 6, 2018 –– Eastern Consolidated is exclusively marketing for sale +106,000 square feet of residential development rights that can be transferred within Midtown Manhattan’s Community District 5.
Developers also can use the air rights within a half a mile radius of the generating site at 42 West 33rd Street, a newly constructed 41-story residential tower where 20 percent of the 223 apartments, or 45 units, have been designated as affordable as part of New York City’s Inclusionary Housing Program.
Brian Ezratty, Vice Chairman and Principal, is the exclusive agent for the offering.
“The excess development rights will likely be sold off in smaller amounts, but could be transferred in their entirety,” Ezratty said. “The bonus square footage can be added to the base floor area of a potential receiving site, typically limited to a maximum of 20 percent of the base FAR for a residential development.”
Ezratty said he anticipated that the air rights will be available for transfer as soon as the 2nd quarter of 2018.
Community Board 5 is bounded by 59th Street/Central Park to 14th Street and roughly Eighth Avenue to Lexington Avenue, and runs through the neighborhoods of Union Square, Flatiron, Gramercy Park, Midtown South, Murray Hill, and Times Square. The Midtown Special District within CB 5 is excluded from consideration.
Powered by a highly skilled team of over 100 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.com and follow us on Twitter@EasternConsol.
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