Ariel Property Advisors has been named the exclusive agent to sell a prime Upper East Side corner development site at 1382-1386 2nd Avenue that will allow the construction of a 57,880 BSF mixed-use/residential building. The asking price is $29 million.
An Ariel team comprised of Founding Partner Victor Sozio, Director Matthew L. Gillis, President and Founder Shimon Shkury, Founding Partner Michael A. Tortorici and Director Howard Raber are handling the assignment.
The site consists of an assemblage of three, four-story properties on a 5,788 square foot lot offering over 152 feet of combined frontage on East 71st Street and 2nd Avenue, and flexible C1-9 zoning that will permit a significant mixed-use/residential project totaling 57,880 BSF as-of-right. The residential units in the existing mixed-use buildings are vacant while the six occupied retail units have leases that will expire next year or contain demolition clauses.
“This is a unique opportunity to develop a prime Upper East Side corner for a variety of uses,” said Victor Sozio, Founding Partner at Ariel Property Advisors. “Flexible zoning and the potential to add air rights enhance the site’s appeal.”
Matthew Gillis, Director, continued, “Beyond the property’s development potential, the buildings offer over $565,000 of in-place commercial cash flow and the option to rent the existing residential units.”
Ideally located on the rapidly appreciating 2nd Avenue retail corridor, the development site is just one block south of the new Second Avenue Subway entrance and within walking distance to major New York institutions including Weill Cornell Medicine, The Rockefeller University, Northwell Lenox Hill Hospital, and Hunter College.
