226 East 54th Street
Features & amenities
Location
BKREA has been exclusively retained to facilitate the sale of 226 East 54th Street, a prime development opportunity in Midtown East, Manhattan.
‣ Location Overview
• Located on the south side of East 54th Street between Second and Third Avenues.
• Approximately 5,021 square feet with 50 feet of frontage.
• Surrounded by office headquarters, luxury residential towers, hotels, and retail.
• One block west of the Citigroup Center tower at 601 Lexington Avenue.
• Situated in a highly coveted, central Midtown East location with prestige and strong rent/sales potential.
‣ Current Property Details
• Improved with a 9-story, 31,105 SF office building.
• Originally built in 1920 and expanded by three floors in 1990.
• Held under ownership for over 45 years.
• Offers interim cash flow from existing leases during redevelopment planning.
‣ Zoning and Development Potential
• Zoned C1-9 (residential R10 equivalent).
• Commercial FAR: 2.0 (approx. 10,042 buildable square feet).
• Residential FAR: 10.0 (approx. 50,210 buildable square feet).
• With Universal Affordability Preference (UAP), potential ZFA increases to approx. 60,252 buildable square feet.
• Developers may build 2.0 FAR of affordable on-site or purchase offsite • UAP certificates to achieve full 12.0 FAR (60,252 SF).
• UAP certificates are not included in the sale.
- Prime Midtown East Location - Centrally located in prestigious Midtown East, surrounded by luxury towers, major office buildings, and world-class retail.
- Potential Light & Air Easement - Neighboring co-op has indicated willingness to grant an easement, unlocking the ability to add legal bedrooms and enhance unit value.
- Covered Land Play - This development site offers a unique as-is cash flow opportunity. With existing commercial income in place, investors can generate revenue while finalizing plans, securing permits, or awaiting optimal market conditions for redevelopment.
- Flexible Zoning with FAR Upside - C1-9(R10) zoning allows up to 10.0 residential as-of-right FAR, with potential to increase to a 12.0 with UAP.
- Advantageous Accessibility - Down the block from the 53rd Street subway station allowing access to the E, M, 6—offering unmatched access across Manhattan and the outer boroughs.