Listing Details
- Space Type
land
- Sub Category
commercial
- Sale Type
Development Sale
- Date Listed
5/27/2025
Property Specifics
- Property Name
226 East 54th Street
- Lot Size
5,021 SF
- Zoning
C1-9
Highlights
• 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.
Description
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.