NEW YORK CITY—A large and prestigious development site that's come up for sale on the Upper East Side could command a price of approximately $300 million, industry sources tell GlobeSt.com.
The World Wide Group is looking to sell 143-161 E. 60th St., an assemblage of six contiguous low-rise buildings that sit on approximately 19,685 square feet of land. The parcel features 200 feet of street frontage between Lexington and Third Avenues, bordering Midtown's Plaza District and the Upper East Side.
The site is directly across from Bloomingdales' flagship store and contains roughly 282,925 buildable square feet above grade. Zoning allows for a base FAR of 10.0 on a residential or commercial basis with an additional 2.0 FAR of strictly residential rights permitted through the Inclusionary Housing Program, which have already been transferred to the site and are included in the sale.
"This is a world-class site upon which something very special will be developed. I am sure we will have interest from developers from every corner of the globe,” says Cushman & Wakefield's Bob Knakal, chairman, New York investment sales, who is exclusively marketing this assemblage with the brokerage firm's Clint Olsen and Helen Hwang.
There is no formal asking price for the property. World Wide completed the property assemblage in 2014.
“World Wide Group has invested more than a decade assembling and preparing this world class development,” asserts David Lowenfeld, COO of the World Wide Group. “The assemblage at 143-161 E. 60th St. is located in one of the most prominent neighborhoods in Manhattan—if not the world—and we look forward to turning it over to a new owner who will lead the development in its next stage of value realization.”
Adjacent to what's known as Billionaire's Row, the site's flexible zoning offers a first-class residential and commercial development opportunity in one of Manhattan's most prominent zip codes. Due to its height potential, large lot size and location, the property likely will become one of the city's tallest structures and will feature panoramic views of Central Park and Manhattan.
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