226 East 54th Street

• 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 a lows 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.

Property Description

BKREA has been exclusively retained to facilitate the sale of 226 East 54 Street, a prime development opportunity in the heart of Midtown East Manhattan. The site spans approximately 5,021 square feet with roughly 50 feet of frontage along the south side of East 54th Street, between Second and Third Avenues. Currently improved with a 9-story, 31,105 SF office building (built in 1920, and enlarged by three floors in 1990), the property, which has owned for 45+ years, is suited for redevelopment either as a modern commercial project or a new residential tower. A developer can choose to capitalize on the building’s footprint and airspace by constructing a ground-up development that maximizes the allowable floor area under current zoning. Perfectly situated in the prestigious Midtown East submarket of Manhattan, the property benefits from a location that is both centrally positioned and highly coveted. It is surrounded by a dynamic mix of office headquarters, luxury residential towers, hotels, and retail. One block west sits the iconic Citigroup Center tower at 601 Lexington Avenue, occupying the block of 53rd–54th Streets from Third Avenue to Lexington Avenue, underscoring the blue-chip corporate presence in the immediate area. This address offers developers and future end-users a world-class location with a Midtown prestige factor that commands premium rents and sales values