339-345 East 33rd Street

• Potential To Be Delivered Vacant: A prospective developer can either purchase the property as is or submit an offer contingent upon the property being delivered vacant.
• Approved 421A plans: The Site will be delivered with approved plans that qualify for 421-a. Ownership has already extended the deadline and is utilizing MIH Option 1.
• Substantial Frontage: 339-345 East 33rd Street maintains 90' of valuable frontage along the north side of East 33rd Street creating efficient floorplates.
• Great Transportation Available: Within walking distance to the site are the 33rd Street Subway, numerous bus stops, and the East 34th Street ferry making this location commuter-friendly.
• Ideal Kips Bay Location: Future development will capitalize on nearby attractions and the growing demographics of the surrounding neighborhood.

Property Description

BKREA has been retained on an exclusive basis to arrange for the sale of 339-345 East 33rd Street (“The Site”), an incredible mixed-use development opportunity in the Kips Bay neighborhood of Manhattan. The site is located on the north side of East 33rd Street between First and Second Avenues and benefits from a significant frontage of 90 feet. Currently, the tax lot is improved with four, four-story buildings. While tenants are in place, the current ownership is working on delivering the site vacant. At 339 East 33rd Street, there are 3 RS tenants and 1 RC tenant. At 341 East 33rd Street, there is 1 RS tenant, and 343 East 33rd Street has 1 RS tenant. A potential purchaser can either buy the site as-is or make an offer contingent upon the site being delivered vacant. The development lot is roughly 8,888 square feet and is in the C1-9A (R-10A equivalent) zoning district. It also is in an MIH area enabling an as-of-right FAR of 12.0 for residential use, translating to an as-of-right ZFA of 122,846 square feet. Ownership also purchased the air rights from the adjacent Lot 23 increasing the max ZFA to 130,350. Furthermore, the offering is being delivered with approved 421A plans conducted by GF55 Architects utilizing the MIH Option 1. The plans call for a 23-story, 130,194 ZFA, mixed-use project, featuring 160 units of which 39 of the units are MIH. Also, ownership has already extended the 421A deadline. All information regarding these plans is readily available in the data room. 339-345 East 33rd Street presents an exceptional opportunity and is poised to capitalize on the demand drivers of the emerging Kips Bay neighborhood.