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Avison Young, as the exclusive agent, is pleased to offer for sale 126 East 86th Street (the “Property” or “Site”), a development site located on the south side of East 86th Street between Lexington Avenue and Park Avenue. As one of the few remaining development sites in the Upper East Side, the Property provides a developer with the opportunity to create a highly visible development that will permanently join one of Manhattan’s preeminent neighborhoods.
The Property sits on a 5,221± square feet lot and has the potential to be developed up to 52,210± residential square feet. The 52 feet of frontage on 86th Street, one of the Upper East Side’s strongest commercial corridors, offers prospective retailers exceptional visibility. The lot is centrally located in the heart of the Upper East Side, an area that has long stood as one of New York City’s most sought after residential neighborhoods. Additionally, the neighborhood has seen a recent influx of new developments, which have performed well above the citywide average, a testament to the strong demand for new construction condominiums in the Upper East Side.
The site is located in a C5-1A zone, which has an R10 residential equivalent and offers a developer an opportunity to increase the ZFA by 20% by purchasing offsite inclusionary development rights from Community Board 8 or within a half-mile radius.
Steps from Central Park, the Metropolitan Museum of Art and the Guggenheim, 126 East 86th Street presents a unique opportunity for an investor or developer to acquire an irreplaceable development site in one of Manhattan’s most coveted locations.
52,210± Max ZSF Per Residential FAR
C5-1A zoning district, which has an R10 equivalent
52 feet of frontage along the highly visible 86th Street corridor, which commands retail rents north of $365 / SF
Few remaining development sites in coveted Upper East Side
Median prices for new development condominiums in the area have risen by an average of 26% per quarter since the third quarter of 2017
Highly successful luxury residential condominiums nearby with sellouts at $2,500 per square foot
Centrally located amongst a strong retail tenant roster, including H&M, Whole Foods, and Maison Kayser
Steps from the 4, 5 and 6 trains at the 86th Street and Third Avenue Station and the Q train at the 86th Street and Second Avenue Station
Eligible for off-site inclusionary housing air-rights
Not subject to Historic District or Landmark Designation