Cushman & Wakefield announced today that they arranged the sale of the prime Midtown East residential development site at 953-961 First Avenue, situated on the west side of First Avenue between 52nd and 53rd Streets to Toll Brothers.
The property has a land area of 8,822 square feet and offers the investor the opportunity to construct a building with approximately 156,135 square feet. The site includes acquired development air rights and bonus square footage through the inclusionary housing program. The ready-to-go development site has an existing foundation and DOB-approved plans for a 30-story, 161-unit luxury residential tower. The property, which can also be developed as luxury condominiums, is one of the few remaining development sites in Manhattan to qualify for the 421a tax abatement program
A Cushman & Wakefield New York Capital Markets team of Helen Hwang, Nat Rockett, Karen Wiedenmann, and Sujohn Sarkar represented the seller in the transaction.
“Continued strong fundamentals in the residential market, coupled with the sites superior location and ready-to-go status made this opportunity extremely desirable to developers,” said Helen Hwang, a Cushman & Wakefield Executive Vice President.
The property is situated in one of the world’s most sought-after investment markets, with close proximity to the United Nations headquarters at 44th Street and First Avenue and Midtown Manhattan’s commercial epicenter. More than 75 foreign consulate offices and permanent missions to the United Nations, which adds to the importance and cachet of Midtown East, are within walking distance of the 953-961 First Avenue development site.