C&W’s NY Capital Markets team appointed to market 1558-1560 Third Avenue and 180 East 88th Street development opportunity; Site primed for developer to construct new residential tower
Cushman & Wakefield announced today that it has been hired to market a development site at 1558-1560 Third Avenue and 180 East 88th Street, located in the esteemed Carnegie Hill section of Manhattan’s Upper East Side. In a neighborhood where the majority of new residential offerings are predominantly located in mid-rise pre-war buildings, 1558-1560 Third Avenue and 180 East 88th Street offer the rare opportunity to construct a new luxury tower that can combine the Upper East Side’s traditional and classic setting with a contemporary lifestyle.
The property consists of three adjoining lots creating an “L” shaped parcel that is being offered together with transferable air rights and inclusionary housing certificates that will permit up to 130,399 square feet of development. The site could potentially accommodate a 29-story, 365-foot residential tower, totaling approximately 117,144 square feet that would offer impressive ceiling heights and panoramic views of the Midtown skyline and Central Park, as well as at least 2,000 square feet of valuable ground floor retail space.
A Cushman & Wakefield New York Capital Markets team of Helen Hwang, Nat Rockett, Steve Kohn, and Karen Wiedenmann are marketing the site on behalf of the owner.
“A developer will have the ability to build spectacular, family-sized, modern apartments from scratch that will really stand out in the surrounding area,” said Helen Hwang, an executive vice president with C&W’s New York Capital Markets Group. “Once completed, the project will offer soaring ceiling heights, dramatic views and other modern amenities not readily found on the Upper East Side.”
Located within a highly desirable, family-friendly and amenity rich neighborhood, the Upper East Side is among the most densely populated neighborhoods in New York City.
Offering the highest concentration of prestigious schools and museums, interspersed with some of New York’s finest recreational amenities, the Upper East Side represents the quintessential residential neighborhood in Manhattan. Carnegie Hill in particular offers an abundance of amenities and points of interest that will enhance a residential development at the Property.