2265-2267 SECOND AVENUE2 VACANT MIXED-USE BUILDINGS23,800 BSF Development Opportunity W/ 40’ Of Frontage

Located In The East Harlem Rezoning

• Two adjacent VACANT buildings

• ~8,000 existing square feet with 15,800 square feet in air rights

• Approximately 23,800 buildable square feet as of right

• 40 Feet of frontage on Second Avenue

• Located just off East Harlem’s 116th street vibrant retail corridor

• Close proximity to the ̂ line & will benefit from the proposed Second Avenue Q subway station

Property Highlights:

ASKING PRICE: $5,000,000

Address: 2265 SECOND AVENUE

2267 SECOND AVENUE COMBINED

Location: The west side of Second Avenue between East 116th & East 117th Streets

Block & Lot: 1666-121 1666-22 1666 - 121 & 22

Lot Dimensions: 20' x 70 20' x 70 40' x 70

Lot Size: 1,400 1,400 2,800 SF (approx.)

Building Dimensions: 20' x 48' 20' x 48' 40' x 48'

Building SF: 4,000 4,000 8,000 SF (approx.)

Stories: 4 4 4

Residential Units: 3 3 6

Commercial Units: 1 1 2

Total Units: 4 4 8

Gross Residential SF: 3,400 3,400 6,800 SF (approx.)

Net Residential SF: 2,890 2,890 5,780 SF (approx.) 15% loss factor

Average Unit Size: 963 963 963 SF (approx.)

Gross Commercial SF: 600 600 1,200 SF (approx.)

Zoning: R9A, C2-5 EHC/TA

R9A, C2-5 EHC/TA

R9A, C2-5 EHC/TA

East Harlem Rezoning

Residential FAR: 8.50 8.50 8.50

Total Residential BSF: 11,900 11,900 23,800 SF (approx.)

Minus Existing Structure: 4,000 4,000 8,000 SF (approx.)

Available Air Rights: 7,900 7,900 15,800 SF (approx.)

Assessment (20/21): $81,571 $94,120 $175,691 Tax Rate: 12.4730%

Taxes (20/21): $10,174 $11,740 $21,914 Tax Class: 2

Building Information:

2265-2267 SECOND AVENUE - PROPERTY FEATURES

PPBSF: $210

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PROPERTY OVERVIEW

Cushman and Wakefield, Inc. has been retained on an exclusive basis to arrange for the sale of 2265-2267 Second Avenue. The opportunity consists of two adjacent vacant, four-story mixed-use buildings located along second avenue between 116th and 117th Street. This future development/redevelopment opportunity is zoned a R9A which allows for an 8.50 FAR for a total of 23,800 square feet. Future ownership will benefit from the new second avenue subway and close proximity to the heavily foot trafficked 116th street retail corridor. 2265-2267 Second Avenue offers potential buyers a chance to develop or redevelop in a prime East Harlem location.

Property Overview:

2265-2267 Second Avenue is a 40’ x 70’ development site located in the newly rezoned section of East Harlem. The site falls in a R9A zoning district, with a maximum FAR of 8.50 and 23,800 BSF as-of-right. The lots have been newly up-zoned from a 4.0 FAR with a 120-foot max building height to an 8.50 FAR with a 175 feet max building height.

Development Opportunity:

2265-2267 Second Avenue contains two vacant, free market four story structures measuring ~8,000 Square feet boasting 40 feet of frontage along Second avenue. The buildings are currently configured as two separate three families over one commercial space each. 2265 Second Avenue has approved plans for three, three bed-room apartments with one commercial store giving future ownership an opportunity to begin work immediately upon close. This is a truly rare opportunity for an investor/developer to purchase and rehabilitate two free market assets in one of the most vibrant, upcoming neighborhoods in Manhattan.

Redevelopment Opportunity:

CUSHMAN & WAKEFIELD 3

2265 Second Avenue: 2267 Second Avenue:

• ~4,000 SF

• Vacant

• Four Stories + Full Basement

• Three residential units

• One Commercial unit (12’ Ceiling heights)

• Approved stamped plans

• ~4,000 SF

• Vacant

• Four Stories + Full Basement

• Three residential units

• One Commercial unit (12’ Ceiling heights)

2265-2267 SECOND AVENUE - TAX MAP & RETAIL MAP

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2265-2267SECOND AVENUE

PROPOSED 2ND AVENUE SUBWAY STOP

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PROPOSED 2ND AVENUE SUBWAY STOP

CUSHMAN & WAKEFIELD 5

Second Avenue goes from R8A to R9 triggering MIH

Existing 6.02 FAR 10-12 stories

Proposed 8.5 FAR Tower 14-18+ stories

Yellow hatch= Affordable housing

Existing Proposed

Brown= additional bulk

Yellow Hatch=Affordable Housing

Brown=AdditionalBulk

Previous Zoning: R8A Previous FAR: 6.02

MAX Building Height: 120 Feet

New Zoning: R9 New FAR: 8.5

MAX Building Height: 175 Feet

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EAST HARLEM REZONING

2265-2267 SECOND AVENUE:Located between East 116th Street and East 117th Street

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Re-mapping of TA Special District

C1-5 Commercial Overlay

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2265-2267 2ND AVE

Rezoning Summary:On December 6th 2017, The City Council approved the East Harlem Rezoning plan. Under this approval, many properties located on specific avenues of East Harlem received a significant increase in development rights. There are many different zoning blocks within the larger district, each of which has its own unique characteristics and include an affordable housing component. The rezoning impacts specific blocks between East 104th Street and East 132nd Street between Second Avenue and Park Avenue. 2265-2267 Second Avenue falls within the rezoned area and changed from a 6.02 FAR* to an 8.5 FAR with a max height limit of 175 Feet.

Mandatory Inclusionary Housing Options:There is a mandatory inclusionary housing requirement under the recently approved rezoning.

Option One: Requires that 25% of residential floor area to be made available to households earning 60% of AMI**, on average. There is an additional stipulation that 10% of residential floor area will need to be made available to households earning 40% of AMI, on average.

Option Two: Requires that 20% of residential floor area be made available to households earning 40% of AMI, on average.

*FAR- Floor Area Ratio **AMI- Area Median Income

***Additional information regarding the Mandatory Inclusionary Housing and Rezoning can be found at www.nyc.gov.

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2265-2267 SECOND AVENUE - PROPERTY PHOTOS

RETAIL UNIT

RESIDENTIAL UNIT

CUSHMAN & WAKEFIELD 7

PROPERTY PHOTOS

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RESIDENTIAL UNIT

Cushman & Wakefield Copyright 2020.  No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

2265-2267SECONDAVENUE

ROBERT M. SHAPIRO(212) 660-7717

robert.shapiro@cushwake.com

JORDAN SUTTON(212) 589-5101

jordan.sutton@cushwake.com