Whitestone Property Group is marketing a Park Avenue development site with 170,000 buildable square feet and an asking price of $15 million.
The property, at 1381-1391 &1399 Park Avenue, occupies and entire block front from 103rd to 104th Streets and has a 11,3210 s/f footprint. The FAR includes air rights purchased from neighbors.
Currently occupied by two three-story buildings and three lots, the site lies in a neighborhood where apartment prices have risen by 39 per cent since 2007.
Whitestone’s Nathan Blatter said demolition plans have already been completed for the site, which he believes is ideal for a rental or condo development.
Zoned R7-2, it can also accommodate community facility uses including a school, church or medical care center.
Three blocks from the site, a new Durst Fetner rental building is attracting rents averaging $800 psf, or $10,000 per month for a three bedroom unit.
Other new developments in the area include One Museum Mile, 1510 Lexington and Cooper Hill at 1595 Lexington where rents average $850 psf. Currently under construction, 1635 Lexington is expected to ask $750 psf.