Bob Knakal and John Ciraulo at Massey Knakal are marketing a development site at 11 Park Avenue that could accommodate a hotel, condo or both.
Located between East 34th and East 35th Streets in Murray Hill, the site is currently an eight-story parking lot that contains approximately 35,305 s/f and 150 legal parking spaces on a 40 x 100 ft. lot.
The garage is NNN leased and can be vacated with 180 days’ notice, “representing a rare Park Avenue development opportunity in the most stately and historic portion of Murray Hill,ˮ say the borkers.
This property is zoned C5-3, which allows for 15.0 FAR for commercial use and 10.0 FAR for residential use as-of-right, or approximately 63,195 square feet and 42,130 square feet, respectively.
It is eligible for an Inclusionary Housing Bonus, which would allow for 12.0 FAR and 50,556 s/f for residential use if utilized.
“This flexibility provides prospective developers the option to deliver a great single or mixed-use project with a highly coveted curb cut,” said Knakal, noting a $55 million asking price has been set.
Ciraulo pointed out the city’s new tourism records have created hotel development opportunities all over Midtown Manhattan.
“Also, with Midtown South and Murray Hill becoming more popular residential destinations, residential condominium sales in the area are reaching new heights,” he added.
“This property offers prospective investors the opportunity to build either, or both, along one of New York City’s most famous boulevards.”
Rising real-estate prices have created a strong incentive to turn parking garages into residential or commercial properties.
“You can never make as much money with a garage as you would by selling the property,” said Michael Stoler, president of New York Real Estate TV and a managing director at Madison Realty Capital. “We used to have all these garages in Midtown, and now we hardly have any. The same happened at the Highline.”
According to Propertyshark.com data from May, more than 92 garages have been converted into residential or commercial real estate in the past six years.