132 E 24th St, New York, NY 10010

Cushman & Wakefield has been retained by ownership to arrange the sale of 132-34 East 24th Street, an exceptional covered land play offering 45 feet of frontage along East 24th Street. The property’s true value lies in its future redevelopment potential, benefiting from excellent light exposure on all four sides. The site consists of two adjacent 5-story walk-up apartment buildings with a combined retail space on the ground floor. The existing structures total approximately 13,848 existing square feet, including the retail space and 14 free-market apartments above. With the retail currently vacant and all 14 apartments free-market, the buildings can be vacated promptly for redevelopment while generating inplace income during the project planning and approval phases. The current gross annual revenue from the apartments alone is $608,100.

The combined properties sit on a lot of approximately 3,768 square feet in a C6-4A (R10A equivalent) zoning district, offering a Floor Area Ratio (FAR) of 10.0. This zoning allows for roughly 37,688 buildable square feet of residential or office space. Buyers are encouraged to independently verify all zoning and buildable square footage. The Gramercy/Flatiron area continues to be highly desirable, with average condominium prices exceeding $1,980 per square foot over the past year and apartment rental rates surpassing $100 per square foot. Additionally, there is strong demand for residential units in this sub-market, which currently has a vacancy rate of less than 1%. With a robust income stream providing a safety net and strong neighborhood fundamentals, this property represents a rare opportunity for a covered land play with significant development potential in the highly sought-after Gramercy area.