237- 245 East 36th Street and 663-673 Second Avenue
237- 245 East 36th Street and 663-673 Second Avenue
Marketing description
BKREA has been retained on an exclusive basis to arrange the sale of 237–245 East 36th Street & 663–673 Second Avenue (“The Site”).
Represents a remarkable residential development opportunity in Manhattan’s thriving Murray Hill neighborhood.
Location Details
Located at the northwest corner of East 36th Street and Second Avenue.
Improved by a surface parking lot, which will be delivered vacant.
Existing curb cut in place, providing time and cost savings and convenient vehicle access.
Corner scale allows for exceptional building efficiency, unique amenity integration, and excellent light and air.
Features 300.86 feet of wraparound frontage, including:
115.86 feet on Second Avenue
185 feet on East 36th Street
Site Specifications
Lot Size: Approximately 21,336 square feet.
Zoning: C1-9 (R10 equivalent).
As-of-right Residential FAR: 10.0, allowing approximately 213,360 ZFA.
Commercial FAR: 2.0, equating to approximately 41,672 ZFA.
Development Plans
With the R10 overlay, residential density may be increased to 12.0 FAR, or approximately 256,032 ZFA, through:
Purchase of off-site UAP air rights within Community Board 6 or within a half-mile radius, or
Development of the affordability component on-site.
A highly achievable path exists to add approximately 42,672 ZFA, as BKREA can assist in arranging the required air rights.
Neighboring Lot 34 is not considered a street (per legal opinion in the data room) and contains over 500,000 ZFA of air rights that the MTA is seeking to monetize, creating potential for additional density upside.
Refer to the massing studies in the data room for further detail.
Neighborhood Demand Drivers
Located in Murray Hill, a neighborhood known for strong residential demand and proximity to Midtown employment centers.
Surrounded by dining, retail, and daily conveniences.
Excellent access to public transportation, major avenues, and nearby business districts.
Opportunity Highlights
Large-scale corner development site with rare wraparound frontage.
Delivered vacant with existing curb cut in place.
Significant as-of-right and bonus density with multiple paths to further expansion.
Potential access to substantial adjacent air rights.
A once-in-a-lifetime development opportunity in a prime, centrally located Manhattan neighborhood.
Investment highlights
Flexible Zoning Opportunity - The favorable C1-9 zoning with a R10 overlay allows for residential and local retail development, enabling flexibility in executing a variety of business plans that align with the neighborhood's mixed-use character and growing demand.
Significant Frontage - This prime development site boasts over 300.86 feet of wraparound frontage, including 115.86 feet on Second Avenue and 185 feet on East 36th Street, enabling exceptional building efficiency and the ability to incorporate unique amenities.
Ability to Utilize Offsite UAP Certificates - Due to the R10 overlay, a developer will have the opportunity to purchase offsite UAP Certificates. This benefits the development by allowing the developer to build additional market-rate residential floor area while also reducing their cost basis. BKREA can arrange for these air rights separately.
Institutional Anchors Nearby - Located just minutes from NYU Langone Health and the United Nations Headquarters, 237–245 East 36th Street and 663–673 Second Avenue benefits from proximity to two of Midtown Manhattan’s most influential institutional anchors. These globally recognized institutions drive consistent demand for housing and commercial space, reinforcing long-term neighborhood stability and sustained economic growth.
Coveted Location - The site will be delivered vacant allowing for time and cost savings.
Advantageous Accessibility - The Site offers exceptional transit access, just a short walk from Grand Central Terminal, providing connections to the 4, 5, 6, 7, and S subway lines, as well as Metro-North and the Long Island Rail Road. The nearby East River Ferry further enhances connectivity across the boroughs, the Northeast, and Long Island.
Potential for Additional Air Rights - As Lot 34 (the Tunnel Exit) is not classified as a street and contains transferable development rights, the site could further expand its buildable area by acquiring additional ZFA.
Phenomenal Light & Air - Due to its corner location, the property enjoys exceptional light and air from the north, east, and south, along with meaningful western exposure.
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