Listed by Avison Young - New York
Unpriced
2560 Broadway
Details
Property Type Retail, Multifamily
Sub Type Apartment Building, Commercial
Lot Size (SqFt) 9,402
Zoning R10A / C4-6 Allowing
Retail
Marketing description
Avison Young has been exclusively engaged to offer for sale the leasehold interest and air rights owned in fee at 2560 Broadway (the “Property”), a premier redevelopment opportunity located at the North-East intersection of Broadway and West 96th Street in Manhattan’s Upper West Side. This unique offering includes a 150-year ground lease that commenced in 2017 under highly favorable terms, featuring low scheduled rent increases every five years and no fair market value resets, along with significant air rights that provide exceptional development flexibility and upside. The air rights will be conveyed in fee and not subject to the ground lease, enabling condominium development.
Investment highlights
- The UWS development pipeline is nearly dry, signaling a sharp decline in future supply and driving prices and rents higher
- Favorable Ground Lease Terms
- 5% rent escalations every 5 years, increasing in 2057 to 7.5% every 5 years
- Historically below long-term inflation trends
- No FMV resets
- Zoning: R10A / C4-6 Allowing
- 10.0x Residential FAR (as-of-right)
- 12.0x Residential FAR with UAP bonus
- 3.4x Commercial FAR
- Maximum Development Potential
- Vacant, fully assembled site
- 154,445 ZFA
- Lower Portion: 94,020 ZFA of residential rentals within the ground lease
- Upper Portion: Ability to create 60,425 ZFA of residential condominiums
Listing Contacts
Listed by Avison Young - New York
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