Upper East Side
Trophy Plaza District Development Site | Steps from Bloomingdale's | C5-2.5 (MiD) Zoning | Up to ~75
Marketing description
A rare opportunity to acquire a fully cleared, shovel-ready development site in the heart of Manhattan's prestigious Plaza District, just steps from Bloomingdale's flagship store and the world-class retail, dining, and cultural amenities of Fifth and Madison Avenues. This 5,021 SF parcel offers 50 feet of prime frontage on a 60-foot-wide street and benefits from C5-2.5 (MiD) zoning equivalent to R10 residential density.
The opportunity is substantially enhanced by an available air rights package from the adjacent zoning lot, including approximately 16,355 SF of transferable development rights, a Light and Air Easement, and limited cantilever rights, together unlocking a maximum residential build of approximately 75,315 SF and a combined buildable of approximately 90,378 SF under the merged zoning lot.
The location is among the most accessible in New York City, with the 59th Street subway station (4/5/6) just one minute away and the N/Q/R, F, and E/M lines all within a short walk. Perfect 100/100 Walk Score and Transit Score ratings underscore the site's exceptional pedestrian and commuter convenience. LaGuardia Airport is just 15 minutes by car, with Newark and JFK also easily accessible.
With the existing improvements already demolished, the buyer benefits from immediate site control and a clear path to construction. The site is not landmarked, not located within the proposed Midtown East rezoning area, and is free of any pending rezoning actions — providing zoning certainty for a sophisticated developer.
Ideally suited for a slender luxury residential tower, boutique condominium, or mixed-use development, this offering presents one of the few remaining ground-up opportunities in one of Manhattan's most enduring luxury submarkets, a neighborhood defined by trophy assets, generational wealth, and irreplaceable demand drivers.
Investment highlights
Prime Plaza District Location — Positioned in one of Manhattan's most coveted submarkets, directly adjacent to Bloomingdale's flagship and surrounded by Billionaires' Row, luxury retail, and Class A office towers
Shovel-Ready Development Opportunity — Vacant, previously developed lot with the existing structure already demolished, offering immediate site control with no demolition costs or tenant displacement
Significant Air Rights Package — Approximately 16,355 SF of additional development rights available from the adjacent lot, along with a Light and Air Easement and limited cantilever rights, dramatically enhancing development potential
Up to 75,315 SF Buildable Residential FAR — C5-2.5 (MiD) zoning permits a maximum residential FAR of 10.0, supporting a slender luxury condominium or rental tower with premium floor plates
Total Buildable of ~90,378 SF — Combined zoning lot supports a 12.0 base FAR for a substantial mixed-use or residential development program
Unmatched Transit Access — One-minute walk to the 59th Street station (4/5/6), with the N/Q/R, F, and E/M lines all within a 7-minute walk; Grand Central Terminal accessible in 17 minutes
Perfect Walk & Transit Scores — 100/100 Pedestrian Friendly and 100/100 Transit Friendly ratings reflect the location's pedestrian-first, transit-rich environment
High-Visibility Frontage — 50 feet of frontage on a 60-foot-wide street with strong daily traffic counts on adjacent corridors including Third Avenue, Lexington Avenue, and Park Avenue
Flexible Development Program — Approved for apartment use; zoning supports luxury condominium, rental, hospitality, or mixed-use product types subject to applicable regulations
No Landmark or Rezoning Restrictions — Site is not landmarked, not within any subdistrict, not within the proposed Midtown East rezoning area, and has no other pending rezoning actions
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