4-8 East 30th Street
Mixed Use
Marketing description
BKREA has been retained on an exclusive basis to arrange for the sale of 4-8 East 30th Street ("The Site"), an extraordinary mixed-use development opportunity in the thriving NoMad neighborhood of Manhattan. The site is located on the south side of East 30th Street between Fifth and Madison Avenues and benefits from 60' of frontage and a depth of 98.75'. In its current state, Lots 81 and 83 are both 5-story mixed-use buildings, which will be delivered vacant. Furthermore, given the low-rise nature of the landmarked church to the south, a future development will benefit from phenomenal light and air, even on the lower floors facing south — which is typically not the case for mid-block development sites.
The roughly 5,925-square-foot lot is located within the C5-2 (R10 overlay) zoning district, which allows for a 10.0 FAR for both residential and commercial uses, amounting to approximately 59,250 ZFA. Additionally, due to its R10 overlay, the site can increase its FAR up to a 12.0 FAR, or 71,100 ZFA, with the purchase of offsite UAP air rights within Community Board 5 or within a ½ mile of the site, or through the development of affordability onsite. A path to increase the site by 11,850 ZFA is very achievable, as BKREA is currently selling these air rights. Furthermore, due to the passing of City of Yes, the transfer of landmark air-rights has become more flexible, and there is potential to increase the density even further.
4-8 East 30th Street presents an outstanding opportunity due to its optimal development size and efficient frontage. The future development is set to capitalize on NoMad's unmatched demand drivers. The area has emerged as one of Manhattan's most desirable enclaves, spurring the development of modern luxury residential, hotel, and office properties. Its immediate access to Madison Square Park and major employment areas provides exceptional convenience for its residents. Additionally, the site is a 5-minute walk from both the R and W lines at 28th Street / Broadway and the 6 line at East 28th Street / Park Avenue.
Investment highlights
- Flexible Zoning Opportunity: Due to the C5-2 zoning district, 4-8 East 30 Street is permitted to have residential, office, hotel, retail, and community facility uses Additionally, the location makes any combination of these uses highly desirable
- Efficient Frontage: The generous frontage of 60 feet on the south side of East 30 Street enables the creation of efficient floorplates
- Ability to Utilize Offsite UAP Certificates: Due to the R10 overlay, a developer will have the opportunity to purchase offsite LIAP Certificates. This benefits the development by allowing the developer to build additional market-rate residential floor area while also reducing their cost basis. BKREA is currently selling these air rights separately.
- Vacant Possession: The site will be delivered vacant allowing for immediate demolition
- Prime NoMad Location: NoMad offers immediate access to major semployment centers and the finest residential amenities that New York Oty has to offer.
- Convenient Accessibility: The site a 5-minute walk from the R&Wat 28 Street & Broadway and 5-minute walk from 28 Street & Park Ave for the 6 train allowing connectivity throughout the city,
- Phenomenal Light & Air: Directly behind the development site is a landmarked church, allowing significant light and air for a midblock site due to the low rise nature of the landmarked church to the south.
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