Corner Mixed-Use Development
For Sale
Contact for pricing
394 Third Avenue, New York, NY 10016
Wraparound corner frontage supports retail exposure, with three ground-floor retail units and seven residential units in place.
Property SizeContact for details
Lot Size0.10 Acres
Days on Market124
Property Features for 394 Third Avenue
General Information
Standard status
Active
Lot size
0.10 Acres
Property subtype
Multifamily, Retail, Mixed Use
Zoning
C2-8
Additional Details
Multifamily Units
7
Building Details
Tenancy
Multi
Listing Agency:
Cushman & Wakefield New York
(212) 660-7700
Listed By:
John Ciraulo · License #NY 10301211304
Source:
Crexi
Added: Apr 10
Changed: Aug 8
Last Checked: Jul 20 at 5:10PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Cushman & Wakefield New York
Investment Insights
Based on property information with market context.
394 Third Avenue presents a corner mixed-use development opportunity with three entirely fair market, low-rise apartment buildings currently containing three ground-floor retail units and seven residential units above. The site offers approximately 145 feet of wraparound frontage, positioned for retail exposure along Third Avenue and the opportunity to create a private residential lobby on the adjacent tree-lined side street.
The property is situated within favorable zoning districts, with the majority in a C2-8 district and a smaller portion of the lot area in an R8B zone. As-of-right development is described as approximately 37,825 buildable square feet, with the potential to enlarge development by 2.0 FAR through the acquisition of available IHB development rights, increasing maximum development potential to approximately 44,602 buildable square feet. The corner configuration and adjacency to a designated landmark to the west are described as benefiting a project with protected light and air on three sides.
Near-term vacant possession is indicated, as all residential leases expire by June 2017 and the last commercial lease expires in December 2017. The properties are reported to generate net operating income of approximately $370,017 annually.
The property is situated within favorable zoning districts, with the majority in a C2-8 district and a smaller portion of the lot area in an R8B zone. As-of-right development is described as approximately 37,825 buildable square feet, with the potential to enlarge development by 2.0 FAR through the acquisition of available IHB development rights, increasing maximum development potential to approximately 44,602 buildable square feet. The corner configuration and adjacency to a designated landmark to the west are described as benefiting a project with protected light and air on three sides.
Near-term vacant possession is indicated, as all residential leases expire by June 2017 and the last commercial lease expires in December 2017. The properties are reported to generate net operating income of approximately $370,017 annually.
Key Highlights
- Wraparound corner site at 394 Third Avenue (aka 157‑161 E 28th St) with 145’ frontage on Third Avenue for retail exposure.
- Corner position adjacent to a designated landmark to the west, with protected light and air on 3 sides supporting floor layout flexibility.
- Lot area approx. 4,375 SF; zoning includes C2‑8 (majority) and R8B (small portion) permitting as‑of‑right approx. 37,825 buildable SF.
Property Analytics
Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,942
Businesses Nearby
Explore this area
Business Placement
Demographics for 10016, NY
62,336
Population
36,985
Households
1.7
Avg Household Size
34
Median Age
82%
College-Educated
97%
High-School Grad
0.5 sq mi
ZIP Area
124,672
Density / Sq Mi
$153,065
Median Household Income
$107,691
Median Earnings
$3,321
Median Rent
$928,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Wraparound corner frontage supports retail exposure, with three ground-floor retail units and seven residential units in place.
Where is this apartment building located?
The property is located at 394 Third Avenue New York, NY.
What are key features of this property?
This property features: Wraparound corner site at 394 Third Avenue (aka 157‑161 E 28th St) with 145’ frontage on Third Avenue for retail exposure.; Corner position adjacent to a designated landmark to the west, with protected light and air on 3 sides supporting floor layout flexibility.; Lot area approx. 4,375 SF; zoning includes C2‑8 (majority) and R8B (small portion) permitting as‑of‑right approx. 37,825 buildable SF.
