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    CB5 Manhattan Ave New York, NY 10001

    For Sale
    Contact for pricing

    Prime Manhattan air rights for development.

    Property size:
    6,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    365
    This offering presents a unique opportunity to acquire approximately 6,000 square feet of inclusionary air rights (IARs) in Manhattan's Community Board 5. These air rights are ideal for expanding the size of market-rate developments. Eligible properties must meet specific IAR requirements and be located within Community Board 5, or within a half-mile radius of the generating site. Additionally, mid-block properties situated in the designated Inclusionary Housing area between 7th and 8th Avenues, from the north side of West 28th Street to the south side of West 30th Street, also qualify. The permitted zoning for eligible receiving sites includes R10, C5-2, C5-3, C6-2A, C6-4, C6-4A, C6-6, or C6-7. This presents a significant advantage for developers seeking to maximize floor area and property value. For instance, properties zoned R10 or equivalent could see their floor area ratio (FAR) increase from 10.0 to 12.0. This acquisition offers substantial potential for increasing the size and profitability of development projects in a highly desirable Manhattan location. The total air rights offered encompass 6,000 square feet, providing a considerable expansion opportunity for a suitable property. This is a rare chance to enhance a development project within a well-defined area of Manhattan.

    Property Features for CB5 Manhattan Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    6,000 SF

    HighLights

    • 6,000 square feet of Inclusionary Air Rights (IARs) are available for sale in Manhattan's Community Board 5.
    • Eligible properties must be located in Community Board 5 or within a 0.5‑mile radius of the generating site and meet IAR requirements.
    • Mid‑block properties between 7th and 8th Avenues, from West 28th to West 30th Streets, within the designated Inclusionary Housing area, are also eligible.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9991637
    Latitude
    40.7536854

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    FAQs

    What type of property is this?
    Multifamily property - Prime Manhattan air rights for development.
    Where is this multifamily property located?
    The property is located at CB5 Manhattan Ave New York, NY.
    What are key features of this property?
    This property features: 6,000 square feet of Inclusionary Air Rights (IARs) are available for sale in Manhattan's Community Board 5.; Eligible properties must be located in Community Board 5 or within a 0.5-mile radius of the generating site and meet IAR requirements.; Mid-block properties between 7th and 8th Avenues, from West 28th to West 30th Streets, within the designated Inclusionary Housing area, are also eligible.
    (212) 544-9500
    Request Owner's contact information
    CB5 Manhattan Ave New York, NY 10001
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    CB5 Manhattan Ave New York, NY 10001
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