Prime Midtown Manhattan Development
926 Third Ave, New York, NY 10022
New
Call to check price and availability
Development site with significant buildable square footage in Midtown Manhattan.
Type:Land, Mixed Use
Property size:
71,370 SFLot size:
0.11 AcresPrice / SF:
$420/SF- Added:
- May 26, 2026
- Days on Market:
- 3
- Last Refresh:
- May 27 at 8:26 am
Property Features for 926 Third Ave
General Information
- Standard status
- Active
- Size
- 71,370 SF
- Lot size
- 0.11 Acres
- Property subtype
- Land, Mixed Use
Listing agent Mirza Avdovic License #NY 10401278796
Listing office MIdtown - Keller Williams NYC (646) 383-1165
Listing date May 26, 2026
Source Crexi
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 MIdtown - Keller Williams NYC
HighLights
- Prime Midtown Manhattan development site at the highly visible intersection of Third Avenue and East 56th Street.
- Significant as‑of‑right buildable square footage: 71,370 BSF commercial and 47,580 BSF residential.
- Flexible C6‑6 zoning with R10 overlay supports various development programs (luxury residential, hotel, mixed‑use).
- Eligible for Universal Affordability Preference (UAP) bonus, potentially adding approximately 5,750 BSF of residential density.
- Strong in‑place income: $1,344,529 annual gross income and $764,401 net operating income.
- Offered at $420 per commercial buildable square foot, a compelling basis for a Midtown East development site.
Overview
This offering consists of three contiguous parcels located at the intersection of Third Avenue and East 56th Street in Midtown Manhattan. The combined lot area is approximately 4,795 square feet. The assemblage yields approximately 71,370 square feet of commercial buildable square footage and 47,580 square feet of residential air rights. The parcels are zoned C6-6 with an R10 overlay, supporting a range of development programs including residential, boutique hotel, mixed-use commercial, or a combination thereof. The assemblage is eligible for the Universal Affordability Preference (UAP) bonus, which would allow a developer to increase the blended residential FAR across all three parcels to 12.0, unlocking an additional approximately 5,750 square feet of residential density. This incremental density is achievable through the purchase of off-site UAP air rights or through the inclusion of affordable housing on-site. The assemblage generates a current scheduled annual gross income of approximately $1,344,529 and a projected net operating income of approximately $764,401.
Financial Insights
Value Estimation Calculated for Mixed Use
Conservative
$25.28M
NOI $2,274,919 @ 9.00% cap · cautious / downside scenario
Moderate
$32.50M
NOI $2,274,919 @ 7.00% cap · market / base-case scenario
Aggressive
$45.50M
NOI $2,274,919 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
Calculated for Mixed Use
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $4.28M | $60.00 |
| − Vacancy | −$642.3k | −$9.00 |
| EGI | $3.64M | $51.00 |
| − OpEx | −$1.36M | −$19.13 |
| NOI | $2.27M | $31.88 |
71,370 SF · lease $60.00/SF/yr · vacancy 15.00% · expense 37.50%
Alternative Use Scenarios
Best Use
Mixed Use
$32.50M
$28.44M – $37.92M
NOI $2,274,919 @ 7.0% cap · market cap 7.58%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$177.65M
$155.44M – $207.26M
NOI $12,435,509 @ 7.0% cap · market cap 41.45%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Commercial land
Location Insight
- Map
- Local Demand
- City
- New York
- County
- New York
- State
- New York
- Longitude
- -73.9683138
- Latitude
- 40.7594905
Nearby Similar for Sale
FAQs
What type of property is this?
Commercial land - Development site with significant buildable square footage in Midtown Manhattan.
Where is this commercial land located?
The property is located at 926 Third Ave New York, NY.
What is the asking price?
The asking price for this property is $30,000,000.
What are key features of this property?
This property features: Prime Midtown Manhattan development site at the highly visible intersection of Third Avenue and East 56th Street.; Significant as‑of‑right buildable square footage: **71,370 BSF commercial and 47,580 BSF residential.**; Flexible C6‑6 zoning with R10 overlay supports various development programs (luxury residential, hotel, mixed‑use).
