CB5 Manhattan Ave New York, NY 10001
- Land
- 6,000 SF
Current Use by Public Records
- Land
Property Details for CB5 Manhattan Ave
- Property size
- 6,000 SF
- Property type
- Land
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- New York
- County
- New York
- State
- New York
- Longitude
- -73.9992
- Latitude
- 40.7537
