The Tri-State Investment Sales Group of Avison Youngis marketing a long-term,triple-net ground lease opportunity at 403 East 65th Street on the Upper East Side of Manhattan.
An Avison Young team led by Principal Vincent Carrega and including James Nelson, Principal and Head of Tri-State Investment Sales, Principals Neil Helman and Charles Kingsley and Director Daniel Tropp, is marketing the property.
The group is seeking a developer or user looking to build a notable residential or community facility property at the site, which offers 100 feet of frontage along East 65th Street, between First and York avenues. The property is zoned for up to 40,368 square feet for residential use and 51,469 square feet with a community facility space. Appropriate non-residential uses for the property might include medical or educational facilities.
“This is a prime opportunity for an end-user or developer to add immense value to a well-located property with significant frontage along East 65th Street,” Carrega said. “The propertyis poised to benefit from the significant investment and development occurring on the Upper East Side that continues to elevate this already immensely popular Manhattan neighborhood to new heights.”
TheUpper East Sideis known for its stunning architecture, modern amenities, and world-renown cultural attractions such as the Metropolitan Museum of Art. Additional neighborhood attractions include the 92nd Street Y, the Asia Society, the Frick House, the Guggenheim Museum and a wide array of other world-class institutions.
The property is also extremely well-positioned to capture the growth of several key future economic drivers that are in close proximity, including nearby medical expansions that will increase the already significant Upper East Side medical presence, as well as the Cornell Tech Campus on Roosevelt Island that is poised to bring 8,000 permanent jobs and $23 billion in economic activity to the area. It is near the 4, 5, 6, F, and R trains as well as Q train along the newly constructed Second Avenue subway line, which makes the Upper East Side location more connected to the rest of the city than ever before.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
