824 lexington avenue new york, ny 10065...824 lexington avenue, new york, ny 10065 | 13 c1-8x zoning...

EXCLUSIVE OFFERING MEMORANDUM

LENOX HILL | MANHATTAN

824 LEXINGTON AVENUE

NEW YORK, NY 10065

5-STORY MIXED-USE BUILDING | SIX APARTMENTS

TWO FLOORS OF RETAIL | 7,637± | CORNER

FIRST

SALE IN

50+ YEARS

TABLE OF

CONTENTS

EXECUTIVE SUMMARY

FINANCIAL OVERVIEW

LOCATION OVERVIEW

ZONING OVERVIEW

BESEN ADVISORY TEAM

Ben WeissManaging Director

(212) 951-8418

[email protected]

Paul J. NigidoSenior Financial Analyst

(646) 424-5350

[email protected]

Jared RehbergMarketing Manager

(646) 424-5067

[email protected]

Besen Partners

381 Park Avenue South

15th Floor

New York, NY 10016

(212) 689-8488

SUBMIT YOUR BEST OFFER

Besen Partners, as exclusive agent for ownership, is pleased to offer for sale 824 Lexington Avenue (the

“Property”) also known as 135 East 63rd Street, which is located on the northwest corner of East 63rd

Street and Lexington Avenue in the Lenox Hill section of Manhattan’s Upper East Side. Built in 1910

and last altered in 1989, the 7,637± SF property consists of a 5-story, mixed-use building with six (6)

vacant free market residential units and two full floors of corner Avenue retail.

EXECUTIVE SUMMARY

The corner Property is situated at the entrance to the Lexington Avenue/63rd Street F, Q subway trains,

as well as walking distance from Lexington Avenue/59th Street N, R, W subway trains. There is

tremendous foot-traffic throughout the neighborhood.

LOCATION & TRANSPORTATION

824 Lexington Avenue, New York, NY 10065 | 3

INVESTMENT HIGHLIGHTS

5-story mixed-use building located in prime Lenox Hill on Manhattan’s Upper East Side

Six (6) vacant free market apartments

Well-maintained property requiring minimal near-term capital

Potential to increase cash flow by leasing the vacant residential units and the rooftop antenna

Prime corner location on Lexington Avenue boasting tremendous foot-traffic

Access to the Lexington Avenue/63rd Street F, Q subway trains via 1st floor entrance, also walking

distance from Lexington Avenue/59th Street N, R, W subway train

Long Term Ownership - First Sale in 50+ Years

In close proximity to Central Park, Hunter College, The Plaza Hotel, Apple 5th Avenue, Zara,

Bloomingdales, and Lavo restaurant

824 Lexington Avenue, New York, NY 10065

PROPERTY SPECIFICATIONS

Neighborhood: Upper East Side: Lenox Hill

Block / Lot: 1398 / 14

Lot & Built Size: 20.42’ x 85’ & 20’ x 85’

Stories: 5-Story Mixed-Use Building

Total Apartments & Retail: 6 Apartments / 2 Retail Floors

Building Size: 7,637± SF

Zoning District: C1-8X

FAR (Built / Allowed): 4.4 / 9.0

Assessment / Taxes:

(2019 / 2020)$1,376,329 / $173,582


LOCATION MAP

M101 M102 M102

824 Lexington Avenue

PROPERTY PHOTOS


C1-8x ZONING

*C1-6 through C1-9 and C2-6 through C2-8 districts are commercial districts that are predominantly residential in

character. They are mapped along major thoroughfares in medium- and higher-density areas of the city, such as

Second and Lexington Avenues on the Upper East Side or Columbus and Amsterdam Avenues on the Upper West

Side. As in commercial overlays districts, typical retail uses include grocery stores, dry cleaners, drug stores,

restaurants and local clothing stores that cater to the daily needs of the immediate neighborhood. There are only

minor differences between C1 and C2 districts, with a slightly wider range of uses permitted in C2 districts, such

as funeral homes and local repair services. In mixed buildings, commercial uses are limited to one or two floors

and must always be located below the residential use.

The maximum commercial floor area ratio (FAR) is 2.0. Residential uses are governed by a specific residential

district equivalent. For example, in C1-6 districts, the bulk regulations of R7 districts apply for residential uses,

and in C2-8A districts, the bulk regulations of R10A districts apply.

Since these districts are usually mapped in areas well served by mass transit, off-street parking is generally not

required.

*Note: Data taken from NYC Department of City Planning.

824 Lexington Avenue

New York, NY 10065


C1-8x ZONING

C1-8x ZONING

C1-6 through C1-9 and C2-6 through C2-8 districts are commercial districts that are predominantly residential in

character. They are mapped along major thoroughfares in medium- and higher-density areas of the city, such as

Second and Lexington Avenues on the Upper East Side or Columbus and Amsterdam Avenues on the Upper West

Side. As in commercial overlays districts, typical retail uses include grocery stores, dry cleaners, drug stores,

restaurants and local clothing stores that cater to the daily needs of the immediate neighborhood. There are only

minor differences between C1 and C2 districts, with a slightly wider range of uses permitted in C2 districts, such

as funeral homes and local repair services. In mixed buildings, commercial uses are limited to one or two floors

and must always be located below the residential use.

The maximum commercial floor area ratio (FAR) is 2.0. Residential uses are governed by a specific residential

district equivalent. For example, in C1-6 districts, the bulk regulations of R7 districts apply for residential uses,

and in C2-8A districts, the bulk regulations of R10A districts apply.

Since these districts are usually mapped in areas well served by mass transit, off-street parking is generally not

required.


LOCATION

Lenox Hill is a neighborhood on Manhattan's Upper East Side. It forms the lower section of the Upper East Side,

closest to Midtown. The neighborhood ranges from East 60th Street to East 77th Street south to north, by East

River to the east, and by Park Avenue to the west. A significant portion of the neighborhood lies within the Upper

East Side Historic District designated by the New York Landmarks Preservation Commission in 2013 and

expanded in 2010. The neighborhood is part of Manhattan Community Board 8.

As of 2009, the population of the area was 67,122. The population density was approximately 35,960 people per

square kilometer. Over 75% of residents were white. The median income for a household living in Lenox Hill was

$92,219.

Lenox Hill Hospital, the former German Hospital, is located in this area, on East 77th Street.

Luxury residences built in the 1910s and '20s are now very expensive. Park Avenue and Lexington Avenue both

pass through Lenox Hill, and along these avenues, there are many boutiques, art galleries and five-star hotels.

Museums in the area include the Frick Collection.

Lenox Hill is serviced by the New York City Subway's 68th Street–Hunter College station on the 4, 6, and <6>

trains. Bus routes include M1, M2, M3, M4, M15, M66, M72, M98, M101, M102, M103.

Lenox Hill is expected to be served by NYC Ferry starting in Spring 2018.

TRANSPORTATION


Subways

• F, Q at Lexington Av under 500 feet

• F, Q at 63rd Street under 500 feet

• N, R, 4, 5, 6, W at Lexington Av-59 St 0.21 miles

• 6 at 68th St 0.24 miles

• N, R, W at 5th Av 0.32 miles

Bus Service

Steps away from the MTA [M101,M102,M103,BxM1] buses on Lexington Avenue

LENOX HILL | MANHATTAN

824 LEXINGTON AVENUE

NEW YORK, NY 10065

5 - S T O R Y M I X E D - U S E B U I L D I N G | S I X A PA R T M E N T S

T W O F L O O R S O F R E TA I L | 7 , 6 3 7 ± | C O R N E R

824 lexington avenue new york, ny 10065...824 lexington avenue, new york, ny 10065 | 13 c1-8x zoning...

Documents