A mid-block development site at 309-11 Fifth Avenue between 31st and 32nd Streets is being marketing by Eastern Consolidated for about $380 a square foot.
The proposed sale includes the fee interest plus development rights transferred from a qualified Inclusionary Housing site and additional air rights from an adjacent building. One hundred 421-A Tax certificates are also being development as part of the sale.
The offering maintains that the site "represents an exceptional opportunity to build a luxury residential high-rise in the midst of other high-rise residential buildings have already been completed and successfully marketed in the area as well as the many superior quality residential conversions that are currently underway nearby."
The offering plan states that there are 141,000 square feet of developable residential space and includes a rendering, shown at the right, designed by Avro/Ko, of a residential tower that could be developed.
Anthony Finno of Eastern Consolidated said the seller is already in negotiations with some potential buyers.
The area between 23rd and 33rd Street on Fifth Avenue has recently witnessed substantial development activity.
A tall residential tower was erected at 425 Fifth Avenue recently at 38th Street, a 40-story tower is nearing completion at 325 Fifth Avenue, plans were recently disclosed for a 19-story residential tower at 241 Fifth Avenue between 27th and 28th Streets, the former Gift Building at 225 Fifth Avenue between 26th and 27th Streets is being converted as is the former International Toy Center complex between 23rd and 25th Streets at 200 Fifth Avenue and 1107 Broadway and a major site recently cleared is being offered for development at 400 Fifth Avenue on the northwest corner at 36th Street.
The proposed sale includes the fee interest plus development rights transferred from a qualified Inclusionary Housing site and additional air rights from an adjacent building. One hundred 421-A Tax certificates are also being development as part of the sale.
The offering maintains that the site "represents an exceptional opportunity to build a luxury residential high-rise in the midst of other high-rise residential buildings have already been completed and successfully marketed in the area as well as the many superior quality residential conversions that are currently underway nearby."
The offering plan states that there are 141,000 square feet of developable residential space and includes a rendering, shown at the right, designed by Avro/Ko, of a residential tower that could be developed.
Anthony Finno of Eastern Consolidated said the seller is already in negotiations with some potential buyers.
The area between 23rd and 33rd Street on Fifth Avenue has recently witnessed substantial development activity.
A tall residential tower was erected at 425 Fifth Avenue recently at 38th Street, a 40-story tower is nearing completion at 325 Fifth Avenue, plans were recently disclosed for a 19-story residential tower at 241 Fifth Avenue between 27th and 28th Streets, the former Gift Building at 225 Fifth Avenue between 26th and 27th Streets is being converted as is the former International Toy Center complex between 23rd and 25th Streets at 200 Fifth Avenue and 1107 Broadway and a major site recently cleared is being offered for development at 400 Fifth Avenue on the northwest corner at 36th Street.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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