JLL has been retained on an exclusive basis to arrange for the sale of 924 Third Avenue, a 5 story, mixed-use building on the West side of Third Avenue between East 55th and 56th Street. The building currently has 1 vacant retail space and 8 apartments comprised of 6 free market and 2 rent stabilized units.
The property’s location with direct access to the 4567E & M trains as well as being surrounded by Bloomberg’s headquarters, Bloomingdales and the Lipstick Building, is highly desirable. This premium location paired with the potential for a future development assemblage inside the new Midtown East rezoning, creates an incredible investment opportunity.
924 Third Avenue has been under the same ownership for generations and is a key assemblage piece in what is a large-scale development opportunity in the heart of Midtown. With a total of 36,625 BSF approx., the development opportunity is highlighted and possibly expedited by the already consolidated ownership of the surrounding properties. In the meantime, the core office and retail location affords investors the ability to create and receive exceptional income and yield.