East 40s NY, NY Development-Conversion Site for sale $19,000,000

East 40s NY, NY Development-Conversion Site for sale $19,000,000

50,000 sf,   East 40s NY, NY Development/Conversion
The subject development site is a 50` x 100` lot consisting of a vacant 5-story commercial building and its available air rights yielding a total buildable footage of approximately 50,000 square feet based on an FAR of 10.0 as derived from the site`s C6-4 zoning designation. The zoning also qualifies for a potential 20% bonus in inclusionary air rights for the creation of low income housing, bringing the FAR up to 12.0. See zoning computation below.