For Sale
$1,900,000

1600-1602 Lexington AveNew York, NY 10029

Prime NYC Development Site, 16,166 sq ft

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional 16,166 square foot development site, located at 1600-1602 Lexington Avenue in New York, NY 10029, presents a unique investment opportunity. Boasting 33 feet of frontage along the bustling Lexington Avenue, this property offers significant potential. The mixed-use zoning (R7-2/C1-5) allows for approximately 9,948 buildable square feet as-of-right, with a community facility (CF) bonus potentially increasing this to 16,166 square feet. This is particularly attractive given the property's proximity to Mount Sinai Hospital. The asking price is $1,900,000, translating to $118 per square foot. Recent sales of nearby condominiums have achieved prices exceeding $1,200 per square foot, indicating strong market demand. The site benefits from convenient access to the 6 subway line at Lexington Avenue, with nearby stations at East 103rd and East 96th Streets. Several townhouse sales in the area have historically surpassed $1,000 per square foot, further highlighting the property's exceptional location and potential for high returns. The lot size is 2,487 square feet. Multiple nearby rental and condominium development projects underscore the vibrant growth of this area. This is a rare chance to acquire a prime development site in a highly sought-after New York City location.

Highlights

  • 33 feet of Lexington Avenue frontage.
  • Nearby townhouses have sold for over $1,000 per square foot.
  • Direct access to the 6 train at Lexington Avenue and East 103rd/96th Streets.
  • R7-2/C1-5 zoning allows for approximately 9,948 square feet as-of-right.
  • Community Facility bonus allows for approximately 16,166 square feet near Mount Sinai Hospital.
  • Recent condo sales in the area exceeded $1,200 per square foot.

Property Details for 1600-1602 Lexington Ave

Property type
Land
Square Feet
16,166 SF

Location Insight

City
New York
County
New York
State
New York
Latitude
40.7894293
Longitude
-73.9486352
1600-1602 Lexington Ave, New York, New York

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1600-1602 Lexington Ave
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