Introduction

Upland Property Advisors, as exclusive agent, is pleased to offer for sale the fee simple interest in 218 Madison Avenue (the “Property”), a prime residential development site located on the northwest corner of Madison Avenue and East 36th Street.  As-of-right, the site can be built with a 35,625 ZSF “quality housing” luxury residential project of up to 117 feet in height. An alternative design would allow a total development of 42,750 ZSF utilizing “tower regulations,” by using 7,125 ZSF of inclusionary housing rights.  Regardless of which design is employed, the site is advantaged by its combination of Madison Avenue prestige, immediate proximity to Bryant Park and Grand Central Terminal, and superior walk-to-work convenience, allowing the project to capitalize on the notable strength of the Manhattan “value luxury” residential condominium market segment.

Investment Highlights

  • — High-visibility corner location along prestigious Madison Avenue.
  • — Low-rise landmarked Morgan Library and Museum directly across Madison Avenue —permanently protected light, air, and views.
  • — Surrounded by the world’s greatest concentration of major corporations, creating a strong residential demand base from walk-to-work professionals.
  • — Central, mixed-use location at the confluence of the Bryant Park, NoMad, Grand Central, and Murray Hill neighborhoods – comprehensive dining, shopping, and entertainment amenities.
  • — Modestly-sized units cater to the “value luxury” niche preferred by Manhattan professionals, empty nesters, and international buyers.
  • — Ability to create private outdoor space for all units – a rare and valuable amenity that is even more desirable in a post-pandemic world.
  • — Vacant delivery of existing 4-story brick building allows rapid development of the Property – limited competitive inventory and anticipated continued pricing growth.