CBRE Selling Midtown East Garage/Lot With Many Possibilities

CBRE has been tapped to sell one Midtown East Garage and a lot for possible redevelopment, the firm announced earlier this week.

54garage 400x300 CBRE Selling Midtown East Garage/Lot With Many Possibilities

240 E. 54th Street (image courtesy of Property Shark)

The properties, located on 240 East 54th Street and 245 East 53rd Street, have a total lot area of 12,251 square feet with approximately 39,000 square feet of buildable space.  Both properties are nestled between Midtown East’s unique nexus of office properties, high-end residential buildings, and a collection of medical centers like Weil Cornell Medical Center and Memorial Sloan Kettering Cancer Center. 

Both spaces have been out on the market for three weeks and have already drawn interest from a mix of developers, including those with ties to the medical community, said CBRE.

“There is interest in medical groups and institutions, and we’ve had some interest from hoteliers,” said Tim Sheehan, who is handling the property alongside colleagues Dan Kaplan, Craig Reicher and Ned Midgley. 

“Obviously there is interest from parking operators, but the owners are not really looking to sell to a similar interest,” added Mr. Sheehan.

The lot on 240 East 54th Street is in a C1-9 zoning district, which allows residential, commercial and facility uses. The other garage on 245 East 53rd is in an R8B zone which allows residential and community facility uses.

The property does not have the air rights to eventually build a high-rise development. The owner, Gould Investors LP, is open to either an outright sale, a joint venture with a potential user, or other possible types of transactions, said Mr. Kaplan.

“It’s a pretty unusual opportunity,” he added.

The Spence School, an all-girls private school located on the Upper East Side, recently snapped up a lot at 412 East 90th Street from the Hertz Corporation for $26.1 million.

In 2008, The Convent of the Sacred Heart, another all-girls school in the Upper East Side, paid $23 million for a 12,500-square-foot lot at 406 East 91st Street 12,500-square-foot lot previously owned by Verizon. 

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