Newmark announces it has been retained to market the sale of a prime development site at 1975 Madison Avenue in Manhattan, New York. The property, situated on the Northeast corner of Madison Avenue and 116th Street, is zoned for 80,942 square feet, totaling 116,840 gross square feet, and sits on a 20,561-square-foot, shovel-ready lot. The turn-key asset is vested in the 421-a program and is located in an opportunity zone with approved plans. Newmark’s Executive Managing Director Ron Solarz represents ownership on the offering.
This development site marks one of the city’s last projects eligible under the now-expired 421-a affordable housing program. Additionally, the asset provides access to one of the world’s most desirable investment markets that faces continued housing supply constraints.
“1975 Madison Avenue presents one of the most ideal investment opportunities in today’s market,” said Solarz. “The asset’s location in a rapidly developing neighborhood with high demand, coupled with it being vested in 421-a with approved plans, creates an attractive development site opportunity.”
Current ownership of the site has obtained the required approvals of its plans for a proposed eight-story, 93-unit luxury multifamily rental or condominium complex, with approximately 35 underground parking spaces. The site plans call for a mix of one- and two-bedroom residences, ranging in size from approximately 650 square feet to 1,200 square feet, all featuring luxury kitchens, a dining area and spacious bedrooms. Other notable amenities include custom cabinetry; designer appliances; in-unit laundry; an approximately 3,500-square-foot roof deck with sweeping views of the Manhattan skyline, East River and parks; a robust state-of-the-art fitness center; outdoor garden-designed terraces; conference meeting rooms and a 24/7 underground, attended parking garage.
Additionally, a 3,700-square-foot community-serving commercial space will be located on the ground level. The ground floor commercial space provides a prime opportunity for a local health facility, a children’s daycare center or a community-focused tenant to occupy the space.
Situated in the rapidly developing neighborhood of Central and East Harlem, which has experienced an influx of institutional real estate investment and development from investors such as Extell Development, Goldman Sachs, Columbia University and Mt. Sinai Medical, 1975 Madison Avenue is primely situated with convenient access to all of Manhattan. In addition to the neighboring developments, abundant retail and restaurant landscape, 1975 Madison Avenue is located within walking distance to highly trafficked public transportation hubs such as the Metro North, RFK/Triborough Bridge, the 125th Street Station with access to the 2,3, and 4,5,6 subway lines, along with future access to the N,Q,R lines.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
