YYY 62nd Street LLC recently closed on the acquisition of a block-through development site on the Upper East Side purchased from the Archdiocese of New York. The 13,706-square-foot site at 330 East 62nd Street, with frontage on East 61st and East 62nd Streets off Second Avenue, can accommodate approximately 98,500 square feet on a rectangular block-through footprint. Given its proximity to many of NYC’s leading hospitals and private schools, the developer is planning a community facility project catered toward medical office, education use, or student and resident-doctor housing.
Dual street frontage provides great exposure for a single tenant or the potential for a mix of smaller users to occupy portions of the development with an exclusive entrance and address, according to Newmark Grubb Knight Frank leasing advisors Justin DiMare and Howard Kesseler, who are exclusively marketing the project.
“A development exclusive for institutional use is unique and this size footprint could accommodate a full-size gym and efficient classrooms for a nearby school or modern lab space for a biotech user seeking proximity to the neighborhood’s hospitals,” said Mr. DiMare.”Spaces can be designed-to-suit and delivered on a leasehold condominium basis, which for 501c3 non-profit users, can be eligible for real estate tax exemption.”
The site is located two blocks from the 59th and Lexington express train and 63rd Street (F) train. Mr. DiMare and Mr. Kesseler anticipate demand from a variety of users seeking to expand or establish a presence on the Upper East Side.
“Programming new development space here is increasingly rare given the competition from the country’s leading institutions headquartered nearby,” said Mr. Kesseler.
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