591 Park Avenue, New York, NY for sale

Investment Overview

BKREA has been exclusively retained to arrange for the sale of 591 Park Avenue ("The Property"), a premier development opportunity in the prestigious Lenox Hill neighborhood of Manhattan. The property is located on the East side of Park Avenue, between East 63rd and 64th Streets, offering prominent frontage along Park Avenue. Its flexible zoning and prime location provide developers with a unique opportunity to capitalize on the high demand for luxury residential properties, as well as hospitality ventures, given its proximity to Central Park, world-class dining, and top cultural institutions. Currently, the property consists of a vacant 8,250 square foot existing structure available for redevelopment. The entire site will be delivered vacant, offering developers the opportunity to create a modern, high-end development at a maximum of 23,892/ZFA using the Universal Affordability Preference (UAP) in one of Manhattan’s most sought-after neighborhoods. The location’s combination of affluent residents, proximity to key commercial hubs, and unparalleled access to green spaces makes this an exceptional investment opportunity for forward-thinking developers

Investment Highlights

• Prime Park Avenue Address - Located on one of Manhattan's most iconic avenues, 591 Park offers unmatched prestige and visibility in the heart of the Upper East Side.
• Steps from Central Park - Just a short stroll to Central Park, the site provides future residents or tenants with access to one of the world's most renowned urban green spaces.
• Vacant Possession - The existing building will be delivered vacant, providing time and cost savings.
• Architectural Integration Opportunity - Flanked by two historic buildings, the site invites innovative design that can seamlessly blend modern luxury with timeless architectural elegance.
• Unrivaled Visibility - Park Avenue frontage ensures high visibility on a wide street, making it an ideal location for a statement residential development.
• Boutique Development Potential - The smaller footprint provides a unique opportunity to craft an exclusive, high-end project tailored to discerning buyers or tenants.