194 Third Avenue

JLL has been retained on an exclusive basis to arrange

for the sale of 194 Third Avenue, a four-story, 6,670

square foot mixed-use property between East 17th and

East 18th Streets on the West side of Third Avenue. The

ground level retail component and the two second floor

apartments can be delivered vacant. The third and fourth

floors each feature a full floor apartment, both of which

are rent stabilized. When projecting for the vacant retail

and apartments, the building’s projected gross revenue is

$357,574, with a projected annual net operating income of

$215,041. Additionally, as built, the subject property has

20,930 square feet of available air rights.

194 Third Avenue has tremendous development potential,

in that it is one half of a larger assemblage when combining

it with 192 Third Avenue (lot 35). Both buildings are the

same footprint and offer 23,000 BSF each. 190 Third

Avenue (lot 34) is landmarked, but has excess air-rights

totaling 16,100 BSF. When combined with the additional

2.0 FAR of available inclusionary rights, this would yield an

approximately 76,000 BSF development site.