NEW YORK CITY—A three-story, 2,500-sq.-ft. mixed-use building at 405 East 57th Street is on the market through Eastern Consolidated for $5 million. The property, which is situated approximately 35 feet from the northeast corner of First Avenue, features a vacant ground floor double-height ceiling retail space with a residential duplex on the top two floors.

Eastern Consolidated senior director Azita Aghravi with director Gary Meese are spearheading the marketing initiative for the sale of the property.

“The current owner has commissioned design work to create two stories from the existing double-height ground floor retail space, and since the property has approximately 7,000 sq. ft. of unused development rights, a fourth floor could conceivably be constructed on the roof, creating a second duplex and a total of five floors,” said Aghravi, who added that the entire building can be delivered vacant, since the tenant in the duplex is currently on a short-term lease.

Additionally, according to Meese, “the property could become a component of a development assemblage in the future as the site is located near the corner, adjacent to two similar sized buildings.”