NEW YORK CITY—A development site at 301 East 61st Street, located on the northeast corner of 61st Street and Second Avenue on Manhattan’s Upper East Side, sold for $15.4 million.

The site measures approximately 50.5’ x 75’, giving a total lot area of approximately 3,781 sq. ft. Currently, there is a five-story apartment building located on the lot. The property is located within a C2-8 zoning district with an R10 residential equivalent, yielding a floor-area-ratio (FAR) of 10.0 for either commercial or residential use. The C2-8 zoning gives the site a total buildable square footage of approximately 37,012 sq. ft. as of right. In addition, the previous owner had acquired an additional 8,000 sq. ft. of inclusionary development rights for the property, increasing the size of the development to 45,812 sq. ft.

This marks the first New York City purchase for the buyer, an out-of state developer. Chairman Bob Knakal and director of sales Clint Olsen of Massey Knakal Realty Services represented the seller, while Louise Beit of Sotheby’s International represented the purchaser.