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An owner approached me several months ago looking for advice on his property at 180 East 94th Street. The property was a 3 and a half story building containing a nail salon and two fair market residential units above, including a duplex with a roof deck.

 His property had been on the market for a while with an asking price of $2,500,000. A buyer had offered $2,000,000, which he was considering accepting.  He wanted to know if I thought it was a fair price.

After looking into the situation, I realized something unique: for a small, side street property it had substantial air rights. Because the property was located within 100 feet of the corner, it benefited from a C2-8 (R10 equivalent zone) with a floor-to-air (FAR) ratio of 10 times.  Most mid block properties typically have a 4 times or under ratio.

The total buildable square footage is calculated by multiplying the total lot area by the FAR. In this case the lot was only 25.3’ x 36.6’, but with the 10 times multiple it had about 9,290 of buildable square feet (BSF). The existing building was only about 3,147 SF...

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Neighborhoods: Upper East Side