The Real Deal New York

Midtown East site marketed as future home of 33-story tower

Dupler wants to lease the land beneath 222-226 East 46th Street

August 11, 2015 02:45PM
By Mark Maurer Twitter_logo_blue copy

222 East 46th Street NYC

From left: Proposed rendering of 222-226 East 46th Street (credit: GreenbergFarrow) and existing building (right) (inset: Justin DiMare)

The Dupler Group is looking to lease the land on a Midtown East development site that could hold a 33-story tower, The Real Deal has learned.

The 99-year lease for the land at 222-226 East 46th Street, between Second and Third avenues, values the property at about $30 million. The site, which offers 72,000 buildable square feet, now holds a five-story office building.

But a Newmark Grubb Knight Frank team led by Justin DiMare is marketing the site as a ground-up development of a residential rental tower with as many as 96 apartments. The brokerage commissioned a study and renderings by architecture firm GreenbergFarrow.

“This is an opportunity for a new-construction rental building, in an area where that is very rare,” DiMare told TRD.

The Dupler family, a group of private investors led by Michael Dupler, has owned the property for decades.

Office tenants include online music database and communications firm First Press Public Relations.

In the spring, the Prodigy Network and Korman Communities launched sales at a condominium project at 234 East 46th Street, where prices started at $1.2 million.