East Houston Mobil Gas Station Site Sold for $8 Million

October 2010

Gas stations don’t fit the mold of the new Lower East Side, especially along the increasingly upscaled East Houston corridor. Who seriously woulda thought years ago that the Exxon Mobil site at the corner of Avenue C would sell in the neighborhood of $8 million? Moot point – it already has, with residential development waiting in the wings.

The Real Deal has the scoop, reporting that the landowners of 350 East Houston sold to the new investment arm of Ivan Hakimian’s brokerage HPNY. Until last Friday, the 6,000 square-foot parcel had been owned by the same family (the Seidens) for a half-century. Now it’s on to the next one. Once that gas station lease ends in the “near future,” we can expect to hear more about plans to develop the space. In the meantime, we do know that zoning allows for 43,000 square-feet of residential living.

LOISAIDA?