Latest Stories In: Real Estate
Vacant Lot at 79 Eldridge Could Be Yours for $4.55M
The tiny vacant lots dotting the Lower East Side landscape are quickly disappearing into the real estate ether. Sold off for big bucks and into new multi-million-dollar developments. Next on the list is a photogenically decaying parking parcel on Eldridge Street, presently locked behind chain-link fencing.
For a meager $4.55 million, 79 Eldridge Street offers investors 15,180 buildable-square-feet in a commercially zoned area that allows for residential conversion. Note the major selling point in the listing is the “curb cut” at the entrance to the property. These ramps are rare and difficult to acquire from the city. Hence the hard sell by Massey Knakal:
The subject property is a vacant parcel located on the west side of Eldridge Street, between Hester Street and Grand Street. The lot size is approximately 25.3′ x 100.25’ with a total lot coverage of 2,530 square feet. The property is in a C6-1G zone with an FAR of 6.00 for commercial use, 3.44 for residential use and 6.50 for community facility use. The highest and best use would be commercial development or a mixed-use building which would result in a development of approximately 15,180 BSF. It is important to note that subject benefits exclusively from a curb cut in front of the property. Curb cuts in Manhattan, especially lower Manhattan, are rare and often very difficult to acquire from the City of New York. Furthermore, vacant lots with development potential in the Lower East Side are equally rare and quickly being purchased by developers.
Anyone for another glass tower?