Vacant Lot at 79 Eldridge Could Be Yours for $4.55M

Posted on: January 2nd, 2013 at 6:47 am by

79-eldridge-street-lot

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?

Recent Stories

Photo: Susan Fensten
Spooky Backyard Scene on East Fifth Street

This week, native New Yorker Susan Fensten plucks another gem from her father’s outstanding collection of previously-unseen images. The shot in question is a spooky backyard scene captured at Mr. Fensten’s East Fifth Street residence (between First and Second Avenues) in 1984. He worked as a bike messenger and lived in a tiny studio at […]

lafayette-bike-lane
Lafayette Street in the Running to Receive Protected Bike Lane

Primed and paved in the last couple weeks, that fresh layer of asphalt on Lafayette Street will soon gain some green. Yup. A new, safer bike lane is most likely on the way. The DOT threw together a deck describing in detail the plan to install a protected bike lane along the west side of […]

stanton-street-kitchen-awning
‘Stanton Street Kitchen’ Reveals Itself in Former Moldy Fig Space

The Moldy Fig is has been closed for over two years, but its awning and neon sign remained in place. Until this week. Stanton Street Kitchen is happening, and it’s already planted a flag at 178 Stanton Street. Last November, the latest in a string of applicants for this address obtained Community Board 3 approval […]

Min's Market is doomed, Photo: Mike Brown
Min’s Market at Clinton and Houston is Going Out of Business

Min’s Market, the bodega stalwart at the corner of Clinton and East Houston, is going out of business this weekend. Boogie reader Mike Brown relays the info that the reliable grocer is set to close for good on Saturday. A significant rent increase is blamed for their downfall. It’s a substantial footprint. One can only […]

Lexi Bella for Centre-fuge Cycle 4, July 2012
Centre-fuge to Present ‘Heroines of the Lower East Side’ as Part of Inaugural LES History Month

Centre-fuge just released information regarding the forthcoming mural to grace the mid-block DOT trailer on East First Street. Unlike previous installations, though, Cycle 13 will be a solo effort by project alumna Lexi Bella. She is the first artist to do so. Timed to coincide with the inaugural Lower East Side History Month (annually in […]