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: Etsy
Afford Your Rent with this $900 Fire Escape Tent Solution so You Can Airbnb and Stay

This crazy product puts the air in Airbnb. While you struggle to pay off the exorbitant monthly rent your tenement landlord continues to inflate, there is an out-of-the-box solution. Just open the window and pitch a tent from the fire escape. This way you can remain onsite and collect the dole via Airbnb. A win-win. Location […]

4th Street between Avenues A and B, Photo: Clayton Patterson
Clayton’s Corner: The 1980s, Lest We Forget [PHOTOS]

The 1980s, lest we forget… On the one hand we tend to over-romanticize how wonderful the old Lower East Side was. Fact is, it was dangerous, dirty, and often with poor living conditions. There was a blur between the good guys and bad guys; a number of cops were as deeply involved in the illegal […]

249broome-retail
After $12.3M Sale, Longtime Chinese Laundromat Forced from 249-251 Broome Street

The reliable Sun Kwong Laundromat at 251 Broome Street was given its marching orders last week. Alas, its final day serving the neighborhood is tomorrow (May 25). There is a sign on the front door alerting patrons that the business lost their lease. The laundromat kept the area in clean clothes for more than a decade, and […]

belraf-closing
Bloodbath in the Bargain District: 3 More Discount Vendors on Orchard Street Bow Out

It’s a bloodbath in the former “Bargain District.” Three old school apparel vendors are on the way out. All in quick succession. The second coming of Giuseppe Uomo ended earlier this month. But the closure is actually a year in the making. The store closing signs first appeared at 130 Orchard Street around this time last […]

ben-sherman-closing
Ben Sherman to Officially Close SoHo Store Next Week After 10 Years on the Block

SoHo fashion outpost for anglophiles, Ben Sherman, has been on life support (i.e. month-to-month) since last fall. Its stay at 96 Spring Street was extended several times since October in order to deplete all inventory. As previously reported, the brand is ditching its longtime digs after exactly ten years on the block. When we first […]