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

Block Party at The Cast on Orchard Street Broken up with Aggressive Arrest [VIDEO]

An afternoon of music on Orchard Street was interrupted yesterday evening with two aggressive arrests. Rock-n-roll leather shop, The Cast, hosted its annual street party for “Make Music New York” that included performances by eight bands on Orchard Street, between Grand and Broome. The event began at noon, but by dusk, it was broken up, albeit temporarily, by police […]

New 50-Foot ‘STIK’ Figure Appears on Allen Street

With the COST and Dain collaboration no longer in play at Allen and Delancey Streets, another revered street artist is at bat. UK-based STIK has been on the block since Tuesday to impart a token stick figure to the west-facing exterior of 55 Delancey. The mural was apparently commissioned by Fat Free Art Gallery (not The […]

Rivington House Co-Owner Picks up Pair of Ludlow Tenements for $15.5M

Last week, we learned that the corner tenement at 101 Stanton Street (at Ludlow) changed hands for $12.9 million. It was sold by Arwen Properties/Luthien Group to a small consortium of real estate firms. Now, it appears the company simultaneously cashed out the two adjacent properties on Ludlow Street, too. While prior rumors of sale proved […]

Rumor: Berkli Parc Closing Down on Saturday After 7 Years at Allen and Delancey [Updated]

Berkli Parc is reportedly ending operations this weekend after nearly seven years at the corner of Allen and Delancey Streets. We are told that the landlord bought out the remainder of the cafe’s lease, and that a fire sale is planned for Saturday. Circumstances around the closure aren’t confirmed, but we did hear unverified allegations […]

Watch Mayor de Blasio’s Reaction to Rivington House Accusations at Town Hall Last Night [VIDEO]

It was open season on Mayor de Blasio during last night’s “sold out” town hall assembly. Lower East Siders peppered Hizzoner with a barrage of questions and grievances related to myriad hyperlocal concerns. Councilwoman Margaret Chin served as moderator. And while many in the room saw opportunity for clarity, political challengers with a horse in […]