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

essex-market-demolition-1
For the Essex Market Building on Site 2, It’s One Step Closer to Demolition

Down at the old Essex Market building below Delancey Street (aka Site 2 of Essex Crossing), it’s a flurry of activity preceding the inevitable wrecking ball. Demolition crews have been busy this week installing the requisite scaffolding, sidewalk bridge, and plywood along the perimter of the brick building. Full takedown will soon commence and last […]

orchard-hell-building-retail
Hotel Indigo on Orchard Street Delayed Until September 2015; Retail Hype Coming Soon

Hell, what’s another six months when the project has already run a decade and cost countless millions in both currency and complaints. So it is with the Hotel Indigo on Orchard Street, which continues to live up to its Hell Building nickname. According to the booking website, the 23-story lodge won’t start accepting reservations until […]

dimes-canal-1
An Early Look Inside Dimes 2.0 on Canal Street

You’re looking at the almost-ready interior of Dimes 2.0 at 49 Canal Street. The much larger space – now with an arched design – is easily twice the size of the OG location. As previously reported, it’ll offer an expanded kitchen, additional seating, and the benefits of a full liquor license (still pending at the […]

vote-pedro
‘Vote for Pedro’ is a Mexican Eatery Vying for 17 Essex Street

Contain your liger’s excitement, for a thin slice of Napoleon Dynamite is headed to Seward Park. Translation = another restaurant is angling to open in this once-storied district of Judaica. Just a few doors north of the forthcoming Salvadoran restaurant Cabalito, a Mexican restaurant is currently in the infant stage of development. Working title of […]

civilianaire-closed-2
Civilianaire Fails Out of 53 East Houston After Two Years

We saw this one coming a mile away. A death watch that came to pass. The year-long 50%-off merchandise sale became a rather sure indication of demise. It was just a matter of when. Well, that day of reckoning arrived yesterday for the Civilianaire boutique on East Houston, where a constant placement of window signage […]