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

Posted on: January 2nd, 2013 at 6:47 am by
This image has been archived or removed.

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

Spectrum Debuts New Essex Crossing Store on Grand Street

Essex Crossing wouldn’t be complete without yet another big-box retailer, living up to the shopping mall persona many in the neighborhood always anticipated. The latest to plant a flag is Spectrum, which is sandwiched between Target and Trader Joe’s at The Rollins mixed-use development. Carrying the address of 396 Grand Street, this is the ninth overall […]

The Children’s Place on Delancey Street Might Not Survive 2020

The Lower East Side outpost of The Children’s Place is operating on borrowed time. The tombstone leasing banner beside its store signage at 126 Delancey says it all. Diving deeper into the real estate listing – repped by Sinvin [PDF] – it appears the 7,600 square-foot space is available starting November 2020. And Essex Crossing […]

Judge Rules in Favor of Community Lawsuit to Halt Two Bridges Towers

A state Supreme Court judge yesterday ruled in favor of a year-old community lawsuit to halt the planned development of three luxury towers in Two Bridges. State Supreme Court Judge Arthur Engoron, who presided over the case brought by the Lower East Side Organized Neighbors coalition, found that the slate of skyscrapers is in direct […]

That Chen Wong Imposter was Removed from Seamless

It took several days, but the Chen Wong imposter taking orders on Seamless is canceled. As previously reported, the shuttered Chinese restaurant surfaced on the app two months after its departure from Madison Street. And appeared alongside its old address. One reader spotted the strangeness, and ordered to see if it would go through. When […]

The 6-Story Future of 301 Broome Street

Another single-story relic on the Lower East Side will soon yield to luxury. This time, it’s on Broome Street. The squat warehouse at 301 Broome, formerly the Simon Preston Gallery, is on the shortlist for redevelopment. Building owner Winnie Lee will soon demolish the property to make way for a six-story mixed-use structure. Permits were […]