Madison Street Parking Lot Listed for $6M

Posted on: October 21st, 2013 at 6:00 am by
This image has been archived or removed.

No stone (nay, vacant lot) is left unturned in the current real estate climate. Overdevelopment is simply par for the course. Case-in-point is the sliver of parking lot right at the corner of Madison and Mechanics Alley (not on the official city map). Perenially gated, this relatively inactive spit of land primarily acts as private parking. It’s also been on the market since last year, originally listed for $5.1 million; asking price was just increased to an even $6 million.

The parcel – officially on the books as 128 Madison Street – carries a land area of 2,510 square-feet and is zoned R7-2 (residential). Here’s the city’s definition on what that designation means:

R7 districts are medium-density apartment house districts mapped in much of the Bronx as well as the Upper West Side in Manhattan and Brighton Beach in Brooklyn. The height factor regulations for R7 districts encourage lower apartment buildings on smaller zoning lots and, on larger lots, taller buildings with less lot coverage. As an alternative, developers may choose the optional Quality Housing regulations to build lower buildings with greater lot coverage.

Regulations for residential development in R7-1 and R7-2 districts are essentially the same except that R7-2 districts, which are mapped primarily in upper Manhattan, have lower parking requirements.

This so-called “development opportunity” sits within direct earshot of the steady click-clack-click-clack rumble of passing subway trains. So whatever is built, if anything, will need to withstand that noise.

This image has been archived or removed.

Recent Stories

Fridays Under $40: Trying To Be Healthy

In our new Friday column, “Fridays Under $40,” Boogie contributor Sara Graham hits the streets to find cheap eats and affordable things to do during these weird times. There are many hobbyists that have sprung from the self-isolation of spring 2020—sourdough bread bakers, TikTok choreographers, “plant moms”—but I’m most envious of runners. I’m lucky if […]

Sister of Murdered and Dismembered Tech Entrepreneur Speaks Out

Exactly one month after 33-year-old tech entrepreneur, Fahim Saleh, was brutally murdered and dismembered in his Lower East Side apartment, his sister is speaking out with a memoir on Medium. In the blog post published yesterday, Ruby Saleh recounts her relationship with Fahim and her sorrow over his death. She said that her brother was […]

Thirty Years on, Mercer Street Books is Crowdfunding to Keep Afloat

The last of the old guard is facing an uncertain future. Beloved used book store in Greenwich Village, Mercer Street Books, could be the latest victim of the economic fallout from the Covid-19 pandemic. The neighborhood fixture is in its 30th year of selling used and out-of-print books, as well as records, and currently staring […]

Ode to the Doomed Trees of East River Park [OP-ED]

The following editorial was written by Lower East Sider, Barbara Katz Rothman. There’s something truly sad about the sight of a dead tree. Look at that photo of the tree killed by the storm last week. We think of trees and use them as metaphors, so often, even by “urban types” like me who actually prefer city skylines […]

Essex Crossing Starts Leasing at The Artisan with Rentals Topping $3,000

Essex Crossing this month announced the start of leasing at its latest luxury tower – The Artisan. Located at 180 Broome Street, this beast is the largest building at the nine-site project. Its floors contain office and retail space, as well as access to the Market Line, which is gradually reopening from the pandemic shutdown. […]