Club to Condos: 141 Chrystie Street Pitched as New 12-Story Development Opportunity

Posted on: August 14th, 2014 at 6:02 am by
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For years, the song remained the same at 141 Chrystie Street. But now the tune is changing from club to condo (well, maybe).

Red Heels recently rechristened itself simply “LES Sports Bar,” promising “the best night in town” with Karaoke, happy hour, and the works. Yet the switcheroo was nothing more than rearranging the deck chairs on this sinking ship. Despite the summertime torrent of million-dollar listings for the commercial business, the property itself (and its valuable air rights) is really what’s up for grabs.

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Ariel Property Advisors is pitching the property as a notable development opportunity. Developers can deliver a twelve-story (125 feet) payload on this parcel. According to the broker literature, the 23-foot by 106-foot lot carries 16,380 buildable square feet as-of-right. Capitalizing on the inclusion housing bonus, the lucky owner could open up a total of 21,420 buildable square feet.

And here is a photo of the way it was:

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