Historic Clinton Street Synagogue Lists Alley Lot for $5.25M

Posted on: April 3rd, 2017 at 5:00 am by

chasam-sofer-clinton-1_wm

Congregation Chasam Sofer is getting into the real estate speculation game on the Lower East Side. The Clinton Street synagogue just listed its adjacent lot for a hefty sum.

This 2,000 square-foot gated walkway on its southern flank, which doubles as a landscaped garden complete with fountain, is now on the market for $5.25 million. The site offers 8,000 square-feet of buildable floor area, and can be “delivered vacant allowing for imminent development potential.” The synagogue’s air rights are also negotiable, so expect the worst.

The lot at 14 Clinton Street was previously city-owned land that eventually transferred to Chasam Sofer in July 1999, according to public records.

Cushman & Wakefield is apparently the exclusive broker for the property. Below are the nuts and bolts.

14 Clinton Street [is] an ~8,000 BSF development site located on the Lower East Side, one of the most desirable neighborhoods in Manhattan. The property is an unimproved ~2,000 SF lot ideally located on Clinton Street between Stanton and East Houston Streets, an area experiencing a surge in demand for residential housing and retail space.

Additional Transfer Development Rights are available from the adjacent property at 10 Clinton Street allowing for a potentially larger development site pending zoning code. The property will be delivered vacant allowing for imminent development potential to capitalize on these market trends.

14 Clinton Street greatly benefits from its superior location on the Lower East Side, known for its abundant selection of established and new eateries, galleries, clubs, retailers, and nightlife options. The immediate neighborhood is home to a diverse population of residents due its proximity to other popular areas including the East Village, Little Italy and Chinatown, as well as new projects including Essex Crossing, a mega project comprised of ~1.9 million square feet of residential, commercial, and community space.

With record levels of equity pouring into real estate in the immediate neighborhood, this is a unique development opportunity to capitalize on a neighborhood undergoing a major transformation for resident and tourists alike.

Allowing development so close to Chasam Sofer will certainly tarnish its charm. Part of what makes this landmark so breathtaking is the freestanding nature of the building that isn’t crowded out by other architecture.

chasam-sofer-clinton-2_wm

Congregation Chasam Sofer at 10 Clinton Street has been on the block since 1892, its membership having merged from two congregations of Polish immigrants. Yet the building itself dates back thirty years before that. In fact, it’s the the second-oldest synagogue building in the city, and the oldest still in use in the state.

Yet, the State Liquor Authority doesn’t deem it an “active” house of worship, and is therefore not subject to the “100-foot Rule” for new license applicants. The matter has surfaced several times at the Community Board level in recent years.

Recent Stories

Are We Really the Fairest Big City with a Mayor for the 1%? [Op-Ed]

The following editorial was written by David Tieu on behalf of Youth Against Displacement, a group formed by youth across the City who aim to stand up against the Mayor’s pro-developer agenda and protect our communities from displacement. Last week, New Yorkers were greeted with two new proposals from the de Blasio administration: a “municipal […]

‘The Forward’ Ceases Print Publication After 121 Years

The Forward will do so without its print edition. The 121-year-old Jewish-American publication, founded as the Yiddish language Jewish Daily Forward on the Lower East Side in 1897, suspended print operations this week and will refocus efforts toward its online verticals. As a result, forty percent of the staff was reportedly laid off, including editor-in-chief […]

RIP Lower East Side Man in White, ‘Jimmy Blanco’

It’s a sad day for the Lower East Side. Jimmy Becker, known colloquially as “Jimmy Blanco” for perennially roaming the streets dressed in all white, passed away this week after a battle with Lymphoma. It’s believed he was about 69 or 70. Apparently, a neighbor in his building called EMS a couple weeks ago after […]

Tictail Brick-and-Mortar Market on Orchard Street Goes Under

Tictail officially closed down its Lower East Side market last month. The former shop at 90 Orchard Street is now a vacancy with the token farewell letter on the door. This retail surrender follows just a short while after the Swedish startup’s high-profile acquisition by Shopify. As for what’s next, expect nightlife of some sort. […]

More on ‘Gouie New York’ Sake Bar at the Market Line

The team behind Itzakaya, Davelle, and Samurice is multiplying again on the Lower East Side. More specifically, joining the ever-swelling roster of the Market Line concourse at Essex Crossing. As previously reported, the entity is to be a Japanese sake bar called Gouie New York. And now we have some additional details, including sample menu […]