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

Wo Hop Returns Today for Takeout Orders

A beloved Chinatown institution reopens this week, so hop to it. Two flyers taped outside of the Wo Hop basement location at 17 Mott Street state they’ll be open for takeout starting today, from 10:30am to 8:00pm. Their new website is up and running for online orders. If you don’t see your favorite on the […]

Popeyes Chicken Returns to Delancey Street After 6-Year Hiatus

It was more than six years ago that the long-running Popeyes franchise on Delancey Street went out of business. Now, a return is underway for the fast-food chicken restaurant. And directly across the street, at that. Evidence of its arrival, and opening, is mounting at 101 Delancey. Branded red awning is in place, and “Louisiana […]

Odessa Restaurant on Avenue A Closes this Week After 25 Years

Odessa Restaurant, long a bastion of late night cheap eats and great conversation, is set to close for good later this week. Word is circulating on social media that the 24-hour Ukrainian diner ends its Alphabet City tenure on Sunday (July 19). Here it stood for twenty-seven years. Staff is starting to tell customers about the […]

Friday’s Under $40: Little Italy

In our new Friday column, contributor Sara Graham hits the streets to find cheap eats and affordable things to do during these weird times. Like many New Yorkers, I’m working from home and I’m definitely developing aches and pains from sitting on an uncomfortable dining chair as I type away from my “kitchen office.” It’s […]

Major Hoarding Happening Beneath Hotel Scaffolding on Orchard Street

Somebody call Hoarders, there’s a junk mound on Orchard Street. For the last few months, a homeless man has been camping beneath the decade-old scaffold affixed to the hotel at 139 Orchard Street (aka the Allen Street Hotel). The individual gradually amassed a collection of garbage, furniture, and other prized street possessions. And apparently, the […]