Historic Clinton Street Synagogue Lists Alley Lot for $5.25M

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

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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.

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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.

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