BLOCK THROUGH DEVELOPMENT SITE FOR SALE
PRIME DEVELOPMENT OPPORTUNITY
LOWER EAST SIDE
NEW YORK, NEW YORK
Lot Square Footage:128’ x 87’ On East Side of lot 50’ x 87’ On West Side of lot
Zoning: (FAR)C6-1 (6.0) R7-2 Equivalent (3.44) The old zoning is grand fathered into the property
Total Buildable Square Feet:201,337
Total Real Estate Taxes:$2,502,000 (09/10)
A 128’ wide block through development site. The site is planned for a twenty five story glass hotel building. The hotel will have 356 keys with the entrance on two streets. The cellar and sub-cellar will have a two story garage which is built full with parking for 115 cars. The ground floor will have 8,448 square feet of retail space as 4 separate units. The second floor will have a terraced bar with out door space. The Health Club and outdoor pool will be on the twelfth and thirteenth floors.
Dining services will be available from the duplex 3,500 square foot restaurant on floors 23-24, offering breathtaking views of the Lower East Side. The foundation is in place along with the cellar and sub cellar for the garage. The first two floors have been built for the stores. The property is also a great condo conversion project. A developer can create 178 good size apartments in a building with lots of amenities.
The site is in a mid block location. All the adjacent buildings air rights have been stripped and sold to the site. Other hotels in the area are the Thompson Hotel on Orchard Street, the planned Hotel on Ludlow and the Hotel Rivington. The area is considered prime lower east side with fine retail stores, restaurants, movie theaters and art galleries.
ASKING PRICE: $60.0M
$298 PER BUILDABLE SQUARE FEET