206-210 Delancey Street, New York, NY 10002

Lower East Side, New York, New York 10002

$33,900,000  

Listing ID Number

24977

Property Description

Cushman and Wakefield has been retained on an exclusive basis to arrange for the sale of 206-210 Delancey Street in Manhattan’s Lower East Side. Five lots were combined to form an “L” shaped development site with 75’ of frontage on Delancey Street and 53’ on Pitt Street. The lot size is 10,925 SF and lies in an R-8A* zone. F.A.R. is 5.4 for residential, 6.5 for community facility and 7.2 with the inclusionary housing bonus. There are approved plans for a 75,000 SF, 12-story, mixed-use building with community facility space in the cellar and ground floor and residential on floors 2 through 12. The possibility exists to increase the floor area with Inclusionary Housing or Inclusionary Certificates (call for more information). The site has sat dormant since October 2015, when the DOB placed a Stop Work Order on the property. There is a partially constructed steel structure in place up to the 4th floor. An environmental report and structural remediation plan are available upon request and would allow for a developer to utilize the existing steel and concrete work. The subject property is located across the street from Essex Crossing, one of the most anticipated development projects in Manhattan. 206-210 Delancey Street is situated on one of the busiest corridors in the historic Lower East Side, a dynamic neighborhood featuring a wide array of unique shopping experiences, cutting-edge dining establishments, and a burgeoning nightlife scene. The neighborhood has experienced a renaissance in recent years, attracting a diverse mix of residents with its immense cultural amenities and convenient proximity to the rest of Manhattan and Brooklyn.

Overview

Building Type:Development/Conversion Sites
Location:"L" shaped with 75' of frontage on Delancey Street and 53' of frontage on Pitt Street
Lot Dimensions:75' x 128'
Approx.; Irregular
Lot Sq Ft:10,925
Approx.
Buildable Sq. Ft:75,010
(Above grade) As per approved plans
Stories:12
As per Approved Plan
Zoning:R8A*
FAR:5.4 for commercial, 6.5 for community facility, 7.

Expenses

Real Estate Taxes:$297,171(17/18)

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Michael F. DeCheser
Senior Managing Director
(212) 660 7772
michael.decheser@cushwake.com

Stephen R. Preuss
Senior Managing Director
(718) 512 2118
stephen.preuss@cushwake.com

Darragh Clarke
Director
(212) 660 7737
darragh.clarke@cushwake.com

Mei Ling Wong
Director
(212) 660 7716
meiling.wong@cushwake.com

Denise Prevete
Associate Director
(718) 512 2605
denise.prevete@cushwake.com


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The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.