238-240 East 3Rd Street, New York, NY 10009

Alphabet City, East Village, New York, New York 10009

$12,000,000  

Listing ID Number

25151

Property Description

Cushman & Wakefield has been retained on an exclusive basis to sell 238-240 East 3rd Street, a commercial building located on the south side of East 3rd Street, between Avenues B and C. The lot is approximately 50’ x 106’ with a lot coverage of 5,253 SF. The building houses offices, a meeting area, and a large theatrical studio with 20’ ceiling heights. Furthermore, it was most recently used by a local entertainment company in which theatrical acts and stunts were arranged. The fire alarm, sprinkler and electrical systems have been upgraded recently. The CO allows for a maximum occupancy of 76 on the ground floor, and 12 on the mezzanine. The building has approximately 4,500 SF on the ground floor, 850 SF on the mezzanine level and 800 SF in the basement. It is in the R8B zone, which has a 4.00 FAR for residential or community facility uses. The total buildable square footage is approximately 21,000. Note: There is an outdoor walkway alley on the westerly side of the property (the majority of the building is 43 feet wide). This is an excellent opportunity for a developer to acquire a 50’ wide development site in the East Village. In addition, considering how unique the building is, the offering presents an incredibly rare opportunity in which the current building and configuration could be maintained for a user. The surrounding area has a wide array of great shopping, dining and nightlife options. The neighborhood has experienced rapid transformation in recent years which has attracted a younger population drawn to the area’s new developments and dynamic streetscape.

Overview

Building Type:Commercial Buildings, Development/Conversion Sites, Special Use
Location:South side of East 3rd Street, between Avenue B & C
Block/Lot:385/24
Lot Dimensions:49.58' x 105.96'
Approx. SF
Lot Sq Ft:5,253
Approx. SF
Buildable Sq. Ft:21,012
Approx. SF
Available Air Rights:15,512
Approx. SF
FAR:4
Residential/ Community Facility
Building Sq Ft:5,500
Approx. SF
Building Dimensions:49.58' x 105.96' (Irr.)

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

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

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

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


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Property Map


Aerial View


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.