Highlights

• HighliDevelopement Opportunity
• LES Zoning Ammendment approved
• 60,594 buildable Sq. Ft. @ approx $180 per buildable sq. ft.

• Demolition Clause in place
• 3 Lots measuring 7152 sq. ft.
• Currently Income Producing

Description

Developement Opportunity. 2 Commercial Taxpayers and a Lot for sale in the rapidly growing East Village. The 3 Lots measuring 7152 sq. ft. and are Zoned C1-5 / R7-2. As of right there are currently 44,5825 buildable square ft as a mixed
use developement (Cellar included). As an affordable housing complex the building can be built to a total of 60,594 sq ft. through the recently approved zoning amendment, permitted by the new R8A District. The maximum FAR as a standard Residential Building (w/o Affordable housing) is limited to 5.4 with a total of 47,720 sq. ft buildable including the cellar. There is a triple net lease with a demolition clause held by a commercial Supermarket tenant which expired 2015 (with a 5 year renewal)
Commercial rent: $75,636
RE Tax: $23,268
Total Income:$98,904
Expenses :
RE Taxes: $46,694
Total Expenses:$46,694
NOI: $52,210
*Recently Approved* F.A.R. R8A (Maximum 7.2)

Located in the Rapidly growing and gentrifying East Village on
Avenue C on 5th Street.