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34 Market St
New York, NY 10002
Retail Property For Sale
Investment Highlights
- Zoned R7-2 with development potential of up to 9,669 buildable square feet through UAP.
- Located in the Two Bridges and Chinatown neighborhood of Lower Manhattan.
- Approximately 0.2 miles from the East Broadway F train station.
- Supports boutique condominium or 485-x rental development strategies.
- Improved with a single commercial building, offering redevelopment flexibility.
- Improved with a single commercial building, offering redevelopment flexibility.
Executive Summary
Ariel Property Advisors has been retained to sell 34 Market Street, a boutique residential development opportunity in Manhattan’s Two Bridges/Chinatown neighborhood.
Located between Madison and Henry Streets is a 22.25-foot-wide parcel measuring approximately 1,930 square feet. The property is currently improved by a 2-story, approximately 2,830-square-foot commercial building containing one commercial unit.
Dynamic Development Potential
• Residential Use
• Standard Residential, 3.44 FAR: Up to 6,639 ZFA
• Universal Affordability Preference (UAP), 5.01 FAR: Up to 9,669 ZFA
• Potential Condominium Program: 5-7 Units
• Potential 485-x Rental Program: Approximately 10-12 Units
With limited supply and continued demand for new residential product across Lower Manhattan, 34 Market Street represents an ideal boutique condominium or rental development opportunity.
Its central location between Chinatown, Two Bridges, the Lower East Side, Civic Center and the South Street Seaport offers convenient access to major Downtown employment, dining and retail districts. The East Broadway F station is approximately 0.2 miles away, while nearby investment at Essex Crossing and East River Park further strengthens the area’s residential appeal.
Developers could pursue either a boutique condominium project or a rental development as of right or utilizing UAP and a potential 485-x strategy.
Located between Madison and Henry Streets is a 22.25-foot-wide parcel measuring approximately 1,930 square feet. The property is currently improved by a 2-story, approximately 2,830-square-foot commercial building containing one commercial unit.
Dynamic Development Potential
• Residential Use
• Standard Residential, 3.44 FAR: Up to 6,639 ZFA
• Universal Affordability Preference (UAP), 5.01 FAR: Up to 9,669 ZFA
• Potential Condominium Program: 5-7 Units
• Potential 485-x Rental Program: Approximately 10-12 Units
With limited supply and continued demand for new residential product across Lower Manhattan, 34 Market Street represents an ideal boutique condominium or rental development opportunity.
Its central location between Chinatown, Two Bridges, the Lower East Side, Civic Center and the South Street Seaport offers convenient access to major Downtown employment, dining and retail districts. The East Broadway F station is approximately 0.2 miles away, while nearby investment at Essex Crossing and East River Park further strengthens the area’s residential appeal.
Developers could pursue either a boutique condominium project or a rental development as of right or utilizing UAP and a potential 485-x strategy.
Property Facts
Sale Type
Investment
Sale Condition
Redevelopment Project
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
2,830 SF
Building Class
C
Year Built
1900
Price
$3,500,000
Price Per SF
$1,236.75
Tenancy
Single
Building Height
2 Stories
Building FAR
1.47
Lot Size
0.04 AC
Zoning
R7-2 - R7 Zoning is considered medium density residential. It is broken into 2 basic zoning districts R7-1 and R7-2. 7-2 has less parking requirements.
Frontage
22’ on Market Street
Amenities
- Bus Line
Property Taxes
| Parcel Number | 0275-0024 | Improvements Assessment | $27,720 |
| Land Assessment | $76,500 | Total Assessment | $104,220 |
Property Taxes
Parcel Number
0275-0024
Land Assessment
$76,500
Improvements Assessment
$27,720
Total Assessment
$104,220
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