Lubin Center 82 E 3rd St 45 Unit Apartment Building For Sale New York, NY 10003

BKREA has been retained on an exclusive basis to arrange the sale of 81 East 3rd Street (“The Site”). Represents a compelling residential investment opportunity in Manhattan’s East Village.
Delivered vacant.
Location Details
Positioned between First and Second Avenues in the heart of the East Village.
Located in one of Manhattan’s most supply-constrained neighborhoods, offering strong long-term demand.
Surrounded by vibrant retail, dining, entertainment, and close proximity to transportation hubs.
Site Specifications
Lot Size: 4,809 square feet.
Building: 13-story elevator building totaling 36,047 square feet.
Residential Units: 41 units comprising:
28 student housing units
13 free-market apartments
Total Beds: Approximately 187 beds, with additional beds stored for operational flexibility.
Fully built-out property offers immediate cash flow and long-term upside.
Development / Zoning Plans
Zoning: R8B.
As-of-right FAR: 4.0 (or 4.8 with Universal Affordability Preference), allowing:
19,236 square feet as-of-right
23,083 square feet with affordability bonus
Built FAR: 7.5 — nearly double current zoning, making it grandfathered and irreplaceable.
Represents a high-density, overbuilt asset that cannot be replicated under today’s zoning regulations.
Neighborhood Demand Drivers
East Village is a high-demand residential neighborhood with limited development opportunities.
Popular with students, young professionals, and long-term residents.
Strong long-term value due to embedded zoning rights and market scarcity.
Opportunity Highlights
Grandfathered, high-density residential building with built FAR exceeding current zoning.
Immediate cash flow with long-term appreciation potential.
Irreplaceable asset in a prime Manhattan location.
Offers embedded zoning value and long-term scarcity appeal, ideal for investors seeking unique Manhattan residential exposure.
Highlights
Coveted Academic-Centric Location - Positioned in the heart of the East Village, the property is surrounded by a dense concentration of universities and academic institutions, including NYU and multiple private and international schools. This location has long been a prime hub for student housing due to consistent enrollment demand and limited nearby supply.
?Vacant Possession Opportunity - The property can be delivered vacant, allowing a new owner to immediately re-lease, reposition, or reprogram the asset without timing constraints or lease rollover risk.
Advantageous Accessibility & Connectivity - The building is steps from the 1st Avenue subway station (F line) and multiple bus routes, providing seamless access across Manhattan and Brooklyn. This connectivity is especially attractive for students and academic operators seeking ease of commute.
Turn-Key, Elevator Building - Built in 2003, the 13-story elevator building totals approximately 36,000 SF and is fully improved, minimizing near-term capital needs and allowing for immediate operational use.