Cushman & Wakefield Sells Development Site in NoHo
A mixed-use conversion/redevelopment site at 337-345 Lafayette Street (aka 51-53 Bleecker Street), located on the northeast corner of Lafayette and Bleecker Streets in Manhattan’s NoHo neighborhood, was sold in an all-cash transaction valued at $20,750,000.
This prime corner site features over 100’ of frontage on Lafayette Street and 29’ on Bleecker Street. It currently consists of a three-story building containing approximately 9,789 square feet. The sale price equates to approximately $2,120 per square foot, a record for NoHo.
The site holds a base buildable square footage of approximately 16,275 at a 5.0 FAR and a buildable square footage of approximately 21,158 at a 6.50 FAR for community facility. It is zoned M1-5B, allowing for commercial, hotel and live-work as-of right. Although located in an M1-5B district, a developer could seek a special permit for residential, as multiple nearby projects have obtained a variance in order to construct residential condominiums.
Located in NoHo, one of Manhattan’s hottest neighborhoods, the property is directly next to the Bleecker Street subway station and surrounded by a multitude of new developments.
“After first marketing the property in 2010 for substantially less, the sellers ultimately took the property off the market. We brought the property to market early this year and contracted for almost three times the previous asking price. The new owner plans to bring this sleepy corner back to life, taking advantage of the buildings tremendous location and proximity to SoHo,” said Cushman & Wakefield’s James Nelson, who exclusively handled this transaction with Mitchell Levine.