Lower East Side Development Site Sold By Massey Knakal
A development site at 100 Norfolk Street, located between Delancey and Rivington Streets on Manhattan’s Lower East Side, was sold in an all cash transaction valued at $8,700,000.
The site has a footprint of 3,590 square feet with dimensions of 53' x 75' and consists of a two-story commercial building used to house the kitchen and offices for the world famous Ratner's Restaurant which closed its doors in 2003. The site lies in a C6-2A zone which would allow for hotel, residential or mixed-use development of approximately 21,500 buildable square feet. This complex sale included light and air easements with two parcels along Delancey Street which added approximately 22,500 additional buildable square feet for a total of approximately 44,000 buildable square feet. Due to a height limit of 120 feet, cantilever rights were granted over the adjoining parcels, so that the envelope could be maximized. The sale price equates to approximately $200 per buildable square foot.
"The supply of condominiums and sites continues to be very low in the LES, with no real supply on the horizon," says Massey Knakal Director of Sales Michael DeCheser who represented the seller. "This is a vibrant location, one block from the subway, with an exciting city proposal in the works across Delancey," he added.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.