Massey Knakal Sells Development Site on the Lower East Side
A development site at 287-291 East Houston Street, located between Suffolk and Clinton Streets on Manhattan’s Lower East Side, was sold in an all-cash transaction valued at $15,200,000.
The property’s lot is 50’x 100’ with a footprint of 5,000 square feet. It is in an R8A* zone, which has a commercial FAR of 2.00 (due to C1-5 overlay), residential FAR of 5.40, community facility FAR of 6.50 and an inclusionary housing FAR of 7.20. The site would allow for approximately 36,000 buildable square feet based on a development that incorporates inclusionary housing. Alternatively, the site would allow for approximately 27,000 buildable square feet for residential development of market housing. The property has a curb cut in place as well as an approximately 25’ x 100’ single-story building which was delivered vacant.
“Development site sales on the Lower East Side have soared from an average of $352 per buildable square foot in 2013 to $595 per buildable square foot thus far in 2014,” said Massey Knakal’s Michael DeCheser, who exclusively handled this transaction. “Demand for development sites in the Lower East Side continues to increase as the supply of land and new condominiums remains low,” DeCheser added.