139-141 Bowery, New York, NY 10002

Chinatown, Lower East Side, New York, New York 10002

$26,000,000  

Listing ID Number

25741

Property Description

Cushman and Wakefield has been retained on an exclusive basis to arrange for the sale of 139-141 Bowery, a 50’ wide development site between Grand Street and Broome Street, NYC. The site is 50.06’ x 109.10’ and has a footprint of approximately 5,417 SF. The air rights and light and air easement agreement from 143 Bowery (Lot 8) are included in the offering. Two 3 story buildings sat on the property and were recently demolished.
The site is positioned in a split zone including C6-1G and C6-3A*. The front portion (50.06’ x 97.08’) of the lot is in the C6-1G zone and the small portion in rear (50.06’ x 11’) is in the C6-3A*, Lower East Side Inclusionary District. Including the air rights from 143 Bowery (of roughly 5,900SF as per the approved plan), the maximum buildable is 38,417 BSF for commercial or mixed use or 41,665 BSF with community facility use.
There is an approved plan in-place for a 14-story mixed-use building. The plan calls for retail space on Ground floor and Mezzanine level, offices, community facility space on Floors 2-6, and residential apartments on Floors 7-14.
The site provides investors and developers a rare opportunity to build and own along one of the most sought-after corridors in New York City, the Bowery. The Bowery has evolved into a 24/7, 365 destination for living, working, shopping, and playing and this site is ideally situated in the heart of many existing as well as new developments in the area. Nearby attractions include the famous event venue, Capitale, a brand new hotel/ co-working space, Selina, operated by WeWork’s founder Adam Neumann at 138 Bowery, and the Citizen M Hotel at 185 Bowery. The Moxy Hotel’s third NYC outpost is beginning construction steps away from the subject site as well as a brand new 10-story office building at 171 Bowery. The site is also steps from various modes of transportation including the B, D, J and Z trains.

Overview

Building Type:Development/Conversion Sites
Location:East side of Bowery, between Grand Street and Broome Street
Block/Lot:423/7
Lot Dimensions:50.06' x 109.10'
Approx.
Lot Sq Ft:5,417
Approx.
Buildable Sq. Ft:41,665
Commercial, residential, community facility
Available Air Rights:Air rights, light and air easement agreement inclu
From 143 Bowery
Zoning:C6-1G & C6-3A*

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Michael F. DeCheser
Senior Managing Director
(212) 660 7772
michael.decheser@cushwake.com

Mei Ling Wong
Director
(212) 660 7716
meiling.wong@cushwake.com

Andrew Berry
Director
(212) 589-5124
andrew.berry@cushwake.com

Bryan Hurley
Associate Director
(212) 660-7706
bryan.hurley@cushwake.com


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Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.