111-113 East 12th Street — Sale in Brooklyn, NY

  • Price: $3K
  • Listing type: For sale
  • Asset type: Business
  • Location: Brooklyn, NY 11235
  • Size: 5,310 SF

Description

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange the sale of 111-113 East 12th Street (“The Site”), a ~50,000 buildable square foot (“BSF”) development site at the nexus of the dynamic Greenwich Village and East Village neighborhoods. The Site encompasses two (2) adjacent, 25’ x 106.5’ sf tax lots that are situated on the north side of East 12th Street between Third and Fourth Avenues. Combined, 111 and 113 East 12th Street create a rare, boutique residential development opportunity situated on a 5,310 square foot lot with an impressive 50’ of frontage. Currently, the Site is improved by two (2) separate mixed-use buildings that are entirely vacant, allowing a prospective developer to immediately commence demolition. The Site falls within the C6-2A zoning district and a former Inclusionary Housing Zone (“IHZ”), which provides developers with the option to build either a luxury residential condominium or rental development under the new Universal Affordability Program (“UAP”). For a residential condominium project, prospective developers are permitted 31,966 ZFA as-of-right under the current zoning. In addition, ownership of 111-113 East 12th Street has already purchased air rights from the neighboring parcel (109 East 12th Street), which would increase the base ZFA by 6,754 to 38,718 ZFA. This 38,721 of ZFA can be further increased to a maximum of 49,632 ZFA by utilizing Inclusionary Housing Certificates, of which 10,660 have already been purchased by ownership and are included in the sale. For prospective developers who elect to construct a rental building utilizing the UAP Program, they are permitted an as-of right ZFA of 38,232, which is further increased to 49,632 ZFA when factoring in the 11,400 of UAP air-rights from the neighboring parcel.

Market Context

This commercial property in Brooklyn, NY is listed for sale at $3,000 across 5,310 SF. It has been on the market for 82 days. Compare it against other commercial property listings for sale in Brooklyn, NY — view the full market.

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