Lower Eastside Manhattan Hotel Development Site - $60M

[Jeremy Paton]

 

BLOCK THROUGH DEVELOPMENT SITE FOR SALE
PRIME DEVELOPMENT OPPORTUNITY
LOWER EAST SIDE
NEW YORK, NEW YORK
 
Lot Size:
 
Lot Square Footage:128’ x 87’ On East Side of lot 50’ x 87’ On West Side of lot
15,486 (approx)
Zoning: (FAR)C6-1 (6.0) R7-2 Equivalent (3.44) The old zoning is grand fathered into the property
Total Buildable Square Feet:201,337
Total Assessment:
Total Real Estate Taxes:$2,502,000 (09/10)
$260,856
Description:
 
 A 128’ wide block through development site. The site is planned for a twenty five story glass hotel building. The hotel will have 356 keys with the entrance on two streets. The cellar and sub-cellar will have a two story garage which is built full with parking for 115 cars. The ground floor will have 8,448 square feet of retail space as 4 separate units. The second floor will have a terraced bar with out door space. The Health Club and outdoor pool will be on the twelfth and thirteenth floors.
Dining services will be available from the duplex 3,500 square foot restaurant on floors 23-24, offering breathtaking views of the Lower East Side. The foundation is in place along with the cellar and sub cellar for the garage. The first two floors have been built for the stores. The property is also a great condo conversion project. A developer can create 178 good size apartments in a building with lots of amenities.
 
The site is in a mid block location. All the adjacent buildings air rights have been stripped and sold to the site. Other hotels in the area are the Thompson Hotel on Orchard Street, the planned Hotel on Ludlow and the Hotel Rivington. The area is considered prime lower east side with fine retail stores, restaurants, movie theaters and art galleries.   
 
ASKING PRICE: $60.0M
$298 PER BUILDABLE SQUARE FEET

 

Reach me at:

 

Thanks,

Jeremy Paton

[Alexander Sankin]

Dear Jeremy Paton,

I am organizing a seminar for investors that will be held in Moscow in
November in partnership with law firm Doverennii Sovetnik and Barclays
Bank - "Investing in real estate today: the opportunities and the
risks". We will present several most interesting projects (business
centers, street retail, shopping centers, restaurants and residential
projects in Moscow, Russian regions, United States and Europe).

Would you like to take part in the seminar and present your site to a
group of investors, brokers and real estate developers? I anticipate
50 -100 people in attendance and 10 - 12 projects to be presented.

We have also plans to hold a similar investment seminar in New York
City in near future.

Kind regards,

Alexander Sankin
President
Sankin and Partners Realty, Ltd.

Mobile in Moscow: [phone]
Skype: berveles