111-113 East 12th Street, New York, NY, 10003, US

111-113 East 12th Street

Attributes

Land area gross

493 m²

Zoning

C6-2A / Former IHZ

Building area gross

4,611 m²

Asset 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.

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Investment Highlights

Development Potential: Both existing buildings at 111-113 East 12th Street are completely vacant, allowing prospective developers to immediately commence demolition. Considering the current zoning and purchased air rights, condo and rental projects are permitted a maximum of almost 50,000 ZFA when utilizing either Inclusionary Housing Certificates or the UAP Program.

Exceptional Light & Air: The future residential project at 111-113 East 12th Street is well situated on the block to receive excellent light & air. Both the northern & southern exposures feature significant unobstructed view corridors and combined with the light & air easement over the adjacent parcel will allow for the creation of an exceptional new development.

Developer Flexibility: Given the ideal boutique footprint, zoning, additional buildable footage, and favorable light and air, the Site is truly a blank canvas for developers to design a one-of-a-kind project.

Strong Residential Market: New development condo buildings in the neighborhood surrounding the Greenwich Village & East Village intersection have performed exceptionally well, commanding sellouts north of $3,000 per square foot. Furthermore, with the new 485x / UAP program now in-place, a rental project at 111-113 East 12th Street is not only viable, but a prime candidate to become one of the first projects in the neighborhood to be developed under the new program.

Prime Location: Both the Greenwich Village and East Village are vibrant and dynamic neighborhoods that are known for their diverse culture and art scene, excellent dining and nightlife, and extraordinary outdoor amenities and attractions. The area has also drawn several of the world’s largest technology firms, with 5th Avenue in Flatiron aptly dubbed as “Silicon Alley”. The Site is truly the ultimate venue to combine “live / work / play”.

Excellent Connectivity: The Site has proximity to Union Square Station, one of the top five busiest subway stations in all of Manhattan. Union Square Station services the 4 5 6 N Q R W L trains which provide access to all points of the city. In addition, there are numerous MTA bus stops along 14th Street, 3rd Avenue and Broadway offering a quick transportation option.