Objektbeschreibung
25 Story Ground Up Development Site of ~99,000 BSF Above Grade
Eigenschaften
Medien
Investment-Highlights
DEVELOPMENT POTENTIAL
The Site offers an opportunity to build a brand new ~105,000 GSF luxury building in the prime New York City sub-market of Soho. Upon delivery, demolition will be completed and there will be approved plans for 105 luxury apartments consisting of 12 studios, 70 one-bedrooms and 23 two-bedrooms with ground floor retail and one floor below grade.
THE OPPORTUNITY
The leasehold is 99 years with no fair market resets and fixed payments for the remainder of the term. Lessee reserves the right of first refusal on any offer to purchase the premises during the entirety of the term. There is a construction period where an abated rent payment of $25,000/month is being drawn from the security deposit ending in May 2024.
THE ZONING
The Property is zoned M1-5/R10 which permits up to a 12.0 FAR for residential development and is in a Mandatory Inclusionary Housing zone. The 25% of affordable units set aside for MIH blend to 60% AMI, which is approximately $35/RSF depending on the unit layouts.
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