153 East Houston

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange the sale of 153 East Houston Street (“The Site”), a ~25,000 buildable square foot (“BSF”) boutique development site positioned at the nexus of NoLita, the East Village and the Lower East side. The Site encompasses a ~30’ wide, 2,181 square foot parcel situated on the south side of East Houston Street between Eldridge and Allen Streets. In addition, ownership controls 246 Eldridge Street, the building located directly behind the Site. Unused development rights from 246 Eldridge Street can be conveyed to 153 East Houston Street through a zoning lot merger, thereby enhancing the Site’s maximum buildable capacity.

Currently, The Site is improved by a ~4,300 square foot, two-story commercial building that will be delivered fully vacant, allowing prospective developers to immediately commence demolition. The Site falls within the C6-2A / R8A zoning district which provides developers with the option to build either a residential rental development under the Universal Affordability

Program (“UAP”) or a residential condominium. For a residential rental project, prospective developers are permitted 20,916 zoning floor area (“ZFA”) as-of-right under the current zoning. For those who elect to utilize the UAP, they will be granted an additional 2.0 FAR so long as 20% of the units are affordable. With the FAR bonus, the maximum buildable potential increases

to 25,740 ZFA. Condominium development is also permitted up to the maximum 25,740 ZFA; however, achieving this density requires the purchase of additional FAR via inclusionary air rights. Furthermore, the Site’s flexible zoning allows for commercial

development, providing developers with the option to incorporate a ground-floor commercial component.