Monday, August 17, 2015

Development site available on East 3rd Street at the Bowery

Cushman & Wakefield has the listing:

A 40’ wide development site located on the north side of East 3rd Street between Bowery and 2nd Avenue. The site is currently improved by a 4-story, multifamily building that will be delivered vacant. It is suitable for a hotel or mixed-use development. Alternatively, it could serve as a private club location.

The property is split zoned, with 42 percent of the lot lying in the R8B zoning districts and 58 percent of the lot lying in the C6-1 zoning district. According to a study by Design AIDD Architecture study, this zoning allows for a maximum residential FAR of 3.44 or 10,509 square feet, maximum commercial FAR of 6.00 or 18,330 square feet, and a maximum community facility FAR of 6.50 or 19,857 square feet. The property borders the Bowery Hotel to the north, and to the west Urban Muse has planned a 13-story residential condo building with retail.

This is a rare opportunity to acquire a boutique development site in one of the trendiest neighborhoods of Manhattan. Ownership prefers offers for the C-Corporation shares.

No price mentioned. You have to submit offers.

For the past 20-plus years, 3 E. Third St. has been home to 3 East 3rd Dorm — short-term rentals for students and interns (currently closed with the construction next door).

Previously on EV Grieve:
The Salvation Army's former East Village Residence will be demolished on the Bowery

Looks like 347 Bowery will be home to a 13-floor mixed-use residential development

The future of 347 Bowery (sorta!) revealed


Former East Villager said...

This was my home for 24 years.

Before it was ruin... I mean, renovated/rebranded as a dorm, it was a lovely SRO, with beautiful textured walls, original art in the hallways, original tin stamped ceilings in the bathroom, and fresh flowers in the lobby. The original owner (sadly passed shortly after I moved in) was a kind man, an art collector who loved and supported the arts in every form. My neighbours for a while were artists, actors, dancers, models, singers, designers, and craftsmen.

I was the very last RS tenant, having moved there 26 years ago. My eviction was ugly and stressful.

If this was the end game, I wonder why the new owner spent so much on his fancy lawyer (who in the end was more human and more compassionate than his client) to force me out.

Anonymous said...

That is a sad story, 5:24, and one that is being played out all over town as SROs disappear.

That anyone would suggest another hotel is particularly galling. Surprised they didn't suggest a dorm.

Anonymous said...

What next? Will the city let go of the Men's shelter directly across the street? It will be hard to deliver a fully rented/sold luxury building at super high prices when the view out the front door/windows will be homeless 24/7.

AndyPopularPublicity said...

I volunteer at that men's shelter. At first I thought that this post was about that building going, which would be a crime, as that is one of the few good men's shelters in the city. It's also a temp rehab facility (the men I work with). I do an art therapy class with about a dozen volunteers every Wed and Thurs morning during the year (not summer). Those a good guys there, some with professional histories, doctors and some more working class -- all of whom are trying to get back on track. I can imagine some developer douchebag trying to close/buy the place just to so their hotel guest won't have to look at "homeless" -- which they're not, as the shelter is their home while there are there. It'll never happen, but it'd be great to see an 100% affordable housing building go up there, similar to the one that went up on 6th where the Filmore used to be.

Anonymous said...

Was not the dorm illegal?

Former East Villager said...

History here that I wasn't aware of.

I loved living here.