Monday, September 11, 2017

3rd Street development site on the market for $12 million

238-240 E. Third St. between Avenue B and Avenue C is now on the market. The two-story building is next door to the Nuyorican Poets Cafe, which will be undergoing a gut renovation.

Here are the details about No. 238-240 via the listing at Cushman & Wakefield:

The lot is approximately 50’ x 106’ with a lot coverage of 5,253 SF. The building houses offices, a meeting area, and a large theatrical studio with 20’ ceiling heights. Furthermore, it was most recently used by a local entertainment company in which theatrical acts and stunts were arranged. The fire alarm, sprinkler and electrical systems have been upgraded recently. The CO allows for a maximum occupancy of 76 on the ground floor, and 12 on the mezzanine.

The building has approximately 4,500 SF on the ground floor, 850 SF on the mezzanine level and 800 SF in the basement. It is in the R8B zone, which has a 4.00 FAR for residential or community facility uses. The total buildable square footage is approximately 21,000. Note: There is an outdoor walkway alley on the westerly side of the property (the majority of the building is 43 feet wide).

This is an excellent opportunity for a developer to acquire a 50’ wide development site in the East Village. In addition, considering how unique the building is, the offering presents an incredibly rare opportunity in which the current building and configuration could be maintained for a user.

So, the options are build up for some housing... or maintain as a property for theater. Either way, the asking price is $12 million.

In a previous life the building served as a movie theater. Public records from July list two of the founders of the Blue Man Group — Chris Wink and Philip Stanton — as the previous owners, who received $18.6 million for this and another LES property.

In a deal announced in early July, Cirque du Soleil acquired Blue Man Productions. Specific terms of the deal weren't disclosed, but it is believed to be worth in the tens of millions, according to published reports.

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