According to the listing, the .04 acres is available "to develop a unique residential property in the heart of one of Manhattan's most dynamic live-work-play neighborhoods."
And per the listing: "The subject property's R7B zoning provides for a 3.00 residential FAR, allowing a total of 5,577 buildable square feet, as-of-right, for a one-of-a-kind 1-2 family townhouse or condominium project."
This lot has been vacant for years. The four-floor building adjacent to this lot was demolished in 2008 (see below!) to make way for the five-story luxury rental that stands here today.