An L-shaped Lower East Side parcel zoned for 70,000 square feet of residential development has hit the market, Crain’s reported, and bids are due tomorrow.
The site has frontage on both East Houston and Suffolk streets, but wraps around the land on that corner, with the addresses 255 East Houston Street and 171 Suffolk Street.
The lots were purchased by the Mahfar family for $7.7 million, according to public records, and are being marketed by Cushman & Wakefield. The owners will likely net $250 to $300 per square foot for the site, Real Capital Analytics said.
The most likely route for a developer of the site is a rental building. The Lower East Side tends to lure younger New Yorkers who rent and doesn’t have the established condominium pedigree necessary to secure financing in this tight lending climate, Crain’s said. [Crain’s]