Alphabet City lot with 136K square feet of potential development rights on market

June 06, 2013 02:00PM

Could a large new property — either residential or mixed-use — come to East 14th Street? A lot at 644 East 14th Street near Avenue C, which has nearly 66,000 square feet of development rights, is now on the market, the New York Observer reported.

An additional 70,000 square feet of unused rights are potentially available from nearby parcels. They span 626 to 642 East 14th Street, and could be included with a zoning lot merger, allowing for the construction of two large residential or mixed-use towers, the Observer said.

Neil Helman and Charles Kingsley of Avison Young are marketing the site, which currently has a vacant one-story building on it. The site is expected to fetch a price in the mid-$20 million range, Helman told the Observer.

The lot is “ideally suited for a multitude of uses, including residential, retail and community facility use,” Helman told the Observer in a statement.

Moreover, the location “on two wide streets with virtually no restrictions on height limitations is also highly advantageous, enabling a tower to be erected, which would take advantage of the great East River views,” he added. [NYO]Zachary Kussin

Correction: A previous version of this post insinuated that the additional air rights were also up for sale. They are not, and are only potential availabilities.