$18,000,000
Updated 7 years ago
Off Market

86 Elizabeth Street

Little Italy, Manhattan | Hester Street & Grand Street

9,433 Square FeetDevelopment Site

$18,000,000
floors5
Lot Size25'x100'
ZoneC6-2G
Building TypeLow-Rise
RE Taxes$78,672
Price Per SF
$1,908

Building Amenities

  • Voice Intercom

Property Description for 86 Elizabeth Street

Almost unheard of opportunity in prime Chinatown/Little Italy district, just a few blocks from Soho, this pristine and impeccably maintained five-story building presents a multitude of opportunities for the savvy buyer! Currently approximately 9433 SF (including 1333 SF of storage) with some 4000+ additional air rights available to be built under FAR, the capability for expansion of this 25-ft wide property increases the value in all facets of future use, including conversion to a condominium or luxury rental building. Building will be delivered vacant with a flexible closing timeframe, the current configuration is two open layout office's per floor, with a total of seven full bathrooms and three half baths throughout. The recently replaced roof affords a wonderful open view in all directions, and all electricals and mechanicals are in excellent shape. Convenient to all of the Canal Street subways as well as the best as far as this ever-expanding and changing area's bars, restaurants and boutiques. This building has been owned by the same family for over 40 years.

Listing History for 86 Elizabeth Street

Now
11/01/2019
TOM by Tracie Hamersley
Douglas Elliman
06/20/2019
$18,000,000 [-$2,000,000] [10%]
Price Drop by Tracie Hamersley
Douglas Elliman

Building Details for 86 Elizabeth Street

OwnershipDevelopment Site
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1900
Floors5
Learn More About the Building

Transit and Citi Bike

Subway

Grand St
0.11 miles
Bowery
0.18 miles
Canal St
0.21 miles
Spring St
0.29 miles
Delancey St-Essex St
0.41 miles

Citi Bike

Grand St & Elizabeth St
0.05 miles
Forsyth St & Grand St
0.14 miles

Contact Agents

Contact Agents

Tracie Hamersley
Douglas Elliman
Elizabeth Hamersley
Douglas Elliman

Little Italy | Manhattan

Quick Profile

It’s fitting that the neighborhood’s name is Little Italy because It’s been getting smaller for decades. The Italian immigrants that flooded New York City and built the vibrant ethnic enclave in the 1860s and 1880s eventually left for greener pastures, assimilating into other parts of the city or suburbs. The disappearance of Little Italy is a sad story as far as neighborhoods go, but it’s one that should be told. 

Little Italy once spanned 50 square blocks and represented the biggest population of Italian immigrants in America. But in recent years, it’s been squeezed by the growth of Chinatown and SoHo and muscled from the rebranding of other neighborhoods like NoHo and NoLIta. In fact, NoLita was the culprit that cut the neighborhood in two. Little Italy’s boundaries may vary depending upon who you ask. Today it’s down to just a few blocks along Mulberry Street. 

One of the best ways to experience Little Italy is through its food. Take your pick from mom-and-pop markets, meat and cheese shops, or authentic sit-down restaurants that offer the very best in Italian cuisine. 

Every September (since 1926), the neighborhood hosts the Feast of San Gennaro, which celebrates the patron Saint of Naples Italy. 11 days of food, colorful parades, music performances, and more food. The aroma of zeppole and grilled sausage can be smelt for blocks. Try planning your visit around this festive time. It’s well worth it. 

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 74475TH