215-219 West 28th Street

The subject development site is an approximate 75-foot wide lot consisting of a parking lot and building, both of which can be delivered vacant. The site is situated in the newly rezoned M1-6D district, which allows for certain residential development within the previously solely manufacturing district. According to the Zoning Text Amendment 42-481, approved on 9/21/2011, residential use is permitted as-of-right on zoning lots that on April 25, 2011 were not occupied by a building that contained 40,000 square feet of floor area on such date. As such, the base FAR of 10.0 allows for up to approximately 102,800 buildable square feet, inclusive of acquired air rights. There is also an Inclusionary Housing Bonus that allows for a maximum of 12.0 FAR where the affordable component must equal at least 20% of the residential floor area. This additional bonus equates to approximately 127,540 square feet inclusive of the acquired air rights.

Current ownership has received initial zoning approvals for an 80/20 mixed-use rental project totaling approximately 120,000 gross square feet featuring 147 residential units, automated parking space for 58 cars, as well as ground floor retail. Due to the extensive work they have completed to date in planning the project and the approvals that they have already received, a new purchaser could be in the ground with the project almost immediately. Conversely, given the approximate 102,800 buildable square feet as-of-right on the base FAR of 10.0, a residential condominium project is also an extremely viable option given the strength of the end user residential condominium market and the dearth of units in newly constructed projects in the area. Please contact us for further information and to receive a confidentiality agreement in order to receive additional due diligence files as well as the offering memorandum.