A development site at 277 East 7th Street, located between Avenues C and D in Manhattan’s East Village neighborhood, was sold in an all-cash transaction valued at $1,850,000.
The vacant 22.25’ x 97.5’ lot benefits from a curb cut. Currently, the lot is used for ten parking spaces. With a zoning of R8-B and FAR 4.00 residential, the site contains approximately 7,461 buildable square feet. The sale price equates to approximately $248 per buildable square foot.
“We were able to identify a buyer who was willing to be flexible on the close so our client could have ample time to find a replacement property for a 1031 Exchange,” said Massey Knakal Partner James P. Nelson, who exclusively handled this transaction along with Senior Associate Matt Nickerson.
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Neighborhoods: East Village