Prime Two Bridges / Chinatown Development Site
$3,500,000
34 Market Street, New York, NY 10002
2,830 sqft
Building Size
1,930 sqft
Lot Area
Details:
Description:
Ariel Property Advisors has been retained to sell 34 Market Street, a boutique residential development opportunity in Manhattan’s Two Bridges/Chinatown neighborhood.
Located between Madison and Henry Streets is a 22.25-foot-wide parcel measuring approximately 1,930 square feet. The property is currently improved by a 2-story, approximately 2,830-square-foot commercial building containing one commercial unit.
Dynamic Development Potential
• Residential Use
• Standard Residential, 3.44 FAR: Up to 6,639 ZFA
• Universal Affordability Preference (UAP), 5.01 FAR: Up to 9,669 ZFA
• Potential Condominium Program: 5-7 Units
• Potential 485-x Rental Program: Approximately 10-12 Units
With limited supply and continued demand for new residential product across Lower Manhattan, 34 Market Street represents an ideal boutique condominium or rental development opportunity.
Its central location between Chinatown, Two Bridges, the Lower East Side, Civic Center and the South Street Seaport offers convenient access to major Downtown employment, dining and retail districts. The East Broadway F station is approximately 0.2 miles away, while nearby investment at Essex Crossing and East River Park further strengthens the area’s residential appeal.
Developers could pursue either a boutique condominium project or a rental development as of right or utilizing UAP and a potential 485-x strategy
Documents:
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