Prime Manhattan Conversion/Owner-User Opportunity

Description:

Ariel Property Advisors presents 323 East 14th Street, a rare value-add mixed-use multifamily opportunity uniquely located on the border of Gramercy Park and the East Village in Manhattan. This 23 ft wide, 5-story walk-up building sits on a 23 ft x 103.25 ft lot and is zoned C1-6A, presenting both residential and commercial potential from a few angles:

• Free Market Conversion*: The property contains 15 residential apartments, of which 13 are currently vacant and 2 are occupied. All units are currently rent stabilized, but the amount of vacancy and building condition make it a potential candidate for deregulation through a ‘substantial rehabilitation’ as defined under New York City and New York State rent regulations.
• Owner-user Potential: Rare opportunity for owner-users seeking vacant residential space in Lower Manhattan
• Retail Conversion: With strong foot traffic and being adjacent to the popular Artichoke Pizza eatery, converting the ground floor to retail could yield long term upside.
• Available Development Rights: Approx. 1,432 square feet of unused air rights could allow for the addition of an extra floor or, eventually, extensions on the rear of the building through the recent reduction in setback requirements from the City of Yes for Housing Opportunity.

With flexible value-add and owner-user potential, 323 East 14th Street is an ideal opportunity for converters, owner-users, and investors seeking opportunities in one of NYC’s most sought-after neighborhoods.

*Please inquire with relevant experts to explore substantial rehabilitation potential.

Documents: