Avison Young Named Exclusive Sales Agent for 644 East 14th in Manhattan
- Jun 07, 2013
By Veronica Grecu, Associate Editor
A 10,106-square-foot corner parcel located at 644 East 14th Street in the East Village neighborhood of Manhattan is being marketed by Avison Young’s New York-based investment sales team led by principals Neil Helman and Charles Kingsley. According to a press release from the company, the property is occupied by a one-story building—a former R&S Strauss auto parts store that closed in early 2009.
The site has over 65,000 square feet of development rights for residential, retail and community space use, and its development potential is enhanced by more than 200 feet of frontage on 14th Street and Avenue C, which means that separate entrances can be created for different uses.
“Well poised for redevelopment, this corner lot is ideally suited for a multitude of uses, including residential (condos or rentals), retail, and community facility use—including dormitories for student housing, making this a great opportunity for schools and other non-profit institutions,” said Neil Helman in an official statement.
The additional 70,000 square feet of unused development to the west of the property from 626 to 642 East 14th St. can be incorporated onto the site with a zoning lot merger. According to Helman, the site has no restrictions on height limitations. This means that a tower could be erected here, which would take advantage of the great East River views.
EV Grieve, an East Village real estate blog, reports that in 2009 the building was sold for $12.3 million to Arun Bhatia, a private investor who wanted to demolish the existing structure and construct a new 11-story building. His plans were rejected by the city in 2010, and the site remained unchanged ever since.
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Image via Avison Young