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East Village Developement Development

Discussion in 'New York Tri-State' started by 3604u, May 3, 2009.

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  1. 3604u

    3604u F1 Veteran
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    Sep 27, 2004
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    #1 3604u, May 3, 2009
    Hi,
    Am intending to go into development for this site,

    57 Avenue D, New York, NY 10009

    Property Description Developement Opportunity. 2 Commercial Taxpayers and a Lot for sale in the rapidly growing East Village. The 3 Lots measure 63 X 100 and are Zoned C1-5 / R7-2. As of right there are currently 44,5825 buildable square ft as a mixed use developement (Cellar included). As an affordable housing complex the building can be built to a total of 60,594 sq ft. through th proposed zoning amendment, permitted by the new R8A District. The maximum FAR as a standard Residential Building (w/o Affordable housing) is limited to 5.4 with a total of 47,720 sq. ft buildable including the cellar. There is a triple net lease with a demolition clause held by a commercial Supermarket tenant which expired 2015
    Zoning: R8A

    Am very new to the US regulations, anyone here would like to comment on the area? Is it a safe area?
    anything would be good.

    Thanks in advance.
     
  2. dwhite

    dwhite F1 Rookie

    May 30, 2003
    3,511
    Bklyn, NY/Vero Beach
    #2 dwhite, May 3, 2009
    You're the same person who asked many months back about investing in real property in Manhattan - with the great exchange rates and all. Now you are asking about an area of the city - known as alphabet city and a war zone many years ago. If I were looking to invest in a city I would at bare minimum:


    1) I would spend time there and understand the different neighborhoods
    2) I would work with a qualified commercial broker who specializes in the type of project you want to develop.
    3) Get a RE attorney who understands all the laws and has worked extensively on the type of project you want to do.

    I mentioned then NYC RE is very high in price and it is not much different now although it has come down and probably will drop more - aren't you glad you didn't spend millions back then.
     
  3. 3604u

    3604u F1 Veteran
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    #3 3604u, May 3, 2009
    bro,
    you have a PM
     
  4. 3604u

    3604u F1 Veteran
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    #4 3604u, May 3, 2009
    Last edited: May 3, 2009
    Thanks for reply,

    Agree that I would need to spend some time in diff neighbourhoods. Could you please let me know more about the "alphabet city".
    I do not know much about NYC. Have only been to the nicer parts of NYC.

    Am also checking with the brokers and getting lawyers to check with the relevant bodies .

    Posted here, to see if anyone can share their experiences in Developing in "interesting parts" of NYC.

    Am planning to relocate to NYC when I have atleast a portfolio of properties there. I simply love NYC and the ppl it brings.

    Do share with me more on the area etc, as I would love to hear more.

    Thanks for your input.
     
  5. 720EC

    720EC Karting

    Dec 24, 2004
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    #5 720EC, May 7, 2009
    Also get a licensed Architect or PE to verify Zoning and Buildable Square Footage...
     
  6. balenciaga

    balenciaga Formula Junior

    Jul 19, 2008
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    #6 balenciaga, May 7, 2009
    Sketttttttcy!!!!!!!!!!!!!!
     
  7. 720EC

    720EC Karting

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    #7 720EC, May 8, 2009

    Yeah...especially that part about Amendable Zoning.
     
  8. keavenyk

    keavenyk Rookie

    Mar 5, 2007
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    Keith
    #8 keavenyk, May 8, 2009
    Avenue D is at the end of the world. Nothing is over there, its a ***** to get to using public transportation. I would never want to live there. I had a friend live on Avenue C in Stuy Town and that even sucked big time.
     

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