DeCheser, Wong and Clarke of Cushman & Wakefield arrange $5.3 million sale of Chinatown development site

New York, NY A development site at 79 Eldridge St. located between Grand and Hester Sts. in Manhattan’s Chinatown neighborhood, was sold in an all-cash transaction valued at $5.3 million. The property is a vacant parcel measuring 25.3’ x 100.25’ and contains approximately 15,180 buildable s/f for commercial, 8,703 buildable s/f for residential, or 16,445 buildable for community facility development. The property features a front curb cut and sits within a C6-1G (Garment) zoning district with an FAR of 6.00 for commercial use, 3.44 for residential use and 6.5 for community facility use. The site is ideally situated in one of Manhattan’s most visited neighborhoods filled with shopping and international dining options. Additionally, the property neighbors the future The Milton Resnick and Pat Passlof Foundation at 87 Eldridge Street in addition to HSBC, Bowery CrossFit, Valley National Bank, Bank of America and TD Bank. It can be conveniently accessed via the B and D subway lines at the Grand St. station. “With lots of exciting developments in this emerging area, vacant lots in Lower East Side/Chinatown are very rare. Despite the challenges of building on a 25 foot wide site, we were able to bring in a hotel developer that sees tremendous value in this future tourist spot,” said Cushman & Wakefield’s Michael DeCheser who exclusively represented the seller along with Mei Ling Wong and Darragh Clarke. Mila Yunatanov of JLD Advisory represented the buyer.