As New York changes, great opportunities arise. The "cool" Lower East Side has expanded to the next block and starting to alter this one. This building is in the forefront of it, as shown by recently moved in 3 art galleries and custom motorcycle shop.
Corcoran has been retained on an exclusive basis to arrange for the sale of 5 Eldridge Street, a 26' wide, mixed-use 6 story building located between Canal and Division Streets. It is currently set up as 6 commercial, and 8 residential units. Additionally, the roof is rented on annual basis for billboard use, while partially open side of the building can be used for more advertising opportunities. The property was constructed around 1900, and has been owned and operated by the same owner for over 40 years. It spans 8,370 square feet, and still has 3,178 square feet of air rights. This building presents significant upside potential with piecemeal renovations, and even more lucrative value add with a development.
New owner would benefit from ability to add more bedrooms to residential floors, where it is legally allowed for 4. Meanwhile, there is a tremendous potential in developing commercial units, which were rented at the bottom of the market in as is condition. Additionally, existing air rights could be easily used to expand current units or adding new ones in the buildings rear that is facing Forsyth Street. The property can be delivered with some of the units vacant.
Location is right where Lower East Side, Bowery, Chinatown, and Two Bridges meet. Diverse heavy foot traffic is always present. Area is full of shops, cafs, hotels, diners, parks, museums, and houses of worship. It has decades long track record of constant development with many projects recently released and expected soon. Building's proximity to the bridge guarantees everlasting city views as well as sunsets over Arch and Colonnade. It is only couple of blocks away from East Broadway and Grand Street Subway stations.
5 Eldridge street building inspired one of the greatest living American artists Frank Stella for one of his earlier works "5 Eldridge Street (Blue Horizon)" as he wrote the address on the back of this painting. This property has been residence of conceptualist godfather Sol LeWitt, who was a friend and fellow artist of Stella. LeWitt created many of his works in the building, which started his career. Meanwhile, Frank had storefront studio on the Eldridge Street nearby, where he made some of his first paintings that made him famous nearly overnight in the art world. Creative people has always been attracted to this building, and it was proven once again when few episodes of NBC TV Show "Blindspot" were filmed in here.
Financial Breakdown is available upon request, as well as additional video tours.