Tuesday, October 2, 2012

Could Small Development Be The Next Big Thing On The UES?

234 E 70th (A Fine 10/2012)
Small seems to be getting big on the UES of late. Bit by bit we are seeing additions to 5 story walk-ups, and increasingly, the knocking down of walk-ups for new development of small condos and single family homes. A prime example would be 234 East 70th Street, which is nearing completion between Second and Third Avenues. What was a 4 story building was sold a couple of years back for $3.5 Mil. What rises now is an 8 unit, 17,415sf condo, rising 9 floors. The condo will feature 7 full floor 2 bedroom units, plus an upper floor duplex. Despite the size, it is likely a profitable venture. Figure it sold for $200psf buildable, plus $300psf to build, there should be plenty of margin to turn a profit here.

1676 Third Ave Before (Google)
1676 Third (a couple months ago/ A Fine)

Speaking of mini-me spaces, it doesn't get much smaller than 1676 Third Avenue on the SW corner of East 94th Street. This once vacant lot was also home to a plastic framed fruit market for a number of years. The lot was sold in 2006, for a mere $450,000, and will soon be home to a 4,700sf two family home. The lot size- a meager 929sf! Talk about challenging! Needless to say, there isn't might free space left on this island.

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