New York, NY 10002
- Sq. Ft: 7,590
- Residential Units: 8
- Commercial Units: 1
John J. Stewart & Associates of Marcus & Millichap is the exclusive sales broker for 286 Broome Street, a five-story, mixed-use, walk-up building between Eldridge and Allen Streets on the border of the Lower East Side and Chinatown.
The building measures 22 feet by 69 feet totaling approximately 7,590 square feet and sits on a 22-foot by 102-foot C4-4A-zoned lot (maximum 4.0 floor area ratio). There are approximately 1,358 square feet of additional developable square feet, and the property is neither landmarked nor part of an historic district.
The building contains eight apartments of which all are one-bedrooms and rent stabilized (two are owner-occupied). The store measures approximately 1,300 square feet and includes a backyard and finished basement. Current ownership has been in place for over forty years.
The subject property is located in a section of the Lower East Side that is in the process of transforming from older businesses serving the construction industry to a new generation of restaurants, bars and retail. The building is located in an enclave between Allen and Eldridge Streets that is still relatively unchanged compared to other sections of the Lower East Side. It is equidistant from the Grand Street and Delancey/Essex Street subway stations.
Three blocks from the subject property is Essex Crossing, an unprecedented development comprising 1.9 million square feet of residential, commercial, and community space. The nine sites on six acres, commonly known as the Seward Park Extension Urban Renewal Area (SPEURA), have sat mostly vacant since 1967 and represent one of the most significant urban renewal developments in the history of New York City. Phased construction began in 2015 and is expected to be completed by 2024.