Description

Will be delivered vacant. This is a property with immense potential and it is well-priced, leaving ample room for remodeling costs. For investors, setup estimate can be provided. Nestled in the historic downtown locale of NYC's most vibrant neighborhood is this exciting and unique development opportunity at 148 Baxter Street. An impressive 5-story building with extra high ceilings awaits those with an imagination to transform this vacant building into an iconic retail and/or residential destination. With an enviable location a short walk from SoHo's famous boutique retail corridor, half a block from a collection of eclectic restaurants, close to most subway lines, and in the heart of NYC's influential art and culture center, this multi-family is a rare opportunity one can capture. This towering building is set on a 21' wide and 71' deep lot and currently offers mixed-use with five units, all at free-market rent with significant income upside, plus a 1,300 sqft retail space with a full-sized basement for expansion. Those wanting to develop this site will relish the more than 4,000 sqft of residential space that can be converted into a 7-bed, 7-bath SoHo loft-style townhome. The property could also be converted into a 3-bed, 3-bath owner's duplex with a private roof deck, while benefiting from generous monthly rental income from the residential/commercial spaces to offset carrying costs. There is also enough FAR to add an additional appx 2000 sf of interior space. With property tax class 2B status, the annual city tax increase is capped. The abundance of extra-large windows on each floor fills the space with a lavish amount of natural light. The staircase leads to the 900 sqft rooftop, a finishing touch that is ready to be transformed into an exclusive rooftop garden with views overseeing this exceptional neighborhood.
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$4,790,000 / $878 per ft²

Listed on Sep 28, 2020

27 Days on Market

7 Beds / 7.0 Baths / 5,450 ft²

Total Monthly expenses: $4,480

Maintenance: - / R.E. Taxes $4,480

Other Details:

Mixed Use (1-6 Family)

Lot Size: 21.08' x 71.67' Built: 21.08' x 50.0'

Zoning: S1-5, S9

Exclusively listed with: Elegran Real Estate and Development Source: RLS

Helene Xu

hxu@elegran.com

646-643-4130

Listing Courtesy of Elegran Real Estate and Development View Listing

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