67 Avenue C   Unit HOUSE

This 24? wide commercial building is located on the west side of Avenue C between East 5th Street and East 4th Street in the heart of Alphabet City. Currently, the subject property is a three-story, approximately 3,819 gross square foot building currently being used as a religious facility. The ground floor consists of approximately 2,160 SF and features approximately 12? high ceiling in the front half of the space with approximately 9?? high in the rear half. The ground floor features an open layout and is currently used as the main meeting space for the property. The 2nd and 3rd floors currently feature approximately 9? high ceilings and consist of 1,104 SF and 555 SF, respectively. The second floor contains an additional meeting room and bathrooms, while the third floor is mainly used for storage as it houses some of the building?s mechanicals. In 2004, a gas fired heating and cooling system was installed in the property and last year the roof was refinished. Due to the property?s vacancy, it could also potentially be redeveloped based on the current zoning. The total lot square footage is approximately 2,160 square feet and is in the newly designated East Village/Lower East Side zoning district which is zoned R7A*. The R7A* zone has a residential FAR of 3.45 with a 1.15 bonus for Inclusionary Housing and a Community Facility FAR of 4.00. This translates to a maximum buildable square footage of approximately 7,452 BSF for residential, approximately 9,936 BSF for residential with the Inclusionary Housing bonus, and approximately 8,640 BSF for a Community Facility. The subject has a commercial overlay FAR of 2.00 which would allow for retail/office development on the first two floors. Furthermore, there is an opportunity to acquire approximately 2,000 square feet of additional air rights from 65 Avenue C, which is adjacent to the subject and also currently used as a religious facility.