111 E 12th St, New York, NY

Located at the nexus of Greenwich Village and the East Village, the site at 111-113 East 12th Street presents a development opportunity with approximately 50,000 buildable square feet. The site consists of two adjacent tax lots, each 25 feet by 106.5 feet, situated on the north side of East 12th Street between Third and Fourth Avenues. Together, the lots create a 5,310 square foot lot with 50 feet of frontage, suitable for a boutique residential development. The site is improved by two vacant mixed-use buildings, allowing for immediate demolition. Zoned C6-2A and formerly an Inclusionary Housing Zone, the site allows for either a luxury residential condominium or rental development under the Universal Affordability Program. For a residential condominium project, the site permits 31,966 ZFA as-of-right under the current zoning. Air rights have been purchased from the neighboring parcel at 109 East 12th Street, increasing the base ZFA by 6,754 to 38,718 ZFA. This can be further increased to a maximum of 49,632 ZFA by utilizing Inclusionary Housing Certificates, of which 10,660 have already been purchased. For a rental building utilizing the UAP Program, an as-of right ZFA of 38,232 is permitted, further increased to 49,632 ZFA when factoring in the 11,400 of UAP air-rights from the neighboring parcel.