East Village Development Opportunity

121 E 7th St, New York, NY 10009

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For Sale

$3,595,000

Prime property with approved plans for multifamily development.

Type:Multi Family

Property size:

10,000 SF

Lot size:

0.05 Acres

Price / SF:

$359/SF

We can help!

Contact an agent

Grigor N Licul

HighLights

Approved plans for an 8‑unit multi‑family building included.
Prime East Village location with close access to Astor Place, NYU, and Wegmans.
Significant development potential: suitable for single‑family conversion, 8‑10 unit condo/rental conversion, or other uses.
Large total proposed floor area: Approximately 10,000 sq. ft.
Favorable zoning (R8B) allowing for various development options.
Wide lot size: 22 feet wide by 87 feet deep.

For Sale

$3,595,000

Prime property with approved plans for multifamily development.

Type:Multi Family

Property size:

10,000 SF

Lot size:

0.05 Acres

Price / SF:

$359/SF

Added:: Mar 11, 2026
Days on Market:: 119
Last Refresh:: Jul 2 at 9:05 pm

Property Features for 121 E 7th St

General Information

Standard status: Active
Size: 10,000 SF
Lot size: 0.05 Acres
Property subtype: Multi Family

Building Details

Year Built: 1900

We can help!

Contact an agent

Grigor N Licul

Listing office

Listing date Mar 11, 2026

Source Elliman

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

All listing content including descriptions, pricing, images are the copyrighted material of Grigor N Licul

HighLights

Approved plans for an 8‑unit multi‑family building included.
Prime East Village location with close access to Astor Place, NYU, and Wegmans.
Significant development potential: suitable for single‑family conversion, 8‑10 unit condo/rental conversion, or other uses.
Large total proposed floor area: Approximately 10,000 sq. ft.
Favorable zoning (R8B) allowing for various development options.
Wide lot size: 22 feet wide by 87 feet deep.

Overview

Located in the East Village, this property offers an investment opportunity in a vibrant New York City neighborhood. The site, measuring 22 feet wide by 87 feet deep, is suitable for a single-family conversion or an 8-10 unit condo or rental conversion. Approved plans for a multifamily building with 8 units are included. The property is situated near Astor Place, NYU, and the new Wegmans. The existing structure is a church. The property can be converted for various uses, including a single-family home, a private members club, an art gallery, or a consulate. The total zoning lot measures 22'-0" x 97'-6", equaling 2,145.00 square feet, within an R8B zone. The proposed floor area is approximately 10,000 square feet. The occupancy class is R-2, and the construction class is II-B. The job description includes a proposed 1.5-story enlargement with a cellar mix-use building.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$598.8k	$59.88
− Vacancy	−$29.9k	−$2.99
EGI	$568.9k	$56.89
− OpEx	−$256.0k	−$25.60
NOI	$312.9k	$31.29

10,000 SF · lease $59.88/SF/yr · vacancy 5.00% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$4.47M

$3.91M – $5.21M (±1% cap)

NOI $312,873 @ 7.0% cap · market cap 8.70%

Second Best

—

no second resolved use

Theoretical Best

Specialty Retail

$24.89M

$21.78M – $29.04M (±1% cap)

NOI $1,742,400 @ 7.0% cap · market cap 48.47%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Commercial land

Suggested Use

Location Insight

Map
Local Demand

City: New York
County: New York
State: New York
Longitude: -73.9843
Latitude: 40.7265

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For sale
Commercial land
NY
New York
10009
121 E 7th St

What type of property is this?

Commercial land - Prime property with approved plans for multifamily development.

Where is this commercial land located?

The property is located at 121 E 7th St New York, NY.

What is the asking price?

The asking price for this property is $3,595,000.

What are key features of this property?

This property features: Approved plans for an 8‑unit multi‑family building included.; Prime East Village location with close access to Astor Place, NYU, and Wegmans.; Significant development potential: suitable for single‑family conversion, 8‑10 unit condo/rental conversion, or other uses.