339 Grand StNew York, NY 10002

Property Details for 339 Grand St

Year built

1900

Lot size

0.03 AC

Property size (Sq ft)

4,200 SF

Zone code

C6-2

Property type

Mixed-use properties

Property subtype

Retail residential properties

APN

00309-0019

APU

3090019

Description

This exceptional redevelopment opportunity presents a three-story, 4,320 square foot vacant storefront located at 339 Grand Street in New York City's vibrant Lower East Side (zip code 10002). The property, classified as a Class B building, sits on a 1,440 square foot lot and boasts an additional 4,349 square feet of air rights, presenting significant potential for expansion. Currently configured as a ground floor retail space with a full basement used for storage, and two upper floors also used for storage, the building offers immense flexibility. The layout includes a front entrance on Grand Street and a side entrance on Ludlow Street, along with a fire escape and ample window exposure. Ceiling heights vary, with 11-foot ceilings on the ground floor, 12-foot ceilings on the second floor, and 10-foot ceilings on the third floor. The basement features 8-foot ceilings and both interior and exterior access. The building is equipped with one gas and one electric meter located in the basement. Zoned C6-2 (6.0) R8 Equivalent (6.02), this landmark building allows for commercial and mixed-use development. The property is being sold "as is" and requires a complete gut renovation. Ideal uses include restaurants, pharmacies, art galleries, or supermarkets, potentially utilizing the upper floors for office space. The unused attic space under the pitched roof offers further expansion possibilities. This is a prime opportunity for value-add investors seeking a high-impact project in a desirable New York City location.

• CAP approach

  CAP return

  Valuation

  6%

  $861,038

  6.5%

  $794,804

  7%

  $738,033

• Comparable approach

  Method

  Valuation

  Relative Method

  $850,597

  Geo Method

  $850,597

• Alternative Use

  Use

  Valuation

  Residential

  $794,804

  Hospitality

  $728,036

  Educational

  $605,718

  Medical

  $626,549

  Retail

  $942,228

Location Insight

City

New York

County

New York

State

New York

Latitude

40.7168

Longitude

-73.9902

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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