Listing Details
- Space Type
land
- Sub Category
commercial
- Date Listed
10/29/2024
Property Specifics
- Property Name
80 South Street
- Building Size
817,784 SF
- Lot Size
14,718 SF
- Zoning
C5-3, LM (Special Lower Manhattan District)
Highlights
• Significant Wraparound Frontage - The Site features 97 feet of frontage on South Street, 144 feet on Fletcher Street, and 25 feet on Front Street, enabling efficient floor plates. • Flexible Zoning - The favorable C5-3, LM (Special Lower Manhattan District) permits high density for a variety of uses, including commercial, residential, and community facility purposes. • Excellent Light and Air - The corner positioning of the site ensures ample natural light and air, benefiting from exposure in the north and east. • Permanently Protected Panoramic Views - The site offers breathtaking panoramic views, including Brooklyn and the East River. The landmarked area directly to the north is subject to low-density regulations, which enhances the site’s unique appeal. • Vacant Possession - 80 South Street will delivered completely vacant allowing prospective developers to demolish the existing structure immediately. • Unparalleled Transportation Hub - 80 South Street is just a short walk from several subway stations, including the Fulton Transit Center, which is served by eight subway lines, offering extensive connectivity throughout Manhattan and the outer boroughs.
Description
BKREA has been retained on an exclusive basis to facilitate the sale of 80 South Street (“The Site”), a one-of-a-kind mixed-use development opportunity located in the South Street Seaport subdistrict within the Financial District in Manhattan. The site is situated on the northwest corner of South Street and Fletcher Street, offering an impressive amount of corner frontage. The irregular lot features roughly 97' of frontage on South Street, 144' along Fletcher Street, and 25' facing Front Street. The site is currently vacant, providing developers with the opportunity to demolish the existing structures immediately. The development lot, totaling approximately 14,718 square feet, is situated within the favorable C5-3, LM (Special Lower Manhattan District) zoning, which permits high density for a variety of uses, including commercial, residential, and community facility purposes. Future development at 80 South Street will offer permanent, unobstructed panoramic views due to the absence of height restrictions and its location being bound by the East River and the South Street Seaport Historic District. This setting enhances its appeal to developers seeking high-value, high-visibility real estate in a vibrant hub. Due to the C5-3, LM zoning, 80 South Street has a max FAR of 15 for either commercial or community facility uses. Of this FAR, up to 12 can be used for residential purposes, translating to a max ZFA of 220,770 square feet, with 176,616 square feet allocated for residential use. Additionally, the sale includes approximately 189,734 ZFA of Transferable Development Rights (TDRs) from neighboring lots and 407,280 South Street Seaport Development Rights (SDRs), resulting in a total maximum ZFA of 817,784 square feet. Of this, 441,077 square feet are available for residential use, while the remaining 376,707 square feet can be used for commercial purposes. 80 South Street presents an exceptional opportunity for developers aiming to capitalize on the strong demand drivers in the area. The South Street Seaport/Financial District neighborhood has undergone a remarkable resurgence, with new housing, office, and hotel projects revitalizing the area. Surrounding the site are numerous restaurants, bars, shops, and other attractions. Additionally, the site is well-positioned near several subway lines, providing seamless connectivity to all parts of Manhattan and the outer boroughs. This ensures excellent accessibility and supports a vibrant live-work-play environment.