Investment Opportunity – 326-328 East 4th Street

Deep in the Alphabet lies a potential Gem of an investment.  Two buildings, old and in disrepair, are on the market as a set.  Just recently the price was reduced from $4,300,000 to $3,950,000.

What makes them so special is the air rights that come with the buildings – 17,630 buildable square feet.  At the current asking price, that is $224 per square foot to buy.  Even with good quality construction you could put up condos at under $700 a square foot, and the lowest condo (a resale) is on the market in the Alphabet for $800 a square foot with the average at $1,051 and the highs around $1,700 per square foot (The Copper Building is selling at 215 Ave B with the remaining units averaging around $1,256 a square foot).  Given the 2-3 years minimum before completion, the fact that it would be new development and a likely upturning real estate market, a buyer/developer could be poised for considerable returns. 

Check out the following slides regarding the property.  You can download the full pdf here: Alphabet City Investment Opportunity – 326-328 East 4th