Any aspiring developers out there in search of a new lot to build on or existing property to convert, today's your day. (Er, Assuming you're reading Curbed for investment opportunities.) Intern William Weber took a look through StreetEasy listings for 10 prime condo conversion (or creation) opportunities in Manhattan or Brooklyn. They're ranked by our intern's secret metric, a formula that takes into account location, price, and potential. Without further ado, the list:
10)66 East 11th Street
The Skinny: This pre-war loft building has around 29,702 square feet and a cast iron facade, with ceiling heights between 11' and 15.5'?and that's about it. It's been on the market for 158 days at the same ask.
9) 327-29 East Houston #LOT
The Skinny: This lot as 30,000 usable square feet and 50 feet of East Houston frontage. "Great for Rental/Condo Building," boasts the listing, with up to 44 units.
8) 108-110 West 14th Street
The Skinny: As it is now, this site is a 10-floor rental building with one 2,500-square-foot loft per floor and a three-story, five-unit rental walkup next door. A buyer could go condo, hotel, or office with this one.
7) 109 Saint Mark's Place
The Skinny: This is a 25-foot-wide, six-story apartment building. One aspect of what's within could be tricky: in addition to 20 free market units (studios and 1BRs) around 350 square feet each, there are four rent-stabilized apartments. This one's been waiting 207 days for a buyer.
6)248 Front Street
The Skinny: This Seaport-area five-story walkup has been approved for sixth and seventh floors, with the not-insignificant detail that the plans are "without egress." The problem needs to be resolved before any plans for the expansion?a duplex penthouse, perhaps??can be approved by the DOB. Could be a single-family mansion, a condo conversion, or simply a renovation of the existing rental units (four rent-stabilized, and one market rate).
5) 57 West 21st Street
The Skinny: This commercial building is currently just a two-story building with a mezzanine level and basement, but it was 22,274 square feet of sweet, sweet buildable air rights.
4) 155 Bleecker
The Skinny: A buyer will have to wait a bit longer to turn this into a renovation opportunity?the three rentals have leases expiring in April, but the commercial spaces' leases don't expire until December 2013 and July 2015. On the plus side, the apartments have been gut renovated, so they command decent rents.
3) 28 Bond Street
The Skinny: Could this be the next high-end conversion on Bond Street? This building currently has three lofts and ground floor retail, plus a 160-square-foot rear garden. There are approximately 5,800-square feet of additional air rights. And we don't have to tell you what prices are like on Bond Street these days.
2) 1409 Avenue of the Americas
The Skinny: Okay, this one doesn't appear to be a potential conversion, just a retail investment property. But its facade?it's called The Jekyll and Hyde Building?gets it high placement on this list.
1) 51 Jay Street
The Skinny: A potential conversion/development site with 75,000 square feet of air rights and a nifty glass roof on the third floor. Warehouse conversions seem to be all the rage these days in Dumbo, so we're expecting a relatively quick sale for this one.