United Hebrew Community has put its two five-story Lower East Side buildings on the market for $10.5 million, Commercial Observer has learned.
“It’s one of the cheapest development sites in the city today,” said Adelaide Polsinelli of Eastern Consolidated, who along with colleague Carlos Olson, is exclusively representing the seller. “This is dirt cheap.”
United Hebrew Community, a nonprofit Jewish organization, is occupying the 15,000 square feet comprising the buildings at 201-203 East Broadway, but they will be delivered vacant.
The property, which is between Henry and Jefferson Streets, has 50 feet of frontage along East Broadway. The site is zoned for 28,152 buildable square feet and if a community facility is included, the owner can build an additional 9,000 square feet, Ms. Polsinell said. United Hebrew Community is interested in leasing space at the property.