Will be delivered vacant. This is a property with immense potential and it is well-priced,leaving ample room for remodeling costs. For investors,setup estimate can be provided. Nestled in the historic downtown locale of NYC's most vibrant neighborhood is this exciting and unique development opportunity at 148 Baxter Street. An impressive 5-story building with extra high ceilings awaits those with an imagination to transform this vacant building into an iconic retail and/or residential destination. With an enviable location a short walk from SoHo's famous boutique retail corridor,half a block from a collection of eclectic restaurants,close to most subway lines,and in the heart of NYC's influential art and culture center,this multi-family is a rare opportunity one can capture. This towering building is set on a 21' wide and 71' deep lot and currently offers mixed-use with five units,all at free-market rent with significant income upside,plus a 1,300 sqft retail space with a full-sized basement for expansion. Those wanting to develop this site will relish the more than 4,000 sqft of residential space that can be converted into a 7-bed,7-bath SoHo loft-style townhome. The property could also be converted into a 3-bed,3-bath owner's duplex with a private roof deck,while benefiting from generous monthly rental income from the residential/commercial spaces to offset carrying costs. There is also enough FAR to add an additional appx 2000 sf of interior space. With property tax class 2B status,the annual city tax increase is capped. The abundance of extra-large windows on each floor fills the space with a lavish amount of natural light. The staircase leads to the 900 sqft rooftop,a finishing touch that is ready to be transformed into an exclusive rooftop garden with views overseeing this exceptional neighborhood.

Property Details of 148 Baxter Street, Unit Building

Property Details

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Listed by Helene Xu of Elegran LLC

Based on information submitted to REBNY as of May 26, 2022 12:29 AM EDT . All data is deemed reliable but is not guaranteed accurate by the MLS. All information should be independently reviewed and verified for accuracy. IDX information is provided exclusively for consumers’ personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

 
 

 

 

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