Madison Street Parking Lot Listed for $6M
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No stone (nay, vacant lot) is left unturned in the current real estate climate. Overdevelopment is simply par for the course. Case-in-point is the sliver of parking lot right at the corner of Madison and Mechanics Alley (not on the official city map). Perenially gated, this relatively inactive spit of land primarily acts as private parking. It’s also been on the market since last year, originally listed for $5.1 million; asking price was just increased to an even $6 million.
The parcel – officially on the books as 128 Madison Street – carries a land area of 2,510 square-feet and is zoned R7-2 (residential). Here’s the city’s definition on what that designation means:
R7 districts are medium-density apartment house districts mapped in much of the Bronx as well as the Upper West Side in Manhattan and Brighton Beach in Brooklyn. The height factor regulations for R7 districts encourage lower apartment buildings on smaller zoning lots and, on larger lots, taller buildings with less lot coverage. As an alternative, developers may choose the optional Quality Housing regulations to build lower buildings with greater lot coverage.
Regulations for residential development in R7-1 and R7-2 districts are essentially the same except that R7-2 districts, which are mapped primarily in upper Manhattan, have lower parking requirements.
This so-called “development opportunity” sits within direct earshot of the steady click-clack-click-clack rumble of passing subway trains. So whatever is built, if anything, will need to withstand that noise.