This large assembly of parking lots spans multiple zoning districts—R-M and MU-NE—offering significant development potential. A conservative analysis (Scenario 1 in flyer) shows capacity for 196 residential units under current zoning and FAR limits. However, if variances are secured for reduced setbacks or unified zoning, density could increase to 241 or even 275 units (see Scenarios 2 and 3 in flyer). The package also includes a small, landlocked RT-zoned lot behind 367 Madison Ave, likely best suited for adjacent property owners unless required as greenspace.
This package consists of five contiguous historic townhouses at 293-301 Hamilton and two contiguous townhouses at 305-307 Hamilton, the driveway at 256 Hudson and parking lot at 258 Hudson. All are mixed-use w/ office on the upper floors and retail on the ground floor. Several are inter-connected on various floors. To maximize value, the objective with these buildings will be to separate them all into their original footprints and redevelop the upper floors for residential use and keep the ground floors as retail. The asking prices for the townhouses equate to $52/SF if bought as a package w/ the parking lot and $70/SF if bought separately. 2-family residential townhouses in that neighborhood are selling in the $200/SF range so there’s decent upside on those for the right developer.
Included in this package is approximately 30 parking spaces in the rear of the townhouses which is accessed by a common driveway from Hudson Avenue.
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