BKREA Brings Rare Vacant Development Site at 123 Second Avenue NYC to Market in the East Village

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BKREA has been retained to exclusively market 123 Second Avenue, a rare vacant development site in Manhattan’s East Village. Located on the west side of Second Avenue between East 7th Street and St. Marks Place, the approximately 2,500-square-foot property offers a development opportunity in a highly desirable downtown location near NoHo and Greenwich Village. With all existing structures demolished, the site provides a clean slate for a new residential or mixed-use project.

Zoned R7A/C1-5, the property permits a range of uses, including residential, retail, office, community facility and hotel. Current zoning allows approximately 10,000 square feet of residential zoning floor area as of right, with the potential to reach 12,525 square feet under the Universal Affordability Preference (UAP). Its flexible zoning, prominent Second Avenue location and proximity to transit and downtown institutions make it an attractive opportunity for developers seeking a boutique project in Manhattan.

Key Takeaways

• Rare Vacant Development Site
  The 25-by-100-foot lot totals approximately 2,500 square feet. With demolition complete, a prospective developer can move directly into architectural planning and the approval process.
• Flexible Zoning and Development Potential
  The R7A/C1-5 zoning permits multiple uses, including residential, commercial and community facilities. Residential development allows approximately 10,000 square feet of zoning floor area as of right, potentially increasing to 12,525 square feet under UAP.
• Prime East Village Location
  Situated between East 7th Street and St. Marks Place, the property occupies the western edge of the East Village near NoHo and Greenwich Village. The surrounding neighborhood offers established cultural institutions, dining, nightlife, parks and universities.
• Strong Nearby Condominium Pricing
  Nearby new-development properties have recorded condominium sales of up to $2,858 per square foot, while active asking prices at other nearby developments reach $3,304 per square foot. These figures provide useful market context for evaluating a potential residential development, though they do not guarantee future performance at 123 Second Avenue.
• Multiple Transit Options
  The site is approximately a two-minute walk from the Astor Place subway station, five minutes from the 8 St–NYU station and eight minutes from Union Square, providing access to several major subway lines.
• Experienced BKREA Representation
  Managing Director Genessy Jaramillo and Senior Vice President Ryan Candel highlighted the site’s scarcity, neighborhood positioning and nearby condominium pricing as important elements of its development appeal.

Why 123 Second Avenue Matters

In Manhattan’s established downtown neighborhoods, vacant development sites are limited. The availability of a fully demolished parcel offers developers an opportunity to pursue a new project without first undertaking demolition of an existing structure.

The property’s zoning flexibility, proximity to NoHo and Greenwich Village, strong transit access and surrounding residential market create several potential development strategies. A buyer could evaluate a boutique condominium or rental building, potentially incorporating ground-floor retail, subject to architectural review and applicable approvals.

For BKREA, the assignment demonstrates the importance of combining detailed zoning analysis, neighborhood knowledge and comparable market data to position distinctive development opportunities for prospective buyers.

Featured Property Highlights

• Address: 123 Second Avenue, New York, NY
• Neighborhood: East Village, Manhattan
• Lot Size: Approximately 2,500 SF
• Dimensions: Approximately 25 feet of frontage by 100 feet deep
• Zoning: R7A/C1-5
• Residential ZFA: Approximately 10,000 SF as of right
• Potential Residential ZFA: Up to 12,525 SF under UAP
• Permitted Uses: Residential, retail, office, community facility and hotel
• Property Status: Vacant; existing structures demolished
• Transit: Near Astor Place, 8 St–NYU and Union Square subway stations
• BKREA Representatives: Genessy Jaramillo and Ryan Candel

Frequently Asked Questions

What is 123 Second Avenue?
It is a vacant development site in Manhattan’s East Village, located between East 7th Street and St. Marks Place.

How large is the property?
The lot measures approximately 2,500 square feet, with dimensions of approximately 25 feet by 100 feet.

How much can be developed on the site?
Current zoning allows approximately 10,000 square feet of residential zoning floor area as of right, potentially increasing to 12,525 square feet under UAP, subject to applicable requirements and review.

What uses are permitted?
The R7A/C1-5 zoning permits residential, retail, office, community facility and hotel uses, subject to applicable zoning and approval requirements.

What makes the location attractive to developers?
The property sits near NoHo and Greenwich Village, with access to subway stations, universities, cultural attractions, restaurants, nightlife and nearby condominium developments.

Who is marketing 123 Second Avenue?
BKREA is marketing the property, with Managing Director Genessy Jaramillo and Senior Vice President Ryan Candel representing the opportunity.

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