Vacant 2nd Avenue lot from fatal 2015 explosion hits the market again

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BKREA has brought 123 Second Avenue to market, offering a rare opportunity to acquire a 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 parcel has remained undeveloped for more than a decade. With the former structure already demolished, the property offers a prospective buyer a clean slate for a new project in one of downtown Manhattan’s most established neighborhoods.

The property’s history is closely tied to the March 2015 gas explosion that destroyed buildings along Second Avenue and claimed the lives of Nicholas Figueroa and Moises Locón. The building at 123 Second Avenue was destroyed in the disaster, which originated at the neighboring 121 Second Avenue property. The site is now being offered as a redevelopment opportunity, with current zoning allowing up to approximately 12,525 square feet of development under the Universal Affordability Preference, subject to applicable requirements and review.

Key Takeaways

• Rare Vacant Development Site
  The 25-by-100-foot lot totals approximately 2,500 square feet. With demolition complete, a future owner can focus on architectural design, feasibility and the applicable approval process.
• Flexible Zoning and Development Potential
  Zoned R7A/C1-5, the property permits residential, retail, office, community facility and hotel uses. Residential zoning floor area is approximately 10,000 square feet as of right, with potential for up to 12,525 square feet under UAP, subject to applicable requirements.
• Established East Village Location
  The property sits between East 7th Street and St. Marks Place, near NoHo and Greenwich Village. The surrounding neighborhood offers restaurants, cultural destinations, universities, nightlife and established residential demand.
• Potential to Streamline Redevelopment
  Because the existing structure has already been demolished, a buyer avoids the need to undertake demolition before beginning the next phase of planning. The property’s zoning and any applicable affordability provisions should be reviewed by the buyer’s architect and legal team.
• A Site with Significant Neighborhood History
  The property was one of the buildings destroyed in the 2015 Second Avenue gas explosion. That history remains an important part of the East Village’s collective memory and distinguishes the site from a typical vacant development parcel.
• BKREA Market Representation
  BKREA is marketing the property as a rare opportunity to develop a new project on a vacant parcel in a highly sought-after downtown Manhattan location.

Why 123 Second Avenue Matters

Vacant development sites are scarce in Manhattan’s established neighborhoods, particularly in locations with strong transit access and a mix of residential, retail and cultural activity. At 123 Second Avenue, a buyer has the opportunity to evaluate a new development that responds to the surrounding neighborhood while working within the site’s zoning and applicable approval requirements.

The property also illustrates how real estate opportunities can carry both development potential and a meaningful local history. Any future project will be part of a block forever affected by the 2015 tragedy, making thoughtful planning and sensitivity to the community especially important.

For BKREA, the assignment highlights the importance of communicating a property’s physical characteristics, zoning potential and location while accurately acknowledging its history.

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, subject to applicable requirements
• Permitted Uses: Residential, retail, office, community facility and hotel
• Property Status: Vacant; former structure demolished
• Location: Between East 7th Street and St. Marks Place

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 development is possible?
The site allows approximately 10,000 square feet of residential zoning floor area as of right, with potential for up 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 regulations.

Why has the site remained vacant?
The property was destroyed in the March 2015 gas explosion and fire on Second Avenue. It has remained undeveloped since then and is now being offered for sale again.

What makes the property attractive to developers?
Its East Village location, flexible zoning, potential development area and completed demolition offer a foundation for evaluating a new project in a supply-constrained Manhattan neighborhood.

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