Small lot development - Part 2
Small lots in NYC are usually measured at 16-20 ft wide facing the street and 75-100 ft deep in a rectangle shape. There are narrower and shallower lots but not as common. Small lots are spreaded across Upper Manhattan, Greenwich Village, East Village, and parts of Brooklyn and Queens. There are approximately 250,000 of these small lots throughout the city. Most of these lots already have structure built on the land but you can typically find available air rights. This is where you as the developer can add “value” by enlarging the existing structure vertically or horizontally to create more floor areas. It’s a classic value-add strategy in the real estate world. Some lots are still vacant and you can search and find them easily by accessing the NYC lot data here . A vacant lot is prime for ground-up development, although it takes much more time and capital to develop and is considered more risky. With an existing structure and available air rights or a piece of vacant land...