SUMMARY

On April 30, 2025, Development Site Advisors® successfully closed the all-cash sale of 15 Catherine Street, a stalled foundation-level development site in Manhattan’s Chinatown/Two Bridges neighborhood, for $3,500,000. This transaction equates to $260 per feasible zoning floor area (ZFA) and showcases the firm’s unparalleled ability to reposition challenging assets with speed and precision. The site had previously sat unsold for nearly two years under a global brokerage. Development Site Advisors® sourced the buyer in just one day through a proprietary RFP process, bringing the deal to a close in 120 days.

PROBLEM

The site—originally purchased for $5.2 million in 2021 by a high-profile tech entrepreneur for a ghost kitchen concept— featured an existing cellar and first-floor foundation but remained dormant for years. Despite being marketed by a global brokerage for over 700 days, the asset failed to sell. The market perception was fatigued, and pricing expectations had to realign. With the seller shifting business strategies, urgency and discretion became critical.

SOLUTION

Upon appointment as exclusive broker, Development Site Advisors® activated its proprietary, highly targeted RFP approach. In just 24 hours, the team sourced a full-ask, all-cash buyer off-market and secured the asset under contract within weeks. The buyer, a Flushing-based developer, intends to redesign the site—initially built for full commercial use—into a more efficient mixed-use residential building, maximizing its feasibility at approximately 13,428 ZFA. RESULTS The property sold for $3,500,000 in an all-cash, as-is transaction, equating to $260 per feasible zoning floor area (ZFA). Development Site Advisors® was appointed as exclusive broker on November 7, 2024, sourced a full-ask buyer by November 8, went under contract by December 12, and closed the deal on April 30, 2025. The 3,024 SF lot (27.17’ x 113.33’) is located in a C6-1G zoning district, with the most feasible redevelopment yielding approximately 13,428 buildable square feet. The buyer is Zhou Xu, a Flushing-based developer. The seller, a high-profile entrepreneur who originally acquired the site in 2021 for a ghost kitchen concept, chose to sell after a strategic business shift. What global firms couldn’t accomplish in 710 days, Development Site Advisors® achieved in just one.

TESTIMONIAL FROM THE SELLER

“Rubin & Lev, We have officially closed on 15 Catherine, thank you for your help getting this sold. You guys were truly some of the most effective, professional, and responsive brokers I have worked with. I would happily use you again in the future and will be sure to refer you given the opportunity. Looking forward to the next one!"