(To read more on the multifamily market, click here.)

NEW YORK CITY-The owner of 80 Ave. of the Americas, an 11,330-sf lot in Soho, has placed it in on the market in order to maximize an investment. The current owner will retain ownership of the retail component.

The site is bounded by Avenue of the Americas to the West, Grand Street to the North, Thompson Street to the East and a city-owned playground to the South. It is approved for the development of a 66,734-sf residential building with a ground-floor retail component. The site has approvals to build 12-ft ceiling heights for the residential floors two though six and 18-ft ceiling heights on the penthouse levels seven and eight.

Eastern Consolidated's Ronald A. Solarz and Eric M. Anton, both senior managing Directors, Mary C. Willison and Eric L. Klein, both associate brokers, and Paul J. Nigido, financial analyst, are spearheading the marketing initiative. "Soho is unquestionably Manhattan's hottest neighborhood and this site represents a rare opportunity to buy into an area where new residential and hospitality development abounds, making SoHo more and more sought-after as a residential community," Anton says. Solarz notes that it is expected to fetch upwards of $600 per sf.