NEW YORK—A development site located at 100 Norfolk Street on Manhattan’s Lower East Side was sold to an anonymous investor in an all-cash transaction valued at $8.7 million.

Situated between Delancey and Rivington Streets, the site has a footprint of 3,590 sq. ft. with dimensions of 53 ft. x 75 ft. and consists of a two-story commercial building.

The site lies in a C6-2A zone, allowing for hotel, residential or mixed-use development of approximately 21,500 buildable sq. ft. The sale included light and air easements with two parcels along Delancey Street, adding approximately 22,500 additional buildable sq. ft. for a total of approximately 44,000 buildable sq. ft.

The sale price equates to approximately $200 per buildable sq. ft.