86 E. Fourth St. at Second Avenue has been on the block... listed at $8.95 million.
Roberto Ortiz, a principal at Eastern Consolidated, who represented the seller, told this to the Observer last week:
Mr. Ortiz suggests there is a huge upside for this particular property because no significant renovations have been done in a very long time, and a committed buyer with resources could significantly up the rents when the current leases expire.
“It’s all about renovations,” said Mr. Ortiz.
Indeed. A resident gave us the scoop:
I suspected by the comings and goings of various groups of engineer and banker sorts that the building was quietly being shopped around for sale earlier this year. My suspicions were recently confirmed when I, along with the rest of the building tenants, received building sale notification letters under our doors one evening.
In any event, I also suspected that a building sale would bring a gut renovation or demolition of the building, as well. This now also appears to be right on target. The new owner and management are declining to offer new leases as current tenant leases expire. Par for the course
None of this will happen without a fight, though. Oh, and RURU & Associates was the buyer.