Monday, July 9, 2012

111 St. Mark's Place is for sale

[Massey Knakal]

There's a new listing for 111 St. Mark's Place, the six-story building pictured here between Avenue A and First Avenue. The asking price: $4.2 million.

Here's the Massey Knakal listing:

The property features 2 commercial units and 10 residential apartments all which are junior 2-bedrooms. Of the 10 residential apartments 2 are RC, 2 are RS and 6 are FM. The average rent regulated rents are renting only at approximately $11/NSF which is a fraction of the market, as the FM units are renting for approximately $45/NSF. All of the FM units have been fully renovated and feature granite countertops and high-end appliances. The property currently generates approximately $280,272 in annual gross revenue and nets approximately $203,394 in annual operating income.

The property benefits from being less then one block away from Tompkins Square Park where residents can enjoy beautiful summer days as well as outdoor festivals and concerts. Prospective purchasers have an opportunity to acquire a well maintained, beautiful brick building located in one of the most desirable residential neighborhoods of Manhattan.

(Per the listing we learn that the two rent-controlled units are $285 and $256, respectively.)

According to public records, the building was previously sold in May 2009 for $1.1 million to a group that included Alistair Economakis.

Meanwhile, the vacant storefronts here will soon be home to the under-construction Macaron Parlour, as DNAinfo first reported back in February.

Per the Macaron Parlour website, the shop will open next month.

2 comments:

der Nick von Weilbacher said...

WTF! I WANT RC!

nygrump said...

"The property currently generates approximately $280,272 in annual gross revenue and nets approximately $203,394 in annual operating income."

Help me out guys, does this mean it costs them about $77K annually to run this building? Isn't that about 4.8% annual return on the 4.2 MM investment? The real money is in getting rid of the rc and flipping the building in a few years. Its interesting to put it into perspective.