Tuesday, November 3, 2015

179 E. 3rd St. is for sale



The 6-story walkup building between Avenue A and Avenue B is now on a market.

Here's part of the pitch via Cushman & Wakefield:

Of the 32 residential units, 19 are fair market, 11 are rent stabilized and 2 are rent controlled. As 40% of the units are stabilized and achieve an average of only $985 per month, or just 30% of market, prospective ownership can unlock significant value over time through deregulation. Further upside can be achieved immediately in the fair market units through the creation of coveted amenities for residents including, but not limited to, an expansive roof deck that already benefits from impressive views, the installation of a laundry facility/service, a security system, automated doorman and an updated lobby.

There is also substantial value in the property’s retail component that features approximately 1,360 square feet of ground floor space. The building currently hosts three separate retail units, two of which are occupied by renowned Crandall Guitars and Studio 26 Gallery with leases that expire in 2018 (with a 5 year renewal option) and 2017 (with a 2 year renewal option), respectively. The last unit is owner occupied and will be delivered vacant upon sale. As the landscape of the East Village has transformed into one of the most desirable residential and commercial locations in the city, future ownership has the ability to capitalize on the favorable growth of the neighborhood in the near term.

Located in the heart of the East Village, 179 East 3rd Street benefits from a wide array of the city’s best shopping, dining and nightlife options. The neighborhood has experienced rapid transformation in recent years that has attracted a younger population drawn to the area’s new developments. The most exciting new project coming to the area is Essex Crossing, a 1.9 million square foot mixed-use project located just 3 streets south of the subject property.

Price: $26.5 million

Image via Cushman & Wakefield

15 comments:

Anonymous said...

The is village is not the "most desirable residential neighborhood" for the reasons the real estate carpetbaggers are lying about. If you are in your 20's, like to party and think a roof top party space is the bomb, yes. If you are in your 20's and want to expand upon those dorm/frat/sorority years, yes again. If you want to live in a neighborhood that has diversity, stores and services you actually need, and like to get a good night sleep free from roaming groups of college educated alcoholics in training then the answer is NO.

Donnie Moder said...

Rent control tenants are paying next to nothing, $100 and $162 for 2BR units. That is so crazy low!

Anonymous said...

Absolutely right commenter #1. The residents better start a Tenant Association as soon as possible otherwise the developer will have the rent controlled and rent stabilized tenants out asap. Time to call Cooper Square and GOLES. Nothing like capitalism on steroids to transform a neighborhood into an urban Disneyland.

Anonymous said...

Meaty price. Realtor verbiage is so hackneyed. But what should you expect from an industry that gets their license in less time than a 16 year old driver's permit.

cmarrtyy said...

A couple of months ago I worked with 6 young, hip, newly arrived co-workers. When I told them where I lived they said... That they looked at the EV but the rent was high, the streets dirty and noisy, too many students and they got better deals on the upper West and Chelsea. So much for real estate sales pitches.

Anonymous said...


9:52 post's absurdly low mentioned amounts in no way reflect most genuine monthly rent control charges. Sounds IMO like a BS rumormongering comment. Here's hoping that this building's 32 tenants have already banded together to form a solid strong tenants' association, as that's the best thing they can do just now, and it can make all the difference in the world. Best wishes to the residents!

Anonymous said...

Sorry to break it to you, @11:21. If you dig into the materials on the broker's site, the rents mentioned by @9:52 AM are absolutely correct.

Anonymous said...

This goes to my comment the other day that the people who are creating the environment where rent controlled people are being kicked out is the people selling the buildings. Not the buyers. The buyers have to make the building free market if they are going to spend 24mill as a purchase price.

The sellers are the assholes here, and the sellers and the one who are to blame when the new owners are doing what they have to do to survive.

Anonymous said...

Disgusting realtor-speak. Rot in hell, snakes.

Anonymous said...

"Rent control tenants are paying next to nothing, $100 and $162 for 2BR units. That is so crazy low!"

Your phone must have autocorrected. What you meant to say was:

"Market rate tenants are paying through the sky, $10,000 and $16,200 for 2BR units. That is so crazy high!"

Donnie Moder said...

When half the city's rental apartments are either rent stabilized, public housing, section 8 or rent control, it screws up the market so that the market rate apartments are skyhigh. It also put a crimp on construction of middle income apt buildings throughout the years so now we have a lot less.

Donnie Moder said...

Just going by what realtor posted, what this website linked to, 11:21. Not trying to rumor monger at all or BS. Look at it yourself.

Gojira said...

"Rent control tenants are paying next to nothing, $100 and $162 for 2BR units. That is so crazy low!" - What that says to me is that whoever these tenants are, they have lived in the neighborhood and made it their home for many, many years, since to qualify for rent control, they must have been continuously living in their apartments since July 1, 1971. So these people came to the East Village when it was a regular neighborhood, stuck it out while New York City tumbled into the financial abyss, and now that the city is on its current crazy upswing, they are targeted by bloodsucking cockroaches that probably weren't even born when they moved in, who don't give a damn about anything except how much money they'll be able to make off their apartments when the tenants are ultimately gotten rid of. Lovely.

Donnie Moder said...

The current occupanys may or may not have lived in the apartment since 1971. There are rights of succession with rent control apartments.

Donnie Moder said...

There could be a 22 year old in the RC apartment.