Thursday, February 4, 2016

332 E. 6th St. is for sale — air rights too



The six-story walk-up located on the south side of East Sixth Street between First Avenue and Second Avenue is now on the market.

Here's the listing viaCushman & Wakefield:

The building consists of 12 residential units, of which 9 are vacant and 3 are rent-stabilized. There is upside in potentially adding an addition using the 2,950 SF of air rights, increasing the below market rents, and bringing the building to 100% occupancy. The property is located within two blocks of neighborhood hot spots such as Tompkins Square Park, Upstate, The Eddy, and Mayahuel.

In addition, the building is within walking distance to the 2nd Avenue F train stop and the Astor Place 6 train stop. This is a rare opportunity to acquire a prime multi-family asset with substantial upside in the heart of the East Village.

Price: $8 million

Image via Cushman & Wakefield

15 comments:

Anonymous said...

6 story walkup could be converted to a 7 story walkup? these people are nuts.

nygrump said...

"9 are vacant"

Seth said...

9 vacant units in the E.V. I can't help but wonder whether they waited, paid, or chased those people out...

Anonymous said...

They just waited out the leases to expire.

Anonymous said...

Looks like it is a 5 story walk-up & they can add a floor or possibly extend the ground floor in back instead. No matter it will be a hell process for the remaining 3 tenants.

Anonymous said...

I didn't realize Tompkins Park is a hot spot. It use to be a hot cruising area years back. But these days?

Scuba Diva said...

It's a pre-law tenement, probably dating to the early 1800s; whoever buys it will want to buy or chase the remaining tenants out so they can demolish it. (5 floors, Anon. 9:14)

Anonymous said...

I know one of the three tenants left. All accepted buy outs. He's still there.

Anonymous said...

I believe this is one of the buildings Raphael Toledano push cased from the Tabaks just recently. Can anyone confirm this?

Anonymous said...

Who currently owns this building?

Anonymous said...

It was indeed a Tabak bought by Tolendano. No one was forced out. They all accepted buyouts. Floor through's or railroad flats. 2 units per floor. Nice and large. I live on the block. That's how I know.

Anonymous said...

People had no choice when lease ended no renewal. Shit building he's trying to dump it. Can't extend building in back zoning left side foundation sinking 2 basement apartments not legal ceiling height bought all tabaks buildings this one is a loser

Shawn G. Chittle said...

If you live here, get a lawyer. You can make millions if you're smart.

http://www.nytimes.com/2015/12/25/nyregion/new-york-builders-paying-huge-buyouts-to-tenants-in-their-way.html?_r=0

Anonymous said...

Millions. HA

Anonymous said...

Shawn, did you read that article? It's extremely rare that a tenant would get millions. Lucky to even get low 6 figures. They leave because they want to get out or are afraid of fighting for their rights.