[Image via Cushman & Wakefield]
The 5-story building between Avenue A and Avenue B is now on the sales market.
Here are the details via Cushman & Wakefield:
The building currently benefits from a J-51 Tax Abatement, which expires in 2024/2025. As a result, all of the residential apartments are rent stabilized per the abatement.
While rents for 6 apartments are limited by rent stabilization, the remaining 7 occupied apartments currently achieve rents that are closer to market, but are significantly lower than the maximum legal rent for these units. There are 3 vacant units. The 6 apartments are currently renting on average for $42.39/NSF or less than $1,250/month compared to approximately $59.45/NSF for the 7 units.
Furthermore, 4 of the 6 units contain preferential rents which upon expiration would add almost $15,000 in additional income with no additional renovation work. Of the 16 total residential apartments, 13 are occupied and 3 are vacant, while 13 are configured as studios and 3 as one bedroom units.
The ground-floor commercial unit is occupied by No Malice Palace, a very popular bar and night club with exclusive access to the rear yard whose lease expires in December 2019.
Asking price: $7.5 million.
Back in 2014, some No. 197 residents, tired of the nearby bar scene, created a sign suggesting where some weekend wooseekers may go.