[EVG photo from last week]
While Ben Shaoul's 100 Avenue A is being sold as condos, one real-estate family plans to make money on the units by offering them as rentals.
According to an article (subscription required) in The Wall Street Journal yesterday, investors John Spahi and his son Omar are trying to make a mark in New York real estate with 100 Avenue A between East Sixth Street and East Seventh Street.
Earlier this year, Omar Spahi spent $5.4 million on three of 100 Avenue A's units.
To the Journal:
Mr. Spahi said he plans to rent out the one-bedroom units for about $5,500 a month and the two-bedroom unit for $7,500. That is high for the neighborhood, where the average one bedroom with a doorman rents for $4,525 a month and a two-bedroom fetches an average of $6,100 a month, according to MNS Capital Real Estate Impact, a residential brokerage.
“The East Village is becoming gentrified but still has a cool vibe,” said Corlie Ohl, a Citi Habitats broker that has lived in the neighborhood for 12 years. Ms. Ohl adds that while the rents Mr. Spahi is considering may sound high, they are still less than similar buildings in more established residential enclaves.