Wednesday, May 11, 2016

If you're Jonesing to buy a new apartment building on East Houston

[Image via Cushman & Wakefield]

Jones LES is one of the newer residential complexes in the neighborhood, with rentals hitting the market back in December.

If you REALLY like the 13-story building at 331 E. Houston at Ridge Street, then maybe you can buy it. The place is for sale.

The listing arrived yesterday at Cushman & Wakefield:

The 13-story, 78-unit building features a hotel-style lobby attended 24-hours a day, library, fitness center, private garden, and landscaped roof deck. The unit mix consists of 24 studios, 40 1-bedrooms, 13 two-bedrooms, and a single three-bedroom unit featuring a balcony on the 13th floor. All residences feature oversized casement style windows with solar shades, oak flooring, custom Italian satin cabinetry, Ceasarstone countertops, stainless steel appliances, modern designed bathrooms, and washers and dryers. Of the 78 units, 62 can be rented at market rates and 16 are designated affordable. The property is located within short walking distance of the F train stop and East River Park. There is future upside as a potential condo conversion in an area that will be bolstered by Essex Crossing, a 1.9 million square foot development located only three blocks south.

No word on the asking price for the building. The rentals for the four active units on Streeteasy range in price from $3,900 (one bedroom) to $9,400 (three bedrooms).

Previously on EV Grieve:
An L-Shaped footprint ready to make its impression on East Houston Street

An abandoned car in an empty lot that will soon yield a 13-floor residential building

On East Houston, work begins on a new 13-floor residential building

What 331 E. Houston St. will look like one day

A look at 331 E. Houston St., with a rooftop deck for outdoor showers and 'Live Free or Die Hard'

16 affordable apartments now available at the incoming 331 E. Houston St.

Full reveal at 331 E. Houston St.

331 E. Houston St. now with a teaser site and name — Jones LES

If you're Jonesing for a new apartment on East Houston


Michael Ivan said...

I ducked in masquerading as an interested tenant to get a butcher's look after tennis recently and the apartments are polished... yet small, awkwardly sterile, and deceptively priced. The advertised entry prices are of course "net" after they account for a free month's rent on your first year, and first year only. The 1 bedrooms are actually over $4k. The studio's are $3,600 and only fit a bedroom set in the living area, perhaps a small sitting chair or two top if you got one of the "larger studio lines."

Not sure how the flip will go, as they are still releasing apartments, so I doubt occupancy is that rosy at the moment, and there's so many options west of here.

Anonymous said...

The end is soon near, for developers that is. The market peaked in 2014 and yet the building continues. If the owners are lucky they will get of this turd before things get ugly.

Makeout, Billionaire Cyclist said...

WTF? Where are my bicycle amenities?

Anonymous said...

Thank goodness for Essex Crossing. I was begnining to worry about the downturn. But subsidized luxury is to the rescue.

Thanks deBlasio -- yet again. You do-nothing poster liberal!

Anonymous said...

$3600 is a tough nut to crack for a studio apartment (or any apartment)... but no one seems to realize that in the current bubble.