Thursday, September 1, 2016

Raphael Toledano selling 97 2nd Ave.

The 6-story building at 97 Second Ave. between Sixth Street and Fifth Street was one of the first East Village properties purchased by Raphael Toledano, who would later buy several portfolios of buildings.

Now the building, which has a complicated recent history (there was a lawsuit in 2014 involving Toledano and another broker), is on the market.

Cushman & Wakefield has the listing. Here's the pitch:

The building consists of a ground floor retail space currently leased to a restaurant until February 2030 with 10 residential units.

The restaurant pays $105 per square foot which is slightly below market and reimburses for 50% of the increases in the real estate taxes over base year 2015. The FM residential units have recently undergone extensive renovations and feature high ceilings, washers and dryers, dishwashers, wide plank wood flooring, and stainless steel appliances. Four units feature private access to the rooftop or a balcony which command a premium in rent. The building has also been outfitted with a new video intercom system and security cameras. This is a rare opportunity to acquire a high cash flowing, recently renovated mixed-use building in the heart of the East Village.

There isn't a listing price: Potential buyers need to submit offers. Public records show that Toledano paid $4.95 million for it in April 2014.

In April 2014, Douglas Pratt, whose family operated the longtime laundromat here since the early 1970s as well as owned the building, said that they needed to sell "for a host of personal and business reasons."

The retail space is now home to Hou Yi Hot Pot.

In July, The Real Deal reported that the controversial Toledano was aiming to sell six East Village buildings less than a year after buying them.

Image via Cushman & Wakefield

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