159 First Ave. at 10th Street recently went on the market. Here's the listing:
Existing 6 Story mixed use asset with 4 commercial spaces on the main floor and 30 one and two bedroom units. Corner, Walkup apartment building, 100% occupied. 25 Free Market Units, 4 Rent Stabilized Units, one super occupied. 6 homes per floor: 4 One Bedrooms/ 2 Two Bedrooms with a total of 24 One Bedroom Homes and 12 Two Bedroom Homes. High traffic location. Prime East Village. Air rights.
The current asking price is $12.75 million. Aside from the "air rights" part, there's nothing necessarily alarming about this... But, given the way things are going around here, why not come in, fix up the joint, double the rent, throw a few extra floors on, boot out all the ground-floor businesses for a high-end eatery.... OK, OK.. don't mean to speculate.... but the combination of this with its corner mate on Ninth Street currently looking for a restaurant or two leaves me uneasy...
[Photo by Blue Glass]
3 comments:
Sort of shocking that a building of this vintage and at this location only has 4 RS units and no RC units.
I don't see how that rent roll could possibly cover the mortgage on 12.75 mil and the taxes.
They don't seem to be doing a whole lotta work on the 9th St. building...I see workers there maybe once a week. Though the ground floor seems more cleared out than before...I haven't seen anyone messing around on the scaffolding or doing any visible work on the upper floors...
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