There's a new listing for 111 St. Mark's Place, the six-story building pictured here between Avenue A and First Avenue. The asking price: $4.2 million.
Here's the Massey Knakal listing:
The property features 2 commercial units and 10 residential apartments all which are junior 2-bedrooms. Of the 10 residential apartments 2 are RC, 2 are RS and 6 are FM. The average rent regulated rents are renting only at approximately $11/NSF which is a fraction of the market, as the FM units are renting for approximately $45/NSF. All of the FM units have been fully renovated and feature granite countertops and high-end appliances. The property currently generates approximately $280,272 in annual gross revenue and nets approximately $203,394 in annual operating income.
The property benefits from being less then one block away from Tompkins Square Park where residents can enjoy beautiful summer days as well as outdoor festivals and concerts. Prospective purchasers have an opportunity to acquire a well maintained, beautiful brick building located in one of the most desirable residential neighborhoods of Manhattan.
(Per the listing we learn that the two rent-controlled units are $285 and $256, respectively.)
According to public records, the building was previously sold in May 2009 for $1.1 million to a group that included Alistair Economakis.
Meanwhile, the vacant storefronts here will soon be home to the under-construction Macaron Parlour, as DNAinfo first reported back in February.
Per the Macaron Parlour website, the shop will open next month.
3 comments:
WTF! I WANT RC!
"The property currently generates approximately $280,272 in annual gross revenue and nets approximately $203,394 in annual operating income."
Help me out guys, does this mean it costs them about $77K annually to run this building? Isn't that about 4.8% annual return on the 4.2 MM investment? The real money is in getting rid of the rc and flipping the building in a few years. Its interesting to put it into perspective.
I moved here as a 21 year old 50 years ago in 1964. I lived here for 10 years, many of them the worst years of my life, more or less in and out of a clinical depression. Still, I was young and full of perverse and energetic enthusiasms. I recognized objectively that the neighborhood was vital to my well being but I hated it. I had no idea who its indigenous population were, other than that they were Ukrainians and looked upon me as a stranger. My neighbors were (in no order): Mr. Gushka, Mrs. Sawistsky, the Kudlas, and the Mendozas, whom I loved. Most of these peole are dead, long dead, including Milton Mendoza who was ten when I moved in. Miriam and Lydia were/are both fine people and alive. The Polish/Ujrainian crew were fairly ancient at the time (as am I now) and are long, long deceased. I paid 55 dollars per mo th and the apartment was full of sunlight but also full of cockroaches, despite my best and perpetual efforts at staunching their eternal reproductive capacity. The bathroom was in the kitchen and the WC was too tiny even to clean properly. That I stayed there for so long, and even evolved as a human being, was a symptom of personal poverty and mental illness. If you pay ca 2000 for this no doubt poorly renovated apartment, your masochistic appetite for a domicile in NYC is as great as mine was. Perhaps greater. Though I still live here, fortunately in much better digs and--though ancient myself- in a profoundly better state of mind, thanks to years of psychoanalysis!
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