Thursday, January 3, 2013

4 East Fourth Street apartment buildings hit market for $32 million

A new listing appeared yesterday for the sale of 195, 199, 201 and 203 East Fourth Street between Avenue A and Avenue B...

Here's part of the pitch via Massey Knakal:

The buildings are on four lots with a combined 100’ of frontage, approximately 27,770 gross square feet, 46 apartments and 1 store. ... the East Village is known for its diverse community, vibrant nightlife, retail diversity, restaurant density, artistic sensibility, and recent gentrification. The buildings feature 46 apartments split between 40 fair market and 6 rent stabilized units of which there are 18 one-bedrooms, 2 two-bedrooms, 21 three-bedrooms, 2 four-bedrooms, and 3 five-bedrooms. The fair market apartments have been fully gut renovated and feature beautiful dark hardwood floors, dark cabinetry, stainless steel appliances, granite countertops, marble bathrooms, new moldings, and high-end light fixtures.

Ownership has also completely renovated all of the building’s common areas, installed a coin-operated laundry room, upgraded the electric, repointed the facade wherever necessary, installed a new intercom system, and built newly added bulkheads leading out to private roof decks for many of the top floor units. They are in the process of creating private backyards for many of the lower rear floor units. These improvements have dramatically increased the rents being achieved in arguably Manhattan’s tightest rental sub-market. The 6 remaining rent stabilized units provide additional upside for the next owner of these assets.

We had heard some grumblings about the renovations here, especially how they were impacting the rent-stabilized units ... if you know more about the situation here, then please let us know via the EV Grieve email


Gojira said...

"Artistic sensibility"? What, do the woo-ers think they are emulating Jackson Pollock's splatter paintings when they rolf in our streets and doorways?

Anonymous said...

seems rather expensive considering a 20 unit building in decent condition goes for 3-4 million.