Monday, August 4, 2014

East 10th Street building new to the market; triplex unit in the future?

This listing arrived late last week at Massey Knakal:

A 5 story, walk up apartment building located on the south side of East Tenth Street between First Avenue and Avenue A. The building consists of 7 residential units of which 6 are free market and 1 is rent stabilized. The average in-place rent is $65/SF while rents in the area have achieved more than $80/SF.

The ground floor can be converted to retail as-of right in order to take advantage of a block that has seen retail rents reach over $130/SF. The property also benefits from approximately 3,724 square feet of air rights.

This represents an excellent opportunity for an investor who is looking for stable cash flow and tremendous future upside in the highly sought after East Village neighborhood. Alternatively, it could serve as an ideal user opportunity to create a triplex unit.

Price: $6.3 million


Anonymous said...

will this ever end?

Gojira said...

@8:29, Not as long as the culture of greed and disdain for the past continues to trump all other aspects of life in this world.

PeachesAndCrowns said...

Oh, Christ. Can we look forward to another monstrosity looming over us like the excrescence built about Theater for the New City? Whom I still have not forgiven for selling out, if that's what they did.

Scuba Diva said...

Crystal Field didn't have much of a choice in the matter; she certainly didn't want the monstrosity of a luxury apartment building hanging over her theater.

I'm not clear on the details, but I'm pretty sure the theater didn't get anything financial out of the deal, except the opportunity to keep operating as a theater. They still survive on donations and volunteers; someone correct me if I'm wrong.

(I happen to know that most of their actors are volunteers, with one occasionally being paid.)