[Image via Streeteasy]
Back in April 2013, 534 E. 14th St. hit the market for $7.1 million. The 5-story walk-up between Avenue A and Avenue B is adjacent to Extell's incoming retail-residential complex.
At the time, not much was known about the size and scope of the development. Today, though, everyone has a good of what's to come. The two buildings at No. 532 and No. 500 will include 150 residential units and nearly 57,000 square feet for retail.
So a listing for 534 E. 14th St. returned yesterday with a new broker (Marcus & Millichap) and a new price tag — $8.995 million.
Here's the listing via Streeteasy, which doesn't sound too promising for current lease holders…:
The subject property is a 5-story, mixed-use, walk-up building containing 15 residential units, 2 ground floor retail units and a cell tower. Of the 15 apartments, there are 14 studios and one 1-bedroom. All of the apartments are rent stabilized and contain an average legal rent of approximately $2,400. With an actual average rent of approximately $1,769 per month, this provides an investor significant immediate rental upside.
The property contains two retail tenants: ABC East 14 Cleaners, which occupies 800 square feet with a month-to-month lease and New Tasty King, which occupies 800 square feet and is also on a month-to-month lease. The two tenants are paying an approximate average of $109 per square foot.
The property is located adjacent to Extell’s new development which will have over 30,000 square feet of retail asking $250 per square foot. Further retail upside can be recognized by building out the retail space using the property’s additional air rights. The property also features a cell tower on the roof, which pays $750 per month and has a lease expiring on June 30, 2019.
According to Streeteasy, the property has 3,078 square feet of unused air rights.