Monday, June 29, 2015
189 Avenue C is converting to condos
Residents who arrived home to 189 Avenue C Friday had the following notices awaiting them… the landlord is converting the 10-floor rental building at East 12th Street to condos…
"It was very shocking," a resident there told us via email. The above notice accompanied a 200-plus page offering plan documenting specifics. On the top of this packet, it states, "This is a non-eviction condominium offering plan. No non-purchasing tenant will be evicted by reason of conversion to condominium ownership."
And the pricing? Studios for non-tenants are starting in the $700,000 range. (Existing tenants will receive about a 10 percent discount.) In the tenant's estimation, the pricing "seems outrageous — not affordable for me."
Interestingly enough, there's a listing for the building at Cushman & Wakefield. Asking price (following a recent cut) for the building that includes a vacant retail space: $32.5 million.
Rentals at the building, which has 35 units, hit the market in March 2011. Of the 35 apartments, five are studios, 13 are 1-bedrooms, nine are 2-bedrooms and eight are 3-bedrooms. Building amenities including a gym and washer-dryers in each unit.
According to Streeteasy, the average rent here is $3,171.