Back on Monday, an EVG reader told us that 194-196 Avenue A and 503-505 East 12th Street had been sold.
The Commercial Observer provides more details on the deal that saw Dalan Management and real-estate investing firm Avenue Realty Capital buy the portfolio of four mixed-use buildings for $16.8 million.
Per the CO:
“We are excited to control four buildings on a prime corner of Avenue A and 12th Street in the East Village,” Daniel Wrublin, a principal at Dalan, said in a prepared statement. “The properties are in good condition, but we have substantial improvements planned to take them to the next level.”
Yes, "the next level." As the reader, who is also a resident in one of the buildings, told us: "I have a feeling that chances of us getting priced out next year are high. Womp."
El Camion and Double Wide Bar & Southern Kitchen occupy the retail spaces.
No. 196 housed Avenue A Wine & Liquor, which closed back in August. That storefront is for lease with an asking rent of $10,500 a month.
I hope the new landlords kick out Doublewide. I am so sick of the noise from this place. Though if they do kick them out the space will probably be occupied by another douchey bar.
ReplyDeleteIt is a simple rule of business, when you invest in something you want a return on it sooner rather than later. I cannot imagine how much "value" could be added to a building that is just 10 years or so old. The new owners will not be able to make the apartments any larger so my guess is adding some stainless steel appliances (which is just a veneer on a cheap appliance) and swapping out formica counters with $500 worth of granite will in their minds justify raising the rents $1000 per month. When will people say no to these insane rents for small apartments in now a nosy (and dirty) neighborhood?
ReplyDeleteExpect the worse. "Control" says it all.
ReplyDeleteAdding more floors, possibly? Looks like they could add at least two.
ReplyDeleteThe building on the corner that houses El Camion is less than 10 years old. It was rebuilt after a fire gutted the original place. But the 503-505 building next to it that houses Doublewide and is part of the deal could be renovated. It is not in great shape. I know there are some long-time tenants in there. I worry about how this is going to affect them.
ReplyDeleteAlso, the newer building has a lot of young tenants. The landlords around here try to rent to young people who aren't planning to lay down roots and stay long. That benefits this new buyer. They can make "improvements" and continually jack up the rent after tenants leave every couple of years.
I know the current tenants in the 503 and 505 buildings are driven nuts by the noise from Doublewide. It is strange the landlord would allow it to continue but maybe he let it continue hoping to drive tenants out.
ReplyDeleteDouble wide has double drunks which parade by my apartment after the "game" is over each night.
ReplyDeleteI used 311 to complain about the music blasting from Doublewide this morning at 1:45 a.m. As usual nothing happened. How does anyone who lives in 503 or 505 sleep at night?
ReplyDelete