The 6-story walk-up on East 10th Street between Avenue B and Avenue C is new to the market.
Here's the deal, via Cushman & Wakefield:
The offering presents an extremely rare opportunity to purchase a highly sought after value-add redevelopment project in Manhattan’s East Village. The building is approximately 40’ x 80’ and consists of 20,688 gross square feet which includes the usable garden level space. Recent measurements indicate the garden level is partially (approximately 35%) below sidewalk grade and therefore usable. There are a number of physical features that benefit a developer such as excellent ceiling heights, multiple airshafts providing light and air, a large open stairwell, and a 15’ rear yard.
Ownership is a NYC non-profit which has owned the building for many years and currently uses the building for social services. The existing Certificate of Occupancy lists the Building Code Occupancy Group as H-2 and the Zoning Use as Group 3. However, residential use is permitted within the R8B zoning classification and the building was originally used as an apartment building.
The East Village continues to evolve into one of New York City’s most exciting and vibrant communities. Considering the building’s location, 371-373 East 10th Street benefits from a wide array of the city’s best shopping, dining and nightlife options in addition to Tompkins Square Park – one of the area’s best outdoor amenities. Since the building is being delivered completely vacant, this offering provides the developer with an extremely rare opportunity. The property is ideal for conversion to rental apartments or condominiums.
Asking price: $15 million
As we understand it, the Educational Alliance operates/owns the building, offering "residential therapeutic communities for adults dealing with chemical dependency." This is a male-only facility.
The Educational Alliance is adding an extension to their existing building on Avenue D between East Third Street and East Fourth Street for housing patients in their treatment programs.
Image via Cushman & Wakefield
I hate to see any building turn into yet another party palace for rich people, but they can use the money, and it says a lot about the drop of drug use in the neighborhood that they don't need this space anymore.
Is it an elevator building? Else 5th and 6th floors will be very hard sells (I say this from living on a 5th floor now). I see it still has a taped X from Hurricane Sandy. HIlarious!
This could be a chance for the city to provide more low income housing in a neighborhood with a growing homeless population! Will this be one more missed opportunity in the De Blasio administration....and where is Rosie? Asleep at the wheel????
In response to Shawn G's post:
Wouldn't it be wonderful if the Mayor and the City Council mandated that buildings without elevators produce feasibility studies on the possibility and cost of installing an elevator. As our population ages, it becomes an imperative that Senior citizens not become prisoners in their apartments. This should be initiated at soon as possible.
" it says a lot about the drop of drug use in the neighborhood that they don't need this space anymore."
Alcohol is a drug and its use in on the rise here.
"This could be a chance for the city to provide more low income housing in a neighborhood with a growing homeless population!" The city needs Federal money to build that kind of housing and the Feds (think Republicans) have made sure the poor get nothing. The public housing we have now from the mid-century is in bad shape and there is supposedly again no money for for repair and maintenance this is why developers get whatever they want in the way of public land, tax incentives to build affordable housing in the far reaches of the city's boroughs.
This building will become yet another frat and sorority revolving door rental with a rooftop for parties and a backyard too.
I don't think their will be too many problems selling the 5th and 6th floors. If the price is right someone will pick them up for sublets.
The building is owned by Educational Alliance, a non-profit. (They sold the other drug rehab on Tenth between A and B several years ago, so they are "not hurting.") We have seen a lot of recent real estate transactions with nonprofits -- Bible Society, Watchtower, and now Pride Site -- cashing out. How are they able to do this? And are nonprofit investments in real properties a way to speculate, ultimately?
More construction on the noisiest block already. Between the condo construction and the east side community school brick re-pointing there is very offensive noise pollution from 7am (earlier as they setup and roll in) to late in the evening, 6 days a week. Does anyone know a resource or avenue to having the local rules on this changed. 7am is way too early.
I was looking at a 5th floor co-op in the summer. The day after viewing I put in an offer at asking price and they turned me down. Tiny 5th floor studio was only on the market for 8 days. I don't think they'll have any issues selling.
Just walking up three stories is hard enough with a bad knee.
Somewhat ironically, drug-addicted former child actor Bobby Driscoll was found dead in this building in 1968. From imdb.com: "On March 30, 1968, two playing children found his dead body in an abandoned East Village tenement. Believed to be an unclaimed and homeless person, he was buried in an unmarked pauper's grave on Hart Island, where he remains."
Interesting how "non-profits" are allowed to play real estate speculator without paying taxes before, during or after. They should be induced to either sell to another community-based non-profit or retro-actively pay taxes avoided before the sale of their property. The inflated price they'd be getting would surely cover this with no problem.
Local politicos should show us that they CARE and step in the way of this deal....
@11:27am: I agree that it would be great if elevators could be put into many of these types of buildings, but remember that the cost would be a HUGE major capital improvement (MCI) for both installation (not to mention ongoing maintenance), thus it would raise rents for all the tenants in that building permanently. Then if you get a scummy landlord who lets the elevator go out of service for long periods of time, what you end up with is a walk-up building where everyone is stuck with a big MCI increase.
BTW, where I live (a 5-floor walk-up) this was considered, but the only way to put in an elevator would be to remove all the bathrooms in one entire line of apartments - a non-starter!
Having lived on the sixth floor of my building for about 25 years—and my 82-year-old roommate since 1976—my attitude is: where there's a will, there's a way.
This past summer I fractured my kneecap, and oddly enough, the 100 steps have provided "ghetto physical therapy" I may not have had the equivalent of; in the process of figuring out why I was being charged a $40 copay for every therapy session and every visit to a specialist, I discovered I was on the wrong plan, and was in hiatus while this was being cleared up.
My roommate is a heart patient and a cancer patient—in remission—but would likely not be with us if he hadn't been climbing these stairs for over 40 years. When life gives you lemons, people…
Flash for someone always opposed to the "Police State, Spy State" you are always looking for government intervention of property rights. Advocating Landmark status or here the lawful sale of property by the titled owner should be held ransom for taxes. And what does a dead junkie circa 1968 have to do with anything? In 1648 a Dutch settler built a crap house there and took a dump.
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