[Top 3 photos from Feb. 23]
Back in late February, we spotted several small "building for sale" signs at 91 E. Seventh St. at First Avenue...
However, the listing never appeared online and no one ever got back to us with more info.
Now, though, the listing (the 12-unit building is also known as 118 First Ave.) arrived on Streeteasy this week.
Per the listing:
1. Deli $14,300 lease expire 8/31/2016
2. Store $4,300 lease expire 8/31/2016
3. 3 bedrooms R/R style VACANT(2,900)
4. 3 bedrooms R/R style VACANT (2,900)
5. 3 bedrooms R/R style R/C $140
6. 3 bedrooms R/R style R/C $147,97
One retail tenant is Golden Food Market... the other space must be the Caracas Arepa Bar To Go space, which shares the 91 E. Ninth St. address. (The People's Pops stand did not return to this corner this summer.)
[Photo from yesterday]
The asking price for the building: $6.9 million.
DOB records show a partial vacate order on the address for "illegal hotel rooms in residential buildings."
I haven't been living in the EV long, but my jaw hit the floor seeing that 3-Br with rent control at $140! Surely thats not monthly rent is it?? If so.... thats amazing. I guess I never knew what the median rent for an RC apartment really was?
ReplyDeleterent control is different than rent stabilization.
ReplyDeletethe tenant must have been living continuously in an apartment since July 1, 1971. not many of thoseo apartments left.
there is a yearly increase.
for the rent to be as low as $140 the building must have been denied increases for some very serious violations.
Wait, that's not what that means, right? If so, then the rent control rate on the next apartment is over $140K.
ReplyDeleteI used to live in one of those apartments - those bedrooms are small, small, small. Each could hold a loft bed and dresser.
Small bedrooms will not matter to a transient renter in college or just out, it's all about the partying bro.
ReplyDeleteSounds like the deli may not get a lease renewal (?) I hope they get to stay. It's a nice little shop. Presume the seller is looking for the new owner to wave the buyout flag on the rent control units!
ReplyDeleteThe guy that owns the deli actually just opened up the health food market a few doors down last summer, so even if he gets kicked out at least he'll be OK.
ReplyDeleteIt's RE speculation. The rent roll won't cover the mortgage on a $6.9 million purchase.
ReplyDeleteDue to strange law/loopholes, rents in rent controlled (RC) apartments can actually be higher than rent stabilized (RS) apartments.
ReplyDeleteMy relatives, age 90, have been in a RC apartment for over 60 years.
It is RC with a rent of over $1,600. For NYC that is considered a "good deal" but for the elderly, can be a hardship.
Also the RC rent is actually more than some of the rent stabilized apartments.
If the RC apartment rent in this building is really $140 then the landlord must have had a reason and/or there truly is a problem with the apartment.
11:23
ReplyDeleteYour relatives should apply to the city for help.The program is called SCREE. They will help pay the rent if they make under $50,00.00 a year.
Jen....
The rent of 147, 97 must be 147.97. No comma... a decimal point.
SCRIE, not SCREE, but definitely.
ReplyDeleteI rememeber this building very well in the 90's. My friend Stella, owner of Caffe delle Pace at the time used to live there...greta memories of her apartment...Small units, it's true.
ReplyDeleteGA
www.nyc90s.com
If you pay that money for this building you are going to demolish it and build multi million dollar condos. Otherwise it makes no financial sense.
ReplyDeleteDepending on the apartment, that RC rent is not unusually low. I know someone in a RC apartment (NOT in this building) who pays about the same. But it's a walk-up, rooms are VERY VERY small, "bedroom" is basically a closet, bathtub in the kitchen, toilet is in a water-closet (meaning there is no "bathroom"), and most of the windows open onto an interior air shaft. Think "tenement museum" with some plumbing upgrades.
ReplyDeleteSCRIE stands for "Senior Citizen Rent Increase Exemptiom" and has been joined two years ago by a sister program DRIE, which stands for "Disability Rent Increase Exemption."
ReplyDeleteBoth programs require that your rent be at least one-third of your monthly income.