The 6-story walkup between First Avenue and Avenue A is now on the market.
Here's the description via Cushman & Wakefield:
The 7,740 square foot building benefits from 30’ of frontage and recently received a full gut renovation of all but one apartment. Of the 16 residential units, there is a mix of one-bedroom and two-bedroom units which consist of 15 Free Market and 1 is Rent Stabilized unit. In addition to the common areas being fully gut renovated, the Free Market apartments have experienced substantial renovations which include Carrara marble countertops, brand new stainless steel appliances including a dishwasher and microwave, luxury bathrooms with carefully curated mosaic tile work, Bosch washer & dryer units, recessed lighting, exposed brick, espresso cabinets, ebony hardwood floors, and crown/baseboard moldings. The building is currently generating an annual gross income of $690,000 with a net operating income of $477,000.
And the neighborhood?
Located in the heart of the East Village, 402 East 12th Street benefits from a wide array of the city’s best shopping, dining and nightlife options. The area continues to attract local and global visitors on a daily basis due to its dynamic culture and convenient access throughout Manhattan and Brooklyn via countless subway lines and buses.
Public records show that Icon Realty bought the building in 2013 for $4.65 million. The current asking price is $11.3 million. (Perhaps that Jerkface mural on the east-facing wall helped up the property value.)
This listing spells outs the formula to transforming not only buildings but an entire neighborhood's character and population. Evict long term residents, gut renovate HGTV style using cheap materials like laminate floors and cabinets made of composite board not wood and some shitty GE appliances with oooh stainless steel fronts. Rent to a bunch of well to do millennials, then resell to a bigger company (sucker) looking to dump some cash in Manhattan real estate.
ReplyDeleteWatch them paint over the mural.
ReplyDeleteHaving been a former tenant in an ICON purchased building ... that poor rent stabilized tenant. They must have put up with a LOT of crap trying to get them to move. Good for them for surviving it!
ReplyDelete"carefully curated mosaic tile work" Yeah, and I have a bridge to sell you!
ReplyDeleteI don't know the extent of the renovations done on this building, but I can tell you that the work done in the apartments in my building is all surface--new countertops, new tile, etc. The apartments are given a facelift, but the electrical and plumbing are not updated as they should be, so the new tenants thinking they are getting a brand new apartment are still going to deal with bad wiring and plumbing and heating systems that haven't been updated.
ReplyDelete"[T]he East Village . . . benefits from a wide array of the city’s best shopping, dining and nightlife options." Remember when the main attraction was the thriving creative community?
ReplyDelete@ 1:29 PM
ReplyDeleteExactly "lipstick on a pig." My building is just under 50% rent stabilized. All the market rate places look good on the surface but are still the old apartment building underneath. When a bathtub in an apartment that was undergoing a renovation flooded the apartment below the new tenants got a really unpleasant wake up call.
4th... 5th... 6th floors for high end finishes? I don't know about that. God.
ReplyDelete@3:34 p.m. Yeah, that's a wakeup call alright. The new tenants all around us don't realize the landlords are making surface upgrades and most of the time the tile work and all that isn't even well done because they aren't hiring skilled pros to do it. Electrical is a big issue because the new tenants have ac in every room and blow fuses all the time because the building isn't wired to handle it. I would also advise all these new tenants to remove the light fixtures and see how they were installed. If you see the wires were just shoved through the sheetrock and not properly installed in an electrical box, that's a bad sign.
ReplyDeletelipstick on a pig, shit as frosting. Even the front of the building looks cheap.
ReplyDeleteBad wiring, this building is gonna burn in a year stemming from too many roommates charging phones and macs or from slumlord neglect. Or it will have one of those idiotic casualties like using the fire escape as a balcony or some dope losing their keys and trying to climb inside.
Adding to 8:14's important comment....it is demographic cleansing of a community which also has long-term political implications. This was Mayor Bloomberg's goal - to turn NYC from a place with real neighborhoods with residents who had some sort of commitment or civic interest...into a place for wealthy transients of all ages who are happy to allow corporate/financial/real estate etc sectors control nearly every aspect of the city
ReplyDelete@ 7:10... so true. And that thinking bleeds across county and state lines as a lack of concern, civic responsibility, and money for investment...
ReplyDeleteHow on earth do 16 one- and (gasp!) two-bedroom unit exist in SUCH A SMALL BUILDING? I loathe the idiot kids who live there! They seem to get all of my packages (at least three so far this year) and nobody from there can walk one block (we share the same address, just one block difference) to get them where they have to be ——— nice fucking neighbors ——— most are kids who don't care. Crappy upgrade brought to you by greedy foreigners who just see this neighborhood as an instant "value" and don't give a fuck when it burns to the ground because the wiring is shit. I know it's shit...I burned out an A/C unit in my own building because the wiring is from the 1940s or something. The most needed upgrade in these old buildings is electrical. Also, they've GOT TO BY LYING ABOUT THE SQUARE FOOTAGE. Somebody?
ReplyDeleteI have a renovated apartment in a building that's over 100 years old. I've lived here for 10 years and haven't had any plumbing or electrical issues, aside from Sandy. Water pressure is fantastic, washing machine runs without a hitch, haven't had to have any appliances repaired. I don't think my landlord skimped on my unit.
ReplyDeleteSame boat here and my floors are original and beautifully restored. In unit laundry makes a huge difference in QoL.
DeleteA lot has happened in a decade, 11:17. Happy that you seem to have working appliances, but pay attention — many of your neighbors, both in the East Village and Williamsburg, are beginning to see the light on the smoke and mirrors real estate flip 'em scammers who make millions without even holding (real) paper. But I guess you're fine with that as long as everything is working for you. Look around.
ReplyDeleteAt 8:14 AM, Anonymous wrote:
ReplyDeletegut renovate HGTV style using cheap materials like laminate floors and cabinets made of composite board not wood
It's too expensive to use real wood when you're going to have to trash it and replace it again within two years.
@11:17am: Your renovation may be OK, but again, as said by others: You've been living there for 10 years. TODAY, most "buy-evict-renovate-flip" landlords are NOT renovating to that standard.
ReplyDeleteI live next door to a recently-renovated Icon building that is, IMO, renovated to what I call "smoke-and-mirrors" standard. The "finishes" are nice looking - until the fratty tenants trash them - but I saw the way the renovation was done, and it's complete sh*t.
Yeah let's be snarky that someone enjoys their apartment because so many people don't. Misery sure loves company.
ReplyDelete