Monday, March 20, 2017

Make a bid on 64 2nd Ave.

The 5-story building at 64 Second Ave. between Third Street and Fourth Street recently arrived on the market.

Cushman & Wakefield has the listing:

The building has been owned and operated by current ownership for over 20 years. It consists of a retail space on the ground floor and lower level and three large residential units above. The 1,533 SF retail unit is vacant and features 11' ceilings and a 970 SF lower level with 9' ceilings and windows providing excellent light and air. If desired, the second floor can be used as commercial space as it is already connected to the ground floor through an existing marble staircase (now enclosed) creating a three-level retail space.

All three residential units are FM and currently leased at below market rents with summer expirations. Two units are expansive five-bedrooms, one of which is a triplex with exclusive interior access to a 700 SF rooftop entertainment area with World Trade Center and Empire State Building views.

The 3rd floor unit is a 900 SF floor-through space with a rear patio. The building hasn't been renovated in over 10-years and there is generous upside in the in-place residential rents (average in-place rents are $64/SF in a market commanding $85/SF).

Interested buyers may submit offers for the property. No. 64's retail tenant was Velo NY. The bike shop moved next door last year. (There was also the mysterious #notourpresident storefront signage for a brief time here after the election.)

In 2012, the building arrived on the market with a $7.3 million ask.

Here are the photos of the rooftop garden from the 2012 listing...


Unknown said...

wasn't this building once the Anderson Theater - later the CBGB Theater? i know the theater was demolished and apartments built, but i think this is the address...

Genevra said...

this space was a theatre - although not sure if it was the Anderson.
whoever lives there now has parties almost every night when its warm enough, I'm crossing my fingers that the new residents don't