Friday, July 14, 2017

217 E. 3rd St. is for sale (plus air rights)

The four-story retail-residential building at 217 E. Third St. between Avenue B and C is now on the market.

Here's the listing via Cushman & Wakefield:

The building has a vacant turnkey bar/restaurant on the ground floor and three free market floor-through apartments above (with month to month tenants). It is believed that two of the apartments were recently renovated. The usable basement is accessible via the common area and houses the mechanicals and storage area. The building is approximately 4,160 SF above grade, and there are approximately 4,700 SF of remaining air rights. All of the utilities are separately metered for gas and electric and each unit has a gas-fired furnace and hot water heater. The square footage does not include a one story structure at the rear of the property which is separated by a small courtyard area. The building is classified as Tax Class 2A and therefore ownership benefits from limits in significant tax increases.

This is a rare opportunity for an investor or owner-user to acquire a low maintenance building in the East Village with little to no capital expenditure. The surrounding area has a wide array of great shopping, dining and nightlife options. The neighborhood has experienced rapid transformation in recent years which has attracted a younger population drawn to the area’s new developments and exciting streetscape.

Asking price: $6 million.

The currently vacant retail space was last put to use by Corlear's NYC, a "Pre-Prohibition style bar executing vintage cocktails." They opened in December 2015 and closed sometime early this year. Three years ago, the cocktail bar Elsa closed in this space. Elsa just reopened in Cobble Hill. Per the Times yesterday: "So many of our new regulars are old regulars who moved out here,” said Natalka Burian, 35, who owns the bar with her husband, Jay Schneider, 37, and her brother-in-law Scott Schneider, 30."

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