Wednesday, December 4, 2019

169 and 171 1st Ave. fetch $14 million

As we first noted back in February, 169 and 171 First Ave., located between 10th Street and 11th Street, arrived on the sales market. The two walk-up buildings, with two retail spaces and five residential units, were available separately or as a package, per the listing.

A Miami real-estate investor opted for both buildings, in a transaction reported at $14 million for the pair, which comes out to "$1,100 per foot, a very high per foot price," per Lois Weiss at the Post, who first reported on the deal.

The residential units are market rate ... as for the retail spaces, 16-year-tenant Momofuku signed a 10-year lease renewal in 2015, per Weiss. No word about Manhattan Eyeworks next door at No. 169, a three-story building that features a 60-foot rear garden, a free-market duplex apartment and — drumroll — 6,508 feet of air rights.
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5 comments:

  1. noble neolaniDecember 4, 2019 at 9:59 AM

    I always thought that 171 was a condo building since it looks like one of those beautiful loft building you find in Soho. I really hate to read about old buildings being purchased by out of town developers not that local developers are any better, this might mean 169 will be demolished for.... you guessed it, luxury apartments, sigh.

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  2. AnonymousDecember 4, 2019 at 11:10 AM

    Any update on the sale and development of the Church of the Nativity on 2nd Ave?

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  3. GojiraDecember 4, 2019 at 2:16 PM

    I remember talking to an Italian old-timer when I first moved into the neighborhood, who told me that for a number of years the FBI rented the second floor of 171 and kept round-the-clock watch through those giant windows on Lanza's, then a popular hangout for mobsters. He claimed that they moved against the place one night when they saw someone go in of their own accord and come out in garbage bags. True or not, I have no idea, but it made for an interesting story!

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  4. AnonymousDecember 4, 2019 at 5:32 PM

    "Miami real estate investor" tells the entire story in 4 words. Someone who isn't here, who doesn't give a rat's rear end about the area, just looking to maximize their passive income.

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  5. DanDecember 4, 2019 at 10:16 PM

    how do air rights get computed?

    ReplyDelete

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