The building that houses East Village institution John's of 12th Street is for sale

Image via LoopNet 

The five-story building at 302 E. 12th St., which includes the 117-year-old classic restaurant John's of 12th Street, is now on the sales market. 

Before delving into the details, the listing at Cushman & Wakefield notes that John's signed a 10-year lease extension in May 2022. 

To the listing:

The building features 8 residential units and 1 ground-floor retail unit. The residential units consist of 5 fair market and 3 rent-stabilized apartments, with 2 units per floor. Of these, all 5 fair market units, along with rent-stabilized Unit 2, are 2-bedroom, 1-bath units, while rent-stabilized Units 6 and 8 are large 1-bedroom, 1-bath units. The rear second-floor unit boasts a large private terrace. 

Recently, 7 of the 8 residential units, including all 5 fair market units and rent stabilized units 2 and 8, have undergone complete gut renovations, leaving the Property with no deferred maintenance. 

Owned by the same family for 40 years before its acquisition by an international investment group, the Property has since undergone a full renovation, completing the business plan and creating a turn-key, stabilized trophy investment opportunity for investors.

There are also 1,333 square feet of additional air rights available. The asking price is $9.25 million. 

Nick Sitnycky, who became a co-owner of John's with Mike Alpert in 1973, sold the classic red-sauce joint in 2016 to a long-time restaurant customer. 

Sitnysky, who grew up on Avenue B, owned the building until 2018. Public records show the property changing hands to an LLC with a Midtown address for $7.75 million.