202 1st Avenue is for sale, 'a prime East Village asset'

The 6-story building between East 12th Street and East 13th Street is new to the market.

Here's part of the listing via Cushman & Wakefield:

The building consists of a ground floor retail unit, 17 free-market apartments and three rent stabilized apartments. A majority of the units are two-bedrooms and multiple apartment lines have the ability to be converted into three-bedrooms apartments. The average in-place rent is approximately $58 per square foot which is well below market.

The retail unit is currently leased to No Relation Vintage, which has a lease until March 2017. The building features recently renovated common areas, a new boiler, and new electrical systems. This is a rare opportunity to acquire a prime East Village asset with upside potential and over 39’ of frontage on 1st Avenue.

Price: $21.5 million.

Image via Cushman & Wakefield

Updated at noon with correct address.

Also, we posted about the building being for sale in 2013. At the time the asking price was $13 million./

202 First Ave. is for sale

There's a new listing at Eastern Consolidated for 202 First Ave., the story-story building that houses No Relation between East 12th Street and East 13th Street.

A few details from the listing:

Of the 20 residential units, 5 apartments (25%) are Rent Stabilized with an average monthly rent of $1,016, which represents over a 50% discount to current market rates. The remaining fifteen (15) one, two, and three bedroom apartments (75%) are free market with an average monthly rent of $2,903. 8 of the units have a washer and dryer and 3 units are duplexed with rooftop terraces. In total, the 20 occupied apartments are renting at well below market rates with an overall average monthly rent of $2,431, offering tremendous upside to new ownership.

In summary, the in-place rents at the Property are substantially below market and the building is in excellent physical condition. It has been very well maintained, evidenced by its continuous 100% occupancy. Located in one of Manhattan’s most desirable submarkets, the Property offers an opportunity for investors to reposition the building and capture the significant upside potential.

The listing notes that No Relation "recently signed a new 5-year lease with no options, 3% increases per annum."

Asking price: $13 million.