Here are the details from the Cushman & Wakefield listing:
A 26’ wide, five-story, multi-family walk-up building located on the north side of East 7th Street between Cooper Square and 2nd Avenue. The building consists of nine residential units, of which three are rent-stabilized, one is rent-controlled, and five will be delivered vacant.
The average in-place rent of the rent-regulated units is approximately $22 per square foot which is only a fraction of market. A majority of the units are large one-bedrooms that could be converted to two-bedrooms or front-back units.
There is also dramatic upside in renovating the free market units, one of which can be converted into a duplex unit with garden access, to attain market rents. The building is located steps from The Cooper Union’s new building and around the corner from trendy East Village eateries such as The Mermaid Inn and Narcissa.
Asking price: $8.95 million
Image via Cushman & Wakefield
