The 6-story walk-up on East 10th Street between Avenue B and Avenue C is new to the market.
Here's the deal, via Cushman & Wakefield:
The offering presents an extremely rare opportunity to purchase a highly sought after value-add redevelopment project in Manhattan’s East Village. The building is approximately 40’ x 80’ and consists of 20,688 gross square feet which includes the usable garden level space. Recent measurements indicate the garden level is partially (approximately 35%) below sidewalk grade and therefore usable. There are a number of physical features that benefit a developer such as excellent ceiling heights, multiple airshafts providing light and air, a large open stairwell, and a 15’ rear yard.
Ownership is a NYC non-profit which has owned the building for many years and currently uses the building for social services. The existing Certificate of Occupancy lists the Building Code Occupancy Group as H-2 and the Zoning Use as Group 3. However, residential use is permitted within the R8B zoning classification and the building was originally used as an apartment building.
The East Village continues to evolve into one of New York City’s most exciting and vibrant communities. Considering the building’s location, 371-373 East 10th Street benefits from a wide array of the city’s best shopping, dining and nightlife options in addition to Tompkins Square Park – one of the area’s best outdoor amenities. Since the building is being delivered completely vacant, this offering provides the developer with an extremely rare opportunity. The property is ideal for conversion to rental apartments or condominiums.
Asking price: $15 million
As we understand it, the Educational Alliance operates/owns the building, offering "residential therapeutic communities for adults dealing with chemical dependency." This is a male-only facility.
The Educational Alliance is adding an extension to their existing building on Avenue D between East Third Street and East Fourth Street for housing patients in their treatment programs.
Image via Cushman & Wakefield
