534 E. 14th St. is for sale again

[Image via Cushman & Wakefield]

The 5-floor walkup between Avenue A and Avenue B has returned to the sales market.

Here are a few details via the listing:

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 534 East 14th Street, a mixed-use building in the East Village neighborhood of New York City.

• The building consists of 16 studio apartments, 2 of which were combined, over 2 ground level retail units.
• Plans exist to fully extend the ground floor retail units, which would double your commercial income.
• The train is located a block away at 1st Avenue and the crosstown M14 Bus runs along 14th Street.
• Take advantage of this opportunity to own a cash flowing investment property in one of New York’s most rapidly appreciating neighborhoods.

There are two retail spaces in the building. One of the spaces is empty after Tasty Tasty Chinese Take Out closed this past summer.

Asking price for the building: $9.5 million.

No. 534 is adjacent to the smaller of the two new Extell developments nearing completion on the block...



The building has been on the market a few times in the past four years with two different brokers, such as in 2015 when it was seeking $8.995 million.

Construction watch: 500 E. 14th St. (plus, Extell construction site still keeping residents up at night)

Extell Development is running a generator non-stop at their construction site on East 14th Street between Avenue A and Avenue B, according to residents who live adjacent to the property.

We heard from residents about construction noise several times ... most recently in December, and specifically about the generators that are running at the site closer to Avenue A.

As previously reported, Extell is putting up two 7-floor retail-residential buildings ... 500 E. 14th St. at Avenue A will have 106 residential units … while, further to the east, 524 E. 14th St. will house 44 residential units.

A resident whose apartment faces the construction shared this:

It is SO loud — with windows closed — that it keeps me up all night.

An email that I tried to send to the building company bounced back.

So infuriating!

The community email address that's posted on the East 14th Street field office has apparently never worked... and calls to 311 haven't accomplished anything, residents claim.

A look through the blogger portals along East 14th Street reveals a whole lot of pumping going on inside the construction pit... (we have noted the standing water on the site, freezing and thawing)...







While works seems to be progressing fairly quickly at the nearby 438 E. 12th St. condo build, where there are five floors above ground, this project still looks to be focused on creating the foundation.



Previously on EV Grieve:
A question about Extell construction noise on East 14th Street

Community meeting tonight to address construction noise at Extell's East 14th Street development sites

New 7-floor buildings for East 14th Street include 150 residential units

1st activity at 500 E. 14th St. since the demolition phase, and when the standing water froze

A question about Extell construction noise on East 14th Street

[EVG photo from September]

Extell Development's ongoing construction (and previous demolition and pile-driving) continues to make neighbors living near the site on East 14th Street between Avenue A and Avenue B unhappy. (Not sure what ever came of the Extell noise meeting back in September.)

As previously reported, Extell is putting up two 7-floor retail-residential buildings ... 500 E. 14th St. at Avenue A will have 106 residential units … while, further to the east, 524 E. 14th St. will house 44 residential units.

A nearby resident writes in: "Do you have any ideas for what to do about construction noise? Seems Extell is running a generator non-stop at their site." (To power the recently arrived lights?)

The resident tried the community email address that's posted on the East 14th Street field office ...



The resident said that the email address "amusingly" doesn't work. (We tried it too, and received a bounce back.)



The phone number listed does work, with a voice-mail with instructions on leaving a message about the construction. The outgoing message says that project personnel will "continually monitor site conditions ... to ensure that there are minimal disruptions to the community. Thank you for your cooperation."

Previously on EV Grieve:
The disappearing storefronts of East 14th Street

[Updated with correction] 8-lot parcel of East 14th Street primed for new development

New 7-floor buildings for East 14th Street include 150 residential units

1st activity at 500 E. 14th St. since the demolition phase, and when the standing water froze

Community meeting tonight to address construction noise at Extell's East 14th Street development sites

East 14th Street building returns to the market for a few million dollars more

[Image via Streeteasy]

Back in April 2013, 534 E. 14th St. hit the market for $7.1 million. The 5-story walk-up between Avenue A and Avenue B is adjacent to Extell's incoming retail-residential complex.

At the time, not much was known about the size and scope of the development. Today, though, everyone has a good of what's to come. The two buildings at No. 532 and No. 500 will include 150 residential units and nearly 57,000 square feet for retail.

So a listing for 534 E. 14th St. returned yesterday with a new broker (Marcus & Millichap) and a new price tag — $8.995 million.

Here's the listing via Streeteasy, which doesn't sound too promising for current lease holders…:

The subject property is a 5-story, mixed-use, walk-up building containing 15 residential units, 2 ground floor retail units and a cell tower. Of the 15 apartments, there are 14 studios and one 1-bedroom. All of the apartments are rent stabilized and contain an average legal rent of approximately $2,400. With an actual average rent of approximately $1,769 per month, this provides an investor significant immediate rental upside.

The property contains two retail tenants: ABC East 14 Cleaners, which occupies 800 square feet with a month-to-month lease and New Tasty King, which occupies 800 square feet and is also on a month-to-month lease. The two tenants are paying an approximate average of $109 per square foot.

The property is located adjacent to Extell’s new development which will have over 30,000 square feet of retail asking $250 per square foot. Further retail upside can be recognized by building out the retail space using the property’s additional air rights. The property also features a cell tower on the roof, which pays $750 per month and has a lease expiring on June 30, 2019.

According to Streeteasy, the property has 3,078 square feet of unused air rights.

Another parcel of East 14th Street for sale

As we've been noting, many businesses on East 14th Street between Avenue A and Avenue B are either relocating or closing to make way for some yet-unspecified development.

Last December, we learned that eight parcels consisting of 222 Avenue A and 504 - 530 E. 14th St. (excluding No. 520) were leased for a 99-year period by the respective owner of East Village 14 LLC.

Now, 534 E. 14th St., the building directly next door to the former ABC Animal Hospital, has hit the market. Not necessarily related to the other development, but certainly worth noting. Per the listing at Plaza Real Estate Group:

A unique Five Story walk up building located in central Alphabet City. Close to shopping, cafes, bars and all the East Village has to offer. This walk up building boosts a recently gut-renovated lobby complete with walls of mirrors and mosaic tiles.

Make: Steel/ Brick Size: Approximately 6,700 Square Feet Block / Lot: 407/ 25
Improvements: New Gas conversion/Burner. Brand new gut renovated Lobby 1st floor. All Hallways were recently renovated. Apts. over $1500.00 are renovated.

Air Rights: Approximately 3,705

Price: $7,150,000.

Previously on EV Grieve:
East 14th Street exodus continues

The disappearing storefronts of East 14th Street

[Updated with correction] 8-lot parcel of East 14th Street primed for new development

Bargain Express has closed on East 14th Street