Rebranded 'Eleventh and Third' will have rentals upwards of $10k

[Friday!]

We've been watching the three-day effort to raise the sidewalk bridge on Third Avenue at East 11th Street …


[Monday!]


[Yesterday!]

All this is ahead of the big renovations at 55 Third Ave., which despite its drab appearance, is not an NYU dorm. The Benchmark Real Estate Group actually paid $57 million for the 12-floor building late last year.

The Real Deal had the scoop yesterday on what to expect in the currently-tenant-free building, now known as Eleventh and Third:

Rent for the units will range from $3,500 for a studio to $6,000 for a one-bedroom to as much as $10,000 for a two-bedroom, the spokesperson said. Some of the one- and two-bedroom apartments feature a private outdoor space.

Oft!

The building is getting a makeover to look less dormy.

As for the retail tenants that share the building … The Smith and M2M appear to be safe.

However, the owners of NY Copy & Printing had to vacate their home here after 22 years, as we first reported.



The owners told us the that the building's new landlord wouldn't continue their lease. Fortunately, NY Copy found a home on East Seventh Street.

Previously on EV Grieve:
Someone actually paid $57 million for this East Village building

Reimagining this 12-story East Village building, now on the market

NY Copy & Printing forced out of longtime E. 11th St. home, opening second location on E. 7th St.

Someone actually paid $57 million for this East Village building

Wow. $57 million for this dorm-looking thing on Third Avenue and East 11th Street? (And you thought that the Yankees overpaid for Beltran!)

Oh, anyway, this 12-story residential thing with retail space hit the market back in April. Now The Wall Street Journal reports that the Benchmark Real Estate Group LLC is the new owner.

Per the Journal:

The mixed-use property has 55 rental apartment units and 10,500 square feet of retail space. The current commercial tenants are the Smith, an American restaurant, Asian market M2M and NY Copy Printing Co.

Benchmark plans to invest money from its $45 million first mortgage to renovate and upgrade the apartment units and increase the retail space by 15% to 20%, said Russell Frahm, head of Mesa West's New York origination team.

The original listing noted that "[a] buyer may wish to expand the residential floor plate above and restore the building above by reskinning glass." And this is the rendering...



Oh boy.