OK, first of all, Brickman & Sons, the longtime hardware store here between East Third Street and East Fourth Street, isn't going anywhere.
However, the building at 53-55 First Ave. that houses the store is now for sale.
Here are the details via Massey Knakal:
The two 5 story buildings are situated on the west side of First Avenue between East 3rd and East 4th Streets. Combined, the buildings total approximately 18,240 gross square feet and contain 22 residential apartments and 1 commercial unit. Of the residential units, 9 are currently fair market, 12 are rent stabilized, and 1 is rent controlled, ranging in size between studios through 2 bedrooms.
Overall, both the rent regulated and fair market units are operating approximately 33% below market. By achieving market levels through renovations, vacancy turnovers, and deregulation of units, future ownership has the opportunity to substantially increase their top line and realize the building’s full potential.
Additionally, the single commercial space is owner occupied by H. Brickman & Sons and encompasses the ground floor of both buildings totaling approximately 3,840 rentable square feet. Current ownership is requiring a lease-back of the commercial space with an initial term of 20 years at $20,000 per month with 2% annual increases.
H.Brickman & Sons will also be responsible for 25% of the increase in real estate taxes. The company’s origin dates back to the 1930’s when it first opened at 53-55 First Avenue. Since then, Brickman & Sons has expanded with two additional locations in Manhattan illustrating it’s long-lasting success and providing prospective investors with long-term commitment to their space.
Asking price: $14 million.
[Image via Massey Knakal]
