Showing posts with label buildings for sale. Show all posts
Showing posts with label buildings for sale. Show all posts

Thursday, April 6, 2023

About 325 E. 14th St., now on the sales market

Photo by Steven

The four-floor building at 325 E. 14th St. between First Avenue and Second Avenue is now for sale with a $5.5 million ask. 

According to the Post, which first reported on the sale, the mixed-use property includes four free-market apartments and one retail space, most recently the Crocodile Lounge, which didn't reopen after March 2020. "The entire retail footprint, including the basement, will be delivered vacant." 

And air rights are available too. 

Owner Marie Perugini reportedly inherited No. 325 from her grandfather, who purchased it in 1932. 

Dayton in Manhattan has an extensive history of the building, such as the decades when it operated as a "theatrical boarding house." 
Two boarders who were most definitely not involved in the theater arrived on April 3, 1902. Signing in as Mr. and Mrs. Harry Place, the couple were, in reality, Harry Alonzo Longabaugh, known to authorities as the outlaw and member of Butch Cassidy's "Wild Bunch," Sundance Kid, and his wife, Etta Place.
Perugini, the current owner, told this to the Post:
"An expansive character-laden empty space houses echoes of history, romance, and former intrigue. Perhaps you can sense the presence of those who haven’t quite left. The purchase of this unique property is the foundation for a future that is alive & bright."

Wednesday, May 15, 2019

54-56 3rd Ave. is for sale, and there are air rights

[Image via Halstead]

The three-story building at 54-56 Third Ave. between 10th Street and 11th Street has arrived on the sales market.

Halstead has the listing:

The building has a 31.5-foot wide front and great existing as well as future solid income. There is over 13,500 sq ft of unused FAR, which gives tremendous opportunity for new development.

Well-built as a solid structure in red brick in 1901, it is updated with separate gas meters. The ground floor at 2,650 SF is a well-established and very busy Japanese's restaurant [Kotobuki] with a large basement. The second floor has 2,000 SF with a terrace, and the third floor has 2,000 SF with roof deck use.

Price: $15.5 million.

This is the latest building along this corridor to get listed. Last August, Investor Ari Zagdanski’s Kinsmen Property Group bought 62 and 64 Third Ave. at 11th Street for a reported $23 million.

Zagdanski told the Commercial Observer that he didn't have any immediate plans to redevelop the residential buildings, but said he was drawn to the neighborhood because of its new developments, including the nearby Moxy East Village around the corner on 11th Street.

The 13-story, 285-room hotel from the Marriott brand is expected to open this October.

Thursday, November 15, 2018

56 E. 1st St. is for sale

The three-unit, five-story property at 56 E. First St. between First Avenue and Second Avenue has arrived on the sales market.

Here's part of the listing via Leslie J. Garfield:

This 5-story, approximately 6,090 sq. ft. building contains a commercial space on the ground level (with spacious cellar) that could be converted to residential, a duplex apartment with outdoor space and a sprawling triplex with 20' ceilings, terrace, and roof deck. There is additional FAR that could be realized by building up and/or utilizing some of the unused internal cubic feet. In its current configuration, the property provides an ideal live-plus-income or investment opportunity. It could also be converted to a grand single-family home or used for institutions.

Asking price: $13.250 million.

According to Jennifer Gould Keil, who first reported on this at the Post, the owner is Eric Anderson, a co-founder of Prune right next door.

This story from the archives at the Times has more on the building, constructed in 2004, and Anderson.

The ground floor here was the home of the Lower Eastside Girls Club until their move to Avenue D. The space is currently the City Lore Gallery.

Wednesday, October 24, 2018

210 1st Ave. is for sale; and a visit to Gena's Grill

A listing arrived earlier this month for 210 First Ave., a 6-story residential building between 12th Street and 13th Street.

There's not much posted with the listing at Douglas Elliman: "Great Building With 20 Rental Units, Two Stores ... 7 Free Market Apts And 13 Rent Stabilized."

The asking price: $17 million.

Coincidentally (or not), on Oct. 3, the Marshal seized one of the two retail businesses here — Papa John's.

And it doesn't appear that this outpost of the pizza chain will reopen... the space has been gutted...

[Photo by Steven]

Old-timer Gena's Grill is the other business at the address.

Hopefully a sale here won't impact Gena's.

Last week, Robert Sietsema highlighted Gena's in his "Cheap Eats" feature at Eater. Here's part of his lunchtime post:

Behind the counter are steam-table tubs containing the café’s daily dishes. There’s no printed menu, so check the chalkboard outside before you walk in. The other day the offerings included stewed pig’s feet, paprika roast chickens, and a codfish casserole. Available every day, though, is the roast pork leg or shoulder called pernil.

I chowed down on the braised pork ribs, the meaty bones cooked with onion, green pepper, and garlic. It came with a mountain of yellow rice and black beans, but I could have picked white rice and red beans. The full plate set me back $8.70 — indeed, all the luncheon size plates cost less than $10 ...

Gena's is open daily from 7 a.m. to 11 p.m. daily. Check out their menu at this link.

Previously on EV Grieve:
Gena's Grill is back open, and that is a good thing

The Marshal seizes Papa John's on 1st Avenue

Thursday, September 13, 2018

130 E. 7th St. is for sale

[Image via Marcus & Millichap]

From the EVG tip line comes this listing for 130 E. Seventh St., the 7-floor building on the southwest corner of Avenue A.

Marcus & Millichap is the broker, though the link is via Loopnet. Some details:

130 East 7th Street offers investors a unique opportunity to acquire a corner elevator loft mixed-use building in the heart of the East Village with strong in place cash-flow. Miss Lily’s, a popular Caribbean style restaurant occupies the ground floor. There is shared office space occupying the second floor followed by five floor-through loft apartments. All of apartments are three bedrooms aside from the penthouse unit which is a spacious four bedrooms duplex apartment with a 1,300 Square Foot private outdoor space.

And from the investment summary...

[Click to go big]

Curiously, the summary notes: "The other ground floor retail (7th Street side) is occupied by Avant Garden. They are on a lease that expires in 2088..." 2088? Helluva lease!

Anyway, the building's asking price: $22.95 million.

And here's part of an EVG post from August 2016 about the address...


The 7-floor building on the southwest corner has been through a luxury makeover in recent years. The new residential rentals were fetching $16,995 and $14,995. Longtime corner restaurant 7A closed in January 2014... and later replaced by Miss Lily's.

Public records show that the University of the Streets sold the building to Park Corner Development, LLC in September 2011 for $5 million.

After 46 years of music and arts programs here, the University of the Streets cleared out of the second floor in April 2015 and relocated to the Bronx.

The address was home to L.W. Schwenk… and here's a photo dated July 24, 1914, titled "Depositors at failed bank."

Previously on EV Grieve:
Penthouse life above 7A will cost you $16,995 monthly

Tuesday, July 31, 2018

407 E. 6th St. is for sale; one of the 'most sound-proofed properties in NY'

The five-story townhouse at 407 E. Sixth St. between First Avenue and Avenue A is now on the sales block.

Cushman & Wakefield has the listing, which notes that the building can be converted into a single-family home. Also, according to the listing, the recent renovations here apparently made it a very quiet place to live...

Originally built in the early 1800s this townhouse now consists of 4 high-end residential apartments, all of which are free market, and thus the building is positioned for an easy conversion to a single family home. The garden floor (a few steps down) and 2nd floor consist of a beautiful and spacious duplex apartment that has 5 bedrooms, 3 bathrooms, 2 laundry rooms and an 800SF rear yard/garden. The 3rd, 4th and 5th floors consist of 3-bedroom, 2-bathroom apartments.

As a bonus, the basement has a large open finished storage space (approx. 700SF) with rear yard access. From 2014-2016, the property underwent a high-end gut renovation, including steel superstructure, high efficiency heating/cooling, full insulated hurricane windows (eliminating the need for security gates), all LED lighting, complete closed cell urethane insulation, soundproofing, steel superstructure with foundation footings/grade beams, silicone integrated roof coating on top of new EDPM roof system, separately metered utilities/systems are new from the street throughout the building, all exterior walls are protected with brick ties/rods.

The result is one of the best built, most energy efficient, sound-proofed properties in NY. This property is ideal for an investor to operate the building as a 4 family (plus bonus space) and utilize the air rights down the road, or for an owner/user who can occupy all or a portion of this gut renovated gem.

Asking price: $9.5 million.

The building has been on the market several times through the years, most recently in July 2012, when it was seeking $3.5 million. Public records indicates that the property sold for $3.6 million in December 2012. That sound-proofing really pays off.

Thursday, May 24, 2018

On the sales market: 428 E. 13th St. (plus air rights)

Over on 13th Street, No. 428, a 4-story walkup between Avenue A and First Avenue, arrived on the sales market this week.

The listing at Streeteasy ominously notes: "Will be delivered vacant. Single-family conversion."

Broker Marcus & Millichap has more details, such as there are "2,800 remaining developable square feet."

The building, under the same ownership since 1973, currently features three apartments, one commercial space, one art studio and an unrenovated rear building. The art studio apparently connects the front and rear buildings.

No. 428 is near several new high-end developments, including the Thirteen East + West condoplexes a few doors away and Benenson Capital's 432-438 East 14th St. at the site of the former Peter Stuyvesant Post Office.

And the asking price: $9.75 million.

Monday, March 12, 2018

217 E. 3rd St. sells for $5.1 million

There's a new owner for 217 E. Third St. between Avenue B and Avenue C.

Here's part of a news release via Cushman & Wakefield:

An undisclosed buyer acquired the property from the estate of Michael Mendez for $5.1 million. The mixed-use property consists of a vacant turn-key restaurant space on the ground floor and three free-market, floor-through apartments. The property is approximately 4,160 square feet above grade, not including a one-story structure situated at the rear of the site and separated by a small courtyard area.

Additionally, the property includes 4,700 square feet of air rights and a useable basement that houses mechanicals and a storage area.

Public records show that an LLC with a Pleasantville, N.Y., address is the new owner. The address matches up to management company Ogrin Associates, a longtime NYC landlord.

And does anyone know what that "one-story structure situated at the rear of the site" is used for?

The last tenant in the retail space was Corlear's NYC, a "Pre-Prohibition style bar executing vintage cocktails." They closed some time in early 2017.

The building arrived on the market last July with a $6 million ask.

Friday, February 16, 2018

197 E.. 3rd St. is for sale — again

[Image via Massey & Knakal]

The building on Third Street between Avenue A and Avenue B is back on the market. It went up for sale in March 2016 with a $7.5 million price tag.

According to public records, an LLC with a Midtown address bought the property for $6.3 million in a sale recorded in August 2016.

Here's more on the latest via the Massey & Knakal listing:

197 East 3rd Street consists of an occupied retail unit on the ground floor along with the majority of basement and 16 apartments above. All of the residential units are rent stabilized due to enrollment in the J-51 Tax Abatement program; however, 8 apartments are renting at market with high legal rents that permit preferential rents at market. The buyer can add value in a variety of ways including roof deck installation, retail expansion and future upside in the remaining 8 unrenovated apartments (half the building).

The 8 apartments renting at market were just completely gut renovated with upgrades including brand new floors, lighting, exposed/pointed brick walls, new tile work throughout the bathrooms and kitchens and a complete set of Bosch appliances (washer/dryers, refrigerators, dishwashers, microwaves and gas ranges).

In addition to the 8 renovated apartments, the building underwent an extensive renovation which included lobby and common area renovations, a video intercom with Kerisys security key fob installation, façade upgrades, new electrical system throughout (800 amps with new conduit/cables and 80 amp electric panels in each residential unit), completely new lighting in the common areas and much more.

Due to all the work that was performed throughout the building, current ownership is in the process of applying for rent increases due to Major Capital Improvements which should go into effect mid-2018. These increases will result in approximately $10,000 in additional annual net income.

Asking price: $9.2 million.

The retail tenant is No Malice Palace, which eventually returned after the death of owner Phil Sherman. This past Christmas it temporarily served as Donner and Blitzen's Reindeer Lounge.

Thursday, February 15, 2018

31-33 2nd Ave. is on the market — for $40 million

A sales listing for 31-33 Second Ave. arrived on LoopNet earlier this month.

There's not much info about the property here between First Street and Second Street:

Fully occupied new construction mixed use building, consisting of 20 luxury residential units and 1 commercial unit, in prime East Village.

The prince tag is a whopping $40 million.

Developer Ben Shaoul bought this property for $5.6 million in 2011. At that time, it looked like this...

The generic-looking luxury rental that later emerged on the site with three extra floors was called the Luxe East.

In 2015, he sold it for $29 million to real-estate investor Sunny Yung, The Real Deal reported.

According to Streeteasy, the average rental in the elevator building with central air is $5,300.

The Unleashed by Petco in the retail space closed last month after two-plus years in business.

Previously on EV Grieve:
Ben Shaoul planning a 3-story addition at 31-33 Second Ave.

Bracing for 3 new floors at 31-33 Second Ave.

Checking in on the work in progress at 31-33 2nd Ave., where Ben Shaoul is adding 3 new floors

Ben Shaoul's bland new 2nd Avenue building is called The East Luxe

Wednesday, December 13, 2017

243 and 245 E. 2nd St. asking nearly $18 million

243 and 245 E. Second St. are now on the market ... each of the walkups between Avenue B and Avenue C have 10 units. The slightly larger No. 243 is asking $10.5 million while No. 245 is $7.25 million, per the listings (here and here).

Public records show that Triost Properties bought the buildings in 2011 — $800,000 for No. 245 and $1.4 million for No. 243. (The seller was the estate of Bertha Zawin.)

The buildings went under extensive gut renovations several years ago. Average rentals now at No. 243 are roughly $4,600, per Streeteasy. Rentals at No. 245 ranged from $3,200 to $4,800.

As I understand it, a number of rent-stabilized units remain in No. 245.

Artists Peter Cramer, Carl George, Kembra Pfahler and Jack Waters, longtime residents at No. 245, shared their story in this post from 2014.

Previously on EV Grieve:
On Second Street, the 'Milky Way Dragon' disappears

Renovations, penthouse in the works for 243 E. Second St.

Continued development concerns at 243-245 E. Second St.

A look at the transformation of 243-245 E. 2nd St.

Tuesday, December 5, 2017

65 E. 2nd St. now with a little off the ask

Back in July 2016, we wrote about 65 E. Second St., the charming townhouse for sale between First Avenue and Second Avenue across from the New York City Marble Cemetery.

At the time, the asking price was $5.75 million.

Leslie J.. Garfield still has the listing... the ask is now $5.2 million. Here's the listing to refresh your memory (pay attention to Apt. 3!):

[T]his 4,600 square foot townhouse has been fully gut renovated into three gracious apartments overlooking the Marble Cemetery, the oldest public cemetery in New York City.

Originally built c. 1834 as a Greek Revival-style row house with cast-iron stoop posts and hand-railings, basket-style iron fire escape, rope moldings and historic wood casement windows and transoms.

65 East 2nd Street is located in the prime East Village, on the cusp of NoHo and the Lower East Side, surrounded by new condominium developments, cafes, boutique shops, and trendy restaurants. This turnkey townhouse is suitable for both end-users and investors alike, with the ability to move into the owner’s duplex with incredibly low annual expenses (Tax Class 2B and tenant paid utilities), while offering longterm upside in a rapidly developing neighborhood.

APT 1: Currently configured as a three-bedroom, three bath garden duplex featuring Central Air-Conditioning, custom chef ’s kitchen and cabinetry, high-end finishes, washer/dryer and two private outdoor spaces. Current tenant pays $8,750 per month. Lease Expires August 2018.

APT 2: Currently configured as a fully renovated three bedroom, two bath apartment featuring central air conditioning, gut renovated kitchen and bathrooms, 11’ ceiling heights, and unobstructed, sunlit views north. Current tenant pays $6,600 per month. Lease Expires July 2018.

APT 3: Occupied by a life-tenancy, this apartment is currently configured as a fully renovated three bedroom, two bath apartment featuring central air conditioning, gut renovated kitchen and bathrooms, 9.5’ ceiling heights, and unobstructed, sunlit views north. Tenant pays $500 per month in perpetuity.

... and two interior shots and the front view...

Thursday, November 9, 2017

Landlord accused of tenant harassment in Chelsea new owner of 7th Street building

[Image via Streeteasy]

A recent transaction to note: 61 E. Seventh St. changed hands for $8.3 million, according to public records dated from late October.

The Sabet Group is the new owner of the 20-unit walk-up between First Avenue and Second Avenue. The seller was listed as the Zimmerman Family Trust.

Streeteasy lists 20 units for the building, where the average rental was $2,400.

In the summer of 2016 the Sabet Group bought 92-94 Second Ave. between Fifth Street and Sixth Street. (Gut-renovated units there are now asking upwards of $7,000 a month, per Streeteasy.)

The Sabet Group has been accused of tenant harassment in the past.

Per Bedford + Bowery:

Tenants in two buildings on 25th Street even took their complaints, which included unmitigated construction, severed telecoms, bug infestations and gas leaks, all the way to the New York State Supreme Court last year. More recently, the company was criticized for dramatically raising the rents on several newly acquired tenants in the West Village, including the prestigious Joffrey ballet school.

As Curbed noted in June 2016, "Sabet Group's inflexible rents also forced famed drag lounge Boots & Saddle to relocate after more than four decades in the building."

Thursday, October 26, 2017

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.

Monday, September 11, 2017

3rd Street development site on the market for $12 million

238-240 E. Third St. between Avenue B and Avenue C is now on the market. The two-story building is next door to the Nuyorican Poets Cafe, which will be undergoing a gut renovation.

Here are the details about No. 238-240 via the listing at Cushman & Wakefield:

The lot is approximately 50’ x 106’ with a lot coverage of 5,253 SF. The building houses offices, a meeting area, and a large theatrical studio with 20’ ceiling heights. Furthermore, it was most recently used by a local entertainment company in which theatrical acts and stunts were arranged. The fire alarm, sprinkler and electrical systems have been upgraded recently. The CO allows for a maximum occupancy of 76 on the ground floor, and 12 on the mezzanine.

The building has approximately 4,500 SF on the ground floor, 850 SF on the mezzanine level and 800 SF in the basement. It is in the R8B zone, which has a 4.00 FAR for residential or community facility uses. The total buildable square footage is approximately 21,000. Note: There is an outdoor walkway alley on the westerly side of the property (the majority of the building is 43 feet wide).

This is an excellent opportunity for a developer to acquire a 50’ wide development site in the East Village. In addition, considering how unique the building is, the offering presents an incredibly rare opportunity in which the current building and configuration could be maintained for a user.

So, the options are build up for some housing... or maintain as a property for theater. Either way, the asking price is $12 million.

In a previous life the building served as a movie theater. Public records from July list two of the founders of the Blue Man Group — Chris Wink and Philip Stanton — as the previous owners, who received $18.6 million for this and another LES property.

In a deal announced in early July, Cirque du Soleil acquired Blue Man Productions. Specific terms of the deal weren't disclosed, but it is believed to be worth in the tens of millions, according to published reports.

Wednesday, August 2, 2017

244-46 E. 7th St. has a new owner

Slate Property Group is reportedly the new owner of 244-46 E. Seventh St., a 24-unit building between Avenue C and Avenue D.

According to The Real Deal, Slate paid $11.9 million for the property, previously owned by East Noho Corp. It last changed hands in 1975 for an undisclosed price.

Per TRD: "Ten of the units ... are rent regulated, down from 14 in 2010."

Slate made headlines in 2015 for buying the Rivington House for condo conversion while the deed restriction was still in place.

Friday, July 14, 2017

217 E. 3rd St. is for sale (plus air rights)

The four-story retail-residential building at 217 E. Third St. between Avenue B and C is now on the market.

Here's the listing via Cushman & Wakefield:

The building has a vacant turnkey bar/restaurant on the ground floor and three free market floor-through apartments above (with month to month tenants). It is believed that two of the apartments were recently renovated. The usable basement is accessible via the common area and houses the mechanicals and storage area. The building is approximately 4,160 SF above grade, and there are approximately 4,700 SF of remaining air rights. All of the utilities are separately metered for gas and electric and each unit has a gas-fired furnace and hot water heater. The square footage does not include a one story structure at the rear of the property which is separated by a small courtyard area. The building is classified as Tax Class 2A and therefore ownership benefits from limits in significant tax increases.

This is a rare opportunity for an investor or owner-user to acquire a low maintenance building in the East Village with little to no capital expenditure. The surrounding area has a wide array of great shopping, dining and nightlife options. The neighborhood has experienced rapid transformation in recent years which has attracted a younger population drawn to the area’s new developments and exciting streetscape.

Asking price: $6 million.

The currently vacant retail space was last put to use by Corlear's NYC, a "Pre-Prohibition style bar executing vintage cocktails." They opened in December 2015 and closed sometime early this year. Three years ago, the cocktail bar Elsa closed in this space. Elsa just reopened in Cobble Hill. Per the Times yesterday: "So many of our new regulars are old regulars who moved out here,” said Natalka Burian, 35, who owns the bar with her husband, Jay Schneider, 37, and her brother-in-law Scott Schneider, 30."

Monday, March 20, 2017

Make a bid on 64 2nd Ave.

The 5-story building at 64 Second Ave. between Third Street and Fourth Street recently arrived on the market.

Cushman & Wakefield has the listing:

The building has been owned and operated by current ownership for over 20 years. It consists of a retail space on the ground floor and lower level and three large residential units above. The 1,533 SF retail unit is vacant and features 11' ceilings and a 970 SF lower level with 9' ceilings and windows providing excellent light and air. If desired, the second floor can be used as commercial space as it is already connected to the ground floor through an existing marble staircase (now enclosed) creating a three-level retail space.

All three residential units are FM and currently leased at below market rents with summer expirations. Two units are expansive five-bedrooms, one of which is a triplex with exclusive interior access to a 700 SF rooftop entertainment area with World Trade Center and Empire State Building views.

The 3rd floor unit is a 900 SF floor-through space with a rear patio. The building hasn't been renovated in over 10-years and there is generous upside in the in-place residential rents (average in-place rents are $64/SF in a market commanding $85/SF).

Interested buyers may submit offers for the property. No. 64's retail tenant was Velo NY. The bike shop moved next door last year. (There was also the mysterious #notourpresident storefront signage for a brief time here after the election.)

In 2012, the building arrived on the market with a $7.3 million ask.

Here are the photos of the rooftop garden from the 2012 listing...

Friday, March 17, 2017

153 Avenue B returns to the market

153 Avenue B between Ninth Street and 10th Street (and adjacent to the Charlie Parker Residence) returns to the market with a new broker and a slightly lower price.

Here's the deal via the listing at Leslie J. Garfield:

Featuring 23 feet of frontage on Tompkins Square Park, 153 Avenue B is a rarely available grand and stately townhouse in the heart of the East Village.

Owned by the same family for nearly 60 years, this oversized brownstone stands five stories tall, is built 54’-deep, and is approximately 6,200 square feet. Features of this exceptional townhome include excellent width, period details, gracious ceiling heights, and sweeping views of Tompkins Square Park. Currently configured as five floor-through units, 153 Avenue B can be delivered vacant for single-family conversion, or operated as an investment property with a strong existing rent roll. Additional potential uses include condominium conversion in a surging East Village market or the potential to live with income.

Surrounded by charming cafes, trendy restaurants, and boutique shops, 153 Avenue B presents an incredible opportunity in a prime location. In a neighborhood that has seen rapid development and record prices, 153 Avenue B offers a charming glimpse into Manhattan real estate history.

Asking price: $6.85 million.

The building hit the market with a different broker in May 2016 with a $6.95 million ask.

The current owners shared some history of the building with the Post:

Over the decades, past residents, according to the current owners, have included actress Marisa Tomei, music producer Hal Willner, and musician and composer Charles Mingus.

“On the night that Robert Kennedy was shot, for instance, Mingus rang our bell. I remember seeing this heavy-set man in tears, crying to my mother about how they shot Bobby, too. His longtime lover lived on the fifth floor of our building with her children — she must not have been home at the moment he stopped over."

Tuesday, January 17, 2017

New owner of 629 E. 5th St. offers tenants incentives to move out early

[EVG file photo]

There is new ownership at 629 E. Fifth St., a building on the north side of the cul-de-sac between Avenue B and Avenue C.

And the new landlord's property manager, Jordan Cooper and Associates, has notified the tenants in the 24-unit building that they will need to move out at the end of their lease, but preferably sooner.

One current resident shared the letter from Cooper and Associates ...

[Click to go big]

The letter reads in part:

We hope you had a nice holiday season. As we begin the New Year, the new owners wish to communicate their business plan and how it will affect you as current tenants with as much clarity and transparency as possible.

Ownership’s goal is to improve the building’s infrastructure common areas, basement, and to renovate each unit in the building.

Therefore we do not plan to renew or extend any leases at expiration.

Instead of a standard 30 day notice of non-renewal, ownership wants to provide as much time as possible for each tenant to seek new housing.

We are not terminating anyone’s lease. You are absolutely welcome to stay until the end of your current lease term (if you need information on when your lease expires please email or call the office). In order to expedite the construction process, ownership is offering incentives to anyone willing to move out on or around February 28th, 2017.

We are keenly aware that moving is not easy. We would be happy to have any qualifying tenants back in the building as soon as units are complete (generally 4 months after renovation begins). Ownership feels that providing open, honest communication is the appropriate way to handle our relationship.

As the current resident said: "It's causing a lot of people to be displaced into an unrealistic rental market and creating more unaffordable housing in the East Village."

The building arrived on the market in April 2014. The asking price was $12.5 million. Per the listing at the time:

There are 24 residential units, all of which are Free Market. Of the 24 apartments, 13 are month-to-month, 6 expire at the end of April, 3 are currently vacant and 2 expire between May and July. The rents are performing at less than 75% of market and considering the building is fully deregulated, an investor could quickly bring the units up to market rents as the leases expire. Therefore, a gross annual income of around $930,000 could be achieved in a relatively short period.

Public records from November show that the building sold for $16.2 million. The LLC listed as the owner matches up to the address of Morgenstern Capital, run by Robert Morgenstern, co-founder of Stone Street Capital. The Luthien Group was the seller.