64 Second Ave. on the block for $7.3 million

The building between East Third Street and East Fourth Street arrived on the market yesterday. Nothing immediately alarming in the Streeteasy listing, such as air rights or single-family mansion:

64 Second Avenue represents an excellent opportunity to purchase a unique mixed-use asset on the Avenue in an up and coming East Village neighborhood. This building has significant potential as a cash flow investment, Live plus income opportunity, or a retail user opportunity. The 5 story property contains one ground floor retail unit along with 3 apartments above, including an Owner’s Duplex with a rooftop garden.

... This must be the owner's duplex...Or at least the rooftop gadren portion.

'Many opportunities' for new-to-market Sixth Street building

407 E. Sixth St. is now back on the market for $3.5 million. And the listing (via Corcoran) has a familiar tone to it... single-family conversion... available air rights...

On a prime East Village block between Avenues 1st and A, this historic, Italianate style, 5 story townhouse is located around the corner from Tompkins Square Park. Boasting a generous 21 feet of building width, 5000sf of interior space and lot depth of 91 feet with a beautiful rear garden, this home affords many opportunities for use including single family conversion, condominium conversion, live/work use or multi unit rentals.

Currently configured as 5 full floor apartments, the ground floor allows for commercial use. The property is NOT in a landmark zone and has additional available air rights of over 3500 buildable square feet. This house has been lovingly owned and occupied by the same family for over 50 years and will be delivered vacant. Bring your architect.

Anyway, this property briefly hit the market before ... and was promptly delisted several times, in November 2009 and April 2011, per Streeteasy.

And this is one of many buildings that have been for sale with both air rights and single-family aspirations.... such as this one on Avenue D ... this one on Avenue B ... or this one on Seventh Street ...

111 St. Mark's Place is for sale

[Massey Knakal]

There's a new listing for 111 St. Mark's Place, the six-story building pictured here between Avenue A and First Avenue. The asking price: $4.2 million.

Here's the Massey Knakal listing:

The property features 2 commercial units and 10 residential apartments all which are junior 2-bedrooms. Of the 10 residential apartments 2 are RC, 2 are RS and 6 are FM. The average rent regulated rents are renting only at approximately $11/NSF which is a fraction of the market, as the FM units are renting for approximately $45/NSF. All of the FM units have been fully renovated and feature granite countertops and high-end appliances. The property currently generates approximately $280,272 in annual gross revenue and nets approximately $203,394 in annual operating income.

The property benefits from being less then one block away from Tompkins Square Park where residents can enjoy beautiful summer days as well as outdoor festivals and concerts. Prospective purchasers have an opportunity to acquire a well maintained, beautiful brick building located in one of the most desirable residential neighborhoods of Manhattan.

(Per the listing we learn that the two rent-controlled units are $285 and $256, respectively.)

According to public records, the building was previously sold in May 2009 for $1.1 million to a group that included Alistair Economakis.

Meanwhile, the vacant storefronts here will soon be home to the under-construction Macaron Parlour, as DNAinfo first reported back in February.

Per the Macaron Parlour website, the shop will open next month.

165 Avenue B back on the market

There's a new broker for 165 Avenue B, the building just north of East 10th Street.... (we looked at it here in February 2011 ...)



Here's the Corcoran listing:

Great live/work 'loft' building for sale on a prime block in the East Village; just steps from Tompkins Square Park. Approximately 5,700 square feet, this six unit apartment building has tremendous upside since the spaces can be used for residential, commercial and retail. Four of the units can be delivered vacant and the remaining two within one year. The building has a commercial overlay which allows the ground floor to be used as retail or commercial space. The five story building is 23'8" wide with two and three bedroom floor through apartments on the top four floors and two commercial units on the ground floor, one with a separate entrance. The lot is 93' deep with a large garden, there is a two story extension on the rear ... 1,865 sq ft of air rights remain. Zoned R7-2 with a C1-5 overlay.

Not sure what the future will hold here... but I did like the last retail tenant, as I've written... Waldorf Hysteria ...



[Waldorf image via]

The Mildred is for sale

619 E. Fifth St. is now on the market. Price: $12,225 million. Here is part of the listing:

Massey Knakal Realty Services has been retained to sell 619 East 5th Street, also known as “The Mildred.” The property is a 40 unit, 6-story walk-up apartment building located on the north side of the East 5th Street cul-de-sac between Avenue B and Avenue C. The freestanding building consists of +/- 25,200 gross square feet and is fully occupied. Apartment layouts consist of 16 studio/one bedroom units, 4 one bedroom units, 9 two bedroom units, 9 three bedroom units, and 2 three bedroom duplex units. The 2 duplex units are located on the ground floor and go down to the lower level of the building with separate entrance/exit ways on the east side of the building. Of the 40 residential units, 27 units are Free Market and 13 units are Rent Stabilized.

On the plus site, the listing DOES NOT mention anything instantly alarming such as "includes 87,000-square-feet of air rights" or "building will be delivered vacant."

I'm curious, does anyone know why it's called The Mildred?

Why the future of the Holiday Cocktail Lounge may be in doubt

Uh-oh. 75 St. Mark's Place hit the market yesterday. It's initial asking price: $4.6 million. Here's the Corcoran listing, which is full of passages that give us the fear:

This is a rare opportunity to own a premium mixed use building on St. Marks Place. Located between 1st and 2nd Avenues, and home to the famous Holiday Cocktail Lounge, 75 St. Marks Place stands out as an excellent and flexible financial investment. The building has been owned by one family since 1973, meticulously cared for and in excellent condition. It contains the Holiday Cocktail Lounge on the ground floor (scene of innumerable TV and film shoots), 4 free market, 1400 square-foot apartments, one of which was completely renovated this year. The remaining three residential units are 2 bedroom + home office, one bathroom apartments, and are substantially below market rent, offering significant upside potential. All are very attractive, with soaring ceilings, Southern exposure, and large enough to feel like a home to any occupant. Two apartments are month-to-month, with the third lease expiring early 2012 so the rent roll is poised to increase substantially. The commercial lease is controlled by the owner, so it can be delivered vacant or the Holiday Cocktail Lounge continued. It is a long-run financial success made all the more valuable by considerable additional income as a film location. In addition, with a 4.0 FAR, there are ample air rights to expand in the event of a condo conversion, a great alternative given the paucity of condos in the area.

Got all that? One family has owned it since 1973 ... rent increase ... delivered vacant ... condo conversion. Good lord. Might as well set up the dumpster out front tomorrow morning.

OK, OK so no reason to get all doomsdayish... yet. The listing does seem to flatter the Holiday, calling it "famous" and "a long-run financial success." Encouraging? Promising?

The Holiday kept going after Stefan's passing in early 2009. While the Holiday has undergone a few changes (some cheesy promotions, several new full-screen TVs that attract the sportos), it's still a classic bar rich with East Village history.

Stefan opened the Holiday here in 1965. (It had been a bar since 1936.) Read more about the bar at Jeremiah's Vanishing New York here ...

And now, a walk-off passage from an article by former East Village resident Mike Hudson in the Niagra Falls Reporter a few years back:

[L]ike many Manhattan dives the Holiday Lounge had its writers.

For years Allen Ginsberg had a large apartment in a building almost directly across the street, and he and other Beat writers like Jack Kerouac, William Burroughs, Gregory Corso and Herbert Huncke spent considerable time with the bookies, dope dealers, working girls and alcoholics for whom the Holiday was a second home.

[adm on Flickr via JVNY]

94 St. Mark's Place on the market, and what will it mean for Under St. Marks?

Here we go. Per the Massey Knakal listing:

The residential rents currently average $1,700/month, which is about 20% below current market levels providing great upside. With the exception of one RS unit, all apartments are FM, making it possible to improve unites [sic] and increase rents in the short term. The theater is on a month to month lease, so this could be a prime investor or user opportunity.

The theater in question is, of course, Under St. Marks, which has operated here as an experimental spot since the 1970s. The space is currently operated by the Horse Trade Theater Group. (We have an email out to them about all this.)

Investment properties (the asking price is $5.75 million) and experimental theater spaces certainly don't seem to go hand-in-hand ... making this potentially bad news down the road for Under St. Marks... and another loss for the neighborhood's creative spirit.

Another East Village 'redevelopment opportunity'

165 Avenue B is on the market. The building is just north of East 10th Street. A few years back, junk shop Waldorf Hysteria called the retail space home....



Now the groundfloor is rather sterile looking... (Or as l.e.s.ter once commented, "Holding-Cell Chic.")



Anyway, here's the Massey Knakal listing:

Originally built in 1890, the building is approximately 5,703 sq. ft. and is currently configured with 6 apartments. The building has a commercial overlay which would allow the ground floor to be use as retail or commercial. The property also benefits from additional unused air rights and being steps away from Tompkins Square Park.

The building is currently going for $3.95 million. (You can find the 'Mixed-Use Redevelopment Opportunity' PDF here.)

Anyway, just the latest older building with the potential for more floors...

[Waldorf image via]

6 East Village buildings part of $276 million portfolio

Massey Knakal is handling the sale of 26 multi-family "investment properties" throughout Manhattan. In total, there are 595 apartments, 22 retail stores and approximately 350,000 square feet. The properties can be sold individually in 16 different offerings, per the MK site.

The East Village buildings for sale in this parcel are:

• 410-418 East 13th Street
• 432-434 East 13th Street
• 330 East 6th Street
• 40-44 Avenue B
• 73-75 East 3rd Street
• 221 First Avenue

(Seems to me that most of these were already on the market here...) Combined there are 16 buildings, for a total cost of $276 million. If you want all the gory details, then you can download this 800-page PDF.

I particularly like the photo for 73-75 E. Third St. Happy that the photo includes some local color from the Hells Angels HQ next door at No. 77.

Three buildings sell for $11.5 million on East Fourth Street

From the EV Grieve inbox....

Three buildings at 118 and 120-22 East 4th Street, located between First and Second Avenues in Manhattan’s East Village, were sold in an all cash transaction valued at $11,500,000. The buildings were situated on two lots, with a combined 75’ of frontage, and approximately 26,000 gross square feet. The properties consist of 69 residential apartments with a unit mix of 24 one-bedroom apartments and 45 studios. With the tenant mix consisting of 40 rent stabilized and 29 free market apartments. The properties are well kept with new brass plumbing, updated and rewired electric, two new gas burners, a newly installed laundry room and many renovated apartments.

The Seller was Bruce Miltenberg of Bread & Butter Realty, LLC. “This sale demonstrates the strength of investor appetite for the multifamily rental marketplace that the East Village offers. We have found investors are extremely attracted to the low turnover rate of the tenants and the ease with which it takes to re-rent the apartments that do become vacant. In these buildings in particular it is uncommon to have a vacancy for more the 2-3 days,” said Massey Knakal Vice Chairman and Partner John Ciraulo who exclusively handled this transaction with Massey Knakal First Vice President of Sales Joe Sitt and Director of Sales Craig Waggner.

Three-building parcel on Avenue B now on market for $21 million

Massey Knakal has listed the three buildings making up 40-44 Avenue B.

Here's the description:

Three adjacent 24’ wide buildings combine for 72’ of frontage along Avenue B in the heart of the East Village. The properties are five-story plus basement walk-up mixed-use apartment buildings. The buildings combine for approximately 23,697 total above grade square feet. There are 4 stores and 33 apartments of which 1 is rent stabilized, 2 are rent controlled and the remaining 33 units are all free market. The buildings consist of 25 one-bedroom apartments and 11 two-bedroom units. The rent regulated units have average rents of $652 per month versus the average rent of a free market (renovated) one-bedroom apartment of $2,430 per month. The average rent of the two-bedroom units is $3,316 per month. In addition there are four retail stores that have leases expiring between February 2103 and June 2022. The average rent for the four stores is $62/SF, nearly 50% of what market rents are for retail along the Avenue B corridor. All of the free market units have been renovated to include new hardwood floors, marble tiles in the bathrooms, granite countertops and new appliances including dishwashers in the kitchens and washer/dryer in the units. ... Expenses are extremely low as the tenants in 40-42 have their own individual boilers and pay for their own heat and hot water. Vacancies at these buildings are few and far between.

No mention in the description that these buildings were heavily damaged during a four-alarm fire back in 2004.

Would you pay $54 million for this East 11th Street tenement building?

Back in February, I made mention of this 20-unit building on East 11th Street on the market for $6.7 million...



According to the listing, "Tenants are quiet, respectful of the property, orderly, and pay timely."

Anyway, I looked at the property again the other day on Streeteasy .... and whoa! Look at the price now!



$54 million! Yes, just a decimal point too far on the Streeteasy listing. The price is actually $5.4 million now, per the realtor.

Previously on EV Grieve:
Buy this 11th Street apartment building, where the residents "quiet, respectful of the property, orderly, and pay timely"

Buy this 11th Street apartment building, where the residents "quiet, respectful of the property, orderly, and pay timely"

Quiet? Respectful? Orderly? When can I move in!? This 1900-era tenement on East 11th between Avenue B and Avenue C is fresh on the market for $6.7 million.






Per the listing:

Perfectly Renovated Pre-War 20 unit Building

Renovated units: (11) free market rents
#of two bedrooms: (5)
Annual rents: $ 405,900
Boiler: 3yrs.
Roof: 2yrs.

Real Estate Taxes: $26,000 approx.
Water and Sewer: $1200
Gas Tank size: 1,080

Potential rent increases (9) apartments

Maintenance is very low due to the number of renovated (11) apartments and the new systems.
Tenants are quiet, respectful of the property, orderly, and pay timely.

But are the bargoers walking back to wherever they came from as quiet and respectful?

All work and no play makes....

We were browsing around the Internet looking for some East Village property to invest that $9 million in that we have lying in suitcases in the hallway... when we came across a new listing to buy 105 Avenue B, one building south of Seventh Street. Challenging times for real-estate types these days, for sure... Still, the listing seemed a little stressed out...



Oh, yes -- just a computer glitch... anyway, we'd like to know more about the building... not much information just yet... a few photos, though...