25 E. 7th St. is for sale

Here are the details from the Cushman & Wakefield listing:

A 26’ wide, five-story, multi-family walk-up building located on the north side of East 7th Street between Cooper Square and 2nd Avenue. The building consists of nine residential units, of which three are rent-stabilized, one is rent-controlled, and five will be delivered vacant.

The average in-place rent of the rent-regulated units is approximately $22 per square foot which is only a fraction of market. A majority of the units are large one-bedrooms that could be converted to two-bedrooms or front-back units.

There is also dramatic upside in renovating the free market units, one of which can be converted into a duplex unit with garden access, to attain market rents. The building is located steps from The Cooper Union’s new building and around the corner from trendy East Village eateries such as The Mermaid Inn and Narcissa.

Asking price: $8.95 million

Image via Cushman & Wakefield

Put all your eggs together and buy The Robyn

Residents started moving into The Robyn, the 33-unit luxury rental at 316-318 E. Third St., late last summer.

Now the whole building between Avenue C and Avenue D has arrived on the market.

Here's the listing via Cushman & Wakefield:

The building, known as “The Robyn,” was completed in 2014 using high quality, energy-efficient materials and features a virtual doorman, video security, and a common patio. Each apartment features stainless steel appliances and granite kitchens, baths, and in-unit washer/dryers. In addition, multiple residences feature private outdoor space. The building is 100% leased at a below market average in-place rent of $59/NSF.

The property benefits from a 421a tax abatement with eight years remaining. The building is centrally located in the East Village and within steps of the Lower East side providing a tremendous variety of the city’s best restaurants and nightlife. It is also steps from the 14D bus stop and four blocks from the F train stop at 2nd Avenue. This is an excellent opportunity for an investor to purchase a high cash flowing, low maintenance asset in the heart of the East Village.

No word on the price in the listing.

And is East Third Street between Avenue C and Avenue D really "in the heart of the East Village" like the listing says? (You actually don't have to answer that.)

The lot was formerly home to a single-family residence. Preservation groups to try to protect the circa-1835 house from demolition, but the Landmarks Preservation Commission rejected a hearing.

Image via Cushman & Wakefield

Previously on EV Grieve:
Another parcel of East Village land ready for development

33-unit, Karl Fischer-designed building rising at former home of Community Board 3 member

Landmarks Preservation Commission rejects hearing for 316 E. Third St., paving way for 7-floor condo

Lovely townhouse with bucolic gardens on East Third Street ready for "creative expansion"

316 E. Third St. has been demolished

This Robyn laid some luxury apartments on East 3rd Street; pet spa included

Historic carriage house on East 13th Street hits the market for $18 million

First, let's check out the Cushman & Wakefield listing for the building at 126-128 E. 13th St between Third Avenue and Fourth Avenue:

A NNN leased three level, Beaux-Arts style, loft building located on the south side of East 13th Street between 3rd and 4th Avenues. The space is leased to Peridance, a dance studio, until March 2028 with a 5 year option. The rent will increase to $623,673 per year in March 2016 and then have 3% annual increases thereafter. The tenant is responsible for all operating expenses and repairs for the property. The rent of only $40/RSF, is half of market value providing tremendous future upside. The lease is guaranteed by Capezio Ballet Makers Inc.

The asking price is $18 million. In addition, the same seller is offering the adjacent property to the south, 123 E. 12th St., for $8.5 million.

As for 126-128 E. 13th St., this is believed to be the last surviving horse and carriage auction mart building in New York City, according to the Greenwich Village Society for Historic Preservation (GVSHP), who helped keep the structure from becoming a seven-story condo back in 2006.

In addition, the building served as the studio of artist Frank Stella, and during World War II was an assembly-line training center for women. (Read more about the building's history at the GVSHP website here.)

In May 2012, the NYC Landmarks Preservation Commission voted unanimously to landmark the building. Several months before this vote, a State Supreme Court judge ordered the sale of the property after the condo developers lost a foreclosure suit, according to The Real Deal.

Image via Cushman & Wakefield

Not-at-all out-of-place-looking luxury rental building for sale on East 5th Street

Let's head over to 530-532 E. Fifth St. between Avenue A and Avenue B, where this six-story, 10-unit rental is now on the market…

Here's the pitch via Cushman & Wakefield:

The building was built in 2013 using high quality, energy-efficient materials and features a virtual concierge, video security, and common roof deck with elevator service. The residential units are in excellent condition and feature chef’s kitchens, reclaimed wood flooring, oak doors, Caesarstone kitchen countertops, pre-wired alarm systems, individual temperature controls and HVAC systems (tenant expense), washers/dryers, stone tiled bathrooms, and private outdoor balconies. Additionally, units 1R and 1F have private gardens, and unit 5R has a private roof deck.

The property is only two blocks south of Tompkins Square Park and less than four blocks from the F train stop at 2nd Avenue. It is also within close proximity to popular neighborhood hot spots such as the famous Orpheum Theater, the East River Park, the Bowery Hotel, and The Standard East Village. This is an excellent opportunity for an investor to purchase a high cash flowing, low maintenance asset, or an immediate condo conversion project in the heart of the East Village.

Rentals here average about $6,200, per Streeteasy.

And the building price: $12.5 million.

Now we'll head back into the EVG archives to when the demolition started on the previous building here in November 2008…

133 Avenue D is for sale (again)

An EVG reader points us to 133 Avenue D, where the 6-floor building between East Ninth Street and East 10th Street is on the market now for $12 million.

Here's some details from the listing at The Besen Group:

The 14,600 SF property is built 42.5' x 80', sits on a 42.5' x 93' lot and is zoned C1-5/R8A. The current maximum allowable FAR is 6 providing 3,646 SF of additional air rights. With cut-outs, the building has generous light and windows on all sides.

There are two retail units and one residential unit on the ground floor. Avenue D Deli & Grocery occupies the first unit with 850 SF of retail space. Marty's Wine & Liquor occupies the second unit with 850 SF of retail space. The residential unit has two-bedrooms and 600 SF.

The property has four two-bedroom units on floors two through six each with approximately 575 SF. Gut renovations were completed on all free market units. The roof has a cell tower lease in place until April 2020 which is pre-paid, and can produce future income if extended.

Highly desirable location and in demand for high-end residential and retail. 133 Avenue D is a few blocks away from Tompkins Square Park, situated close to subway stations, M140 bus stop, and walking distance to the cornucopia of stores, restaurants, and nightlife the East Village has to offer. The property is also walking distance to one of the best public schools, Bard High School Early College.

Situated close to what subway stations?

Updated 7:55 a.m.

Thanks to commenter EVEddie for noting that this building just changed hands back in the spring for $10.5 million. Per The Real Deal:

Vintage Group acquired an East Village mixed-use building at 133 Avenue D for $10,5 million ... Red Man Takes It Back Realty Inc. is the seller.

Nice flip!

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.

A 4-building parcel on East 6th Street has been sold

[320-326 E. 6th St.]

An EVG reader who lives in one of the four buildings that make up 320-326 E. Sixth St. between First Avenue and Second Avenue shared the following with us…

I arrived home from work to find the attached letter stuffed into my apartment door.... my building plus three others have been sold to 320-326 Ro Village Realty. Our buildings were previously owned by AAG Mgmt. This Ro Village Realty LLC is brand new as of January and I can't find any more details about them or about how much the buildings went for or what they plan to do with it.

Considering what is going on in the neighborhood with companies like Icon, this makes me incredibly nervous.

The sale hasn't hit public records yet… and we're not familiar with 320-326 Ro Village Realty either… and their offices at 209 E. 14th St. don't match up to any of the usual suspects…

Buy this skinny East 13th Street building alone — or with 3 other NYC properties

The building at 216 E. 13th St. between Second Avenue and Third Avenue is now on the market. The 9-studio walk-up is asking $4 million.

Or! The four-floor building can be paired with three other properties from other neighborhoods. In total, the portfolio has 53 apartments (plus two retail spaces) with an asking price of $23.5 million. (All cash.)

A PDF with the property descriptions is here.

East 10th Street building new to the market; triplex unit in the future?

This listing arrived late last week at Massey Knakal:

A 5 story, walk up apartment building located on the south side of East Tenth Street between First Avenue and Avenue A. The building consists of 7 residential units of which 6 are free market and 1 is rent stabilized. The average in-place rent is $65/SF while rents in the area have achieved more than $80/SF.

The ground floor can be converted to retail as-of right in order to take advantage of a block that has seen retail rents reach over $130/SF. The property also benefits from approximately 3,724 square feet of air rights.

This represents an excellent opportunity for an investor who is looking for stable cash flow and tremendous future upside in the highly sought after East Village neighborhood. Alternatively, it could serve as an ideal user opportunity to create a triplex unit.

Price: $6.3 million

529 E. 13th St. is on the market

There's a new listing for this walk-up building between Avenue A and Avenue B.

Per Massey Knakal:

The building has 11 residential units of which 3 are Rent Stabilized and 8 are Free Market. The ground floor has 3 apartments. Floors 2 through 5 have 2 apartments per floor all of which are identical in size. The building has a new gas boiler (approximately 2 years old) and most of the Free Market apartments have been renovated recently ... The subject provides an opportunity for an investor to purchase a well maintained apartment building with remaining upside potential in an area that is quickly appreciating in value.

Asking price: $7.8 million.

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.

520 E. 11th St. is for sale

There's a new listing for the building between Avenue A and Avenue B. Not many details on that listing via Habitatman NYC:

Six Story Walk Up Apartment Building with 27 Residential units & 3 Stores. Plus Laundry Facilities in the basement.

No mention of "air rights" ... and there isn't any copy like "will make for a lovely single-family mansion once you toss out the pesky residents."

Asking price: $18 million.

[Image via Trulia]

180 Second Ave. is for sale

There's a new listing for 180 Second Ave., the 5-story building between East 11th Street and East 12th Street that houses the New Orleans-themed bar the Ninth Ward on the ground floor.

Details from Massey Knakal:

[T]his 5 story mixed-use property is currently configured with a restaurant/bar on the ground floor, leased until 2020 and offices above. The retail tenant’s space features a solarium that is used for outdoor seating. Their rent is under market on an Avenue that commands rents upwards of $135/SF. The property also benefits from additional air rights. This is a prime investment or user opportunity.

As for those air rights: 2,784 square feet are available. Building price (air rights included!): $7.65 million.

Bid deadline approaches on that building you can skin on East 11th Street

Back on April 11, we noted that 200 E. 11th St. at Third Avenue was now on the market. It is a rather dormy-looking building... but there is potential! As the Massey Knakal listing noted:

"[A] buyer may wish to expand the residential floor plate above and restore the building above by reskinning glass."

Like this.



And why revisit all this again? Because the bidding deadline on the building is today at 5. Plus, we just wanted to repost the photo of the rendering.

Previously on EV Grieve:
Reimagining this 12-story East Village building, now on the market

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

So 200 E. 11th St. at Third Avenue is now on the market. Per the Massey Knakal listing: "Rarely do downtown elevated apartment buildings become available for sale. When they do, it is even more unusual that they are as untouched and with so much upside potential as 200 East 11th Street (AKA 55 Third Avenue)."

Indeed.

A deeper look at the listing (PDF!) shows what the new owner could do, such as converting one bedroom units into to two-bedroom units.

But! The biggest changes — at least for passersby — would happen on the outside of the building, where the listing notes "[a] buyer may wish to expand the residential floor plate above and restore the building above by reskinning glass."



Let's take a closer look at this reskinned glass.



The new rendering doesn't happen to show the current retail clients — M2M or the copy shop. The third storefront is home to The Smith.

There's no price listed for the building.

East 6th Street building now on the market for $11 million

A listing appeared yesterday for 528 E. Sixth St. between Avenue A and Avenue B... Here's part of the listing from Think Properties:

This building was built in 2008 has a 421-A tax abatement. This building is adjacent to the Creative Little Garden and a few blocks away from Tompkins Square Park. This building contains 11 rent stabilized apartments, 2 apartments per floor and one apartment on 6th floor. Each unit has Rome & Juliet Balconies. Both apartments on first floor are duplex apartments one apartment in rear has 480 private backyard. The rear apartments have 140sf balconies besides second floor apartment that has backyard. Apartment features all stainless steel appliances with dishwasher, and each unit has its own Washer/Dryer.

Price: $11 million. Nothing in the listing is immediately frightening, like, includes air rights ... or, will be delivered vacant... or, perfect for a single-family home ... or, ...

'Endless possibilities' await you at 650 E. Sixth St., now for sale

There's a new listing for this townhouse at 650 E. Sixth Street, just west of Avenue C. Here's the listing via Douglas Elliman:

Endless possibilities await a discerning East Village buyer to invest, live or work in this townhouse gem. Opportunity for expansion and/or conversion with an additional approximate 3,620 sqft unused buildable sqft (air rights). On the 97' lot, this 20' wide and 48' deep townhouse is currently configured as 4 free-market floor-through rental apartments totaling approximately 4000+ gross sqft. In addition, the building has an unfinished basement, beautiful 700+ sqft south facing garden and additional 200+ sqft sun deck.

Hallways are in great condition and a new boiler is being changed from oil to more efficient and affordable gas. All apartments have renovated baths and kitchens with dishwashers, washer/dryers, central air conditioning and hardwood floors. The gross rental income from the property is currently $165,600 per year, well below market value. There are no controls and the property could be delivered vacant or with tenants in place to negotiate a new lease.

The opportunities are endless to make this townhouse your new home or a wonderful investment for your future!

Price: $2.75 million. Photos that follow are of the top floor apartment.







In the grand scheme of things, $2.75 million doesn't seem like that much for this, huh? Anyway, by the time you finish this post, Jared Kushner will have purchased it...

2 East Village buildings part of $73 million deal

Catching up on this news release (PDF) via Massey Knakal from last week ... "11 prime multifamily walkup apartment buildings located on the Upper East Side and the East and West Village, with an additional 40-unit property located in downtown Brooklyn, was sold in an all-cash transaction valued at $73,000,000."

The two units here are 438-440 E. 13th St. ...

... and 104 E. Seventh St. at Avenue C (a building that workers have been cleaning up in recent months...)

The Real Deal had more details on the transaction... Stone Street Properties, headed by Jeffrey Kaye and Robert Morgenstern, reportedly bought the properties from "longtime Manhattan landlord Robert Koppelman."

Per The Real Deal: "Stone Street manages its properties in-house, aiming to add value by reconfiguring and renovating apartments." Massey Knakal's news release noted that "roughly 72 percent of the units are rent regulated with average monthly rents considerably below market."

Have any tips about the situation here in these two East Village buildings? Please send them our way via the EV Grieve email

50-54 Second Ave. IS NOT FOR SALE

[Dated photo via the DJK website]

Yesterday, we noted that a listing appeared for 50-54 Second Ave. ... the six-story building going for $10 million.

However, Allan Gallaway, a senior VP with DJK Commercial Realty, told us this afternoon that the building is not for sale — the listing was a mistake at their end.

So, meanwhile, let's go to Pak Punjab or grab a pizza at Proto, which is quite good.

[UPDATED] 50-54 Second Ave. on the market for $10 million

[Dated photo via the DJK website]

There's a new listing at the DJK website for 50-54 Second Avenue at East Third street. There isn't much information with the listing:

Location, Location, Location. Corner 6 story walkup building, 50'x40' with 10 apartments. Retail component of 2100 square foot can be delivered vacant. Portion vented.Excellent upside potential in extremely desirable East Village.

Streeteasy doesn't have any additional information, except for the price: $10 million. Chester Pechock is listed as the current landlord.

Have any tips about the situation here? Please send them our way via the EV Grieve email

UPDATED: THE BUILDING IS NOT FOR SALE.