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

Thursday, December 1, 2016

The Lightstone Group flips 10th Street residential building


[Photo of 85 E. 10th St. from September]

Back in the spring, the Lightstone Group paid $127 million for a 6-building portfolio on East 10th Street and East 11th Street. Five of those buildings, 112-120 E. 11th St., are currently being demolished to make way for a 13-floor hotel for the Marriott's Moxy brand.

And now, a resident of the other address in the deal, 85 E. 10th St., which abuts the hotel conversion, shares news that the building here between Third Avenue and Fourth Avenue has been sold.

Per the resident:

New ownership put notes under tenants' doors announcing the sale and promising improvements to the property, including adding a package room, virtual doorman system with surveillance cameras throughout the building, much to the relief of tenants who regularly complain of packages that go missing!



And!

New owners also boast they will be "sprucing up the common areas and keeping the premises very clean and the air smelling pleasant." Also good news to tenants since the building usually reeks of garbage and marijuana, has an outdated ugly lobby, filthy hallways and stairwells and an overgrown, leaf-covered backyard common area no tenants use.



According to The Real Deal, Mallory Management bought the 121-unit rental building on 10th Street for $72.5 million. Residents in the back of No. 85 will have unobstructed views of the demolition at 112-120 and subsequent construction of the Moxy hotel, which is expected to open in late 2018.

Previously on EV Grieve:
Updated: 6-building complex on East 10th Street and East 11th Street sells for $127 million

Monday, October 31, 2016

402 E. 12th St. is for sale



The 6-story walkup between First Avenue and Avenue A is now on the market.

Here's the description via Cushman & Wakefield:

The 7,740 square foot building benefits from 30’ of frontage and recently received a full gut renovation of all but one apartment. Of the 16 residential units, there is a mix of one-bedroom and two-bedroom units which consist of 15 Free Market and 1 is Rent Stabilized unit. In addition to the common areas being fully gut renovated, the Free Market apartments have experienced substantial renovations which include Carrara marble countertops, brand new stainless steel appliances including a dishwasher and microwave, luxury bathrooms with carefully curated mosaic tile work, Bosch washer & dryer units, recessed lighting, exposed brick, espresso cabinets, ebony hardwood floors, and crown/baseboard moldings. The building is currently generating an annual gross income of $690,000 with a net operating income of $477,000.

And the neighborhood?

Located in the heart of the East Village, 402 East 12th Street benefits from a wide array of the city’s best shopping, dining and nightlife options. The area continues to attract local and global visitors on a daily basis due to its dynamic culture and convenient access throughout Manhattan and Brooklyn via countless subway lines and buses.

Public records show that Icon Realty bought the building in 2013 for $4.65 million. The current asking price is $11.3 million. (Perhaps that Jerkface mural on the east-facing wall helped up the property value.)

Thursday, September 1, 2016

Raphael Toledano selling 97 2nd Ave.



The 6-story building at 97 Second Ave. between Sixth Street and Fifth Street was one of the first East Village properties purchased by Raphael Toledano, who would later buy several portfolios of buildings.

Now the building, which has a complicated recent history (there was a lawsuit in 2014 involving Toledano and another broker), is on the market.

Cushman & Wakefield has the listing. Here's the pitch:

The building consists of a ground floor retail space currently leased to a restaurant until February 2030 with 10 residential units.

The restaurant pays $105 per square foot which is slightly below market and reimburses for 50% of the increases in the real estate taxes over base year 2015. The FM residential units have recently undergone extensive renovations and feature high ceilings, washers and dryers, dishwashers, wide plank wood flooring, and stainless steel appliances. Four units feature private access to the rooftop or a balcony which command a premium in rent. The building has also been outfitted with a new video intercom system and security cameras. This is a rare opportunity to acquire a high cash flowing, recently renovated mixed-use building in the heart of the East Village.

There isn't a listing price: Potential buyers need to submit offers. Public records show that Toledano paid $4.95 million for it in April 2014.

In April 2014, Douglas Pratt, whose family operated the longtime laundromat here since the early 1970s as well as owned the building, said that they needed to sell "for a host of personal and business reasons."

The retail space is now home to Hou Yi Hot Pot.

In July, The Real Deal reported that the controversial Toledano was aiming to sell six East Village buildings less than a year after buying them.

Image via Cushman & Wakefield

Wednesday, August 17, 2016

91 E. 7th St. is for sale


[Top 3 photos from Feb. 23]

Back in late February, we spotted several small "building for sale" signs at 91 E. Seventh St. at First Avenue...





However, the listing never appeared online and no one ever got back to us with more info.

Now, though, the listing (the 12-unit building is also known as 118 First Ave.) arrived on Streeteasy this week.

Per the listing:

1. Deli $14,300 lease expire 8/31/2016
2. Store $4,300 lease expire 8/31/2016
3. 3 bedrooms R/R style VACANT(2,900)
4. 3 bedrooms R/R style VACANT (2,900)
5. 3 bedrooms R/R style R/C $140
6. 3 bedrooms R/R style R/C $147,97

One retail tenant is Golden Food Market... the other space must be the Caracas Arepa Bar To Go space, which shares the 91 E. Ninth St. address. (The People's Pops stand did not return to this corner this summer.)


[Photo from yesterday]

The asking price for the building: $6.9 million.

DOB records show a partial vacate order on the address for "illegal hotel rooms in residential buildings."

Tuesday, May 31, 2016

Charlie Parker's neighbor is for sale on Avenue B for the 1st time in 50 years


[Image via Halstead]

As we first reported last Oct. 2, 151 Avenue B — the landmarked building where jazz great Charlie Parker once lived, arrived on the market for $9.25 million.

Now its next-door neighbor at No. 153 between East Ninth Street and East 10th Street is for sale.

Here's the pitch via the broker Halstead:

On the market for the first time in more than 50 years, this 23-foot wide, 5-story townhouse poses a rare opportunity to own an authentic piece of New York history in the vibrant and evolving East Village. Dating back to 1849, 153 Avenue B (located on Charlie Parker Place between East 9th and East 10th Streets) offers grand proportions, a brownstone facade topped by a boldly protruding cornice, and 12 large double-hung windows with exterior shutters framing views of Tompkins Square Park which sits across the street.



Endless possibilities to invest or live in this impressive property. Currently configured as 5 floor-through free market rental units, this is an incredible opportunity to transform the entire building into your dream single-family home in a prime park location; create an owner's duplex and maintain the upper floor rental units; or keep as a fully tenant-occupied investment property with opportunity to renovate and create a strong rent roll.

The garden floor unit was gut renovated in 2015 and is configured as a 2-bedroom featuring a private front door entrance and a newly refurbished backyard patio for relaxing or entertaining. The parlor through fifth floor units are configured as grand 3-bedroom loft-like spaces with soaring ceilings, wood-burning fireplaces, and rich in pre-war architectural details. The fourth floor unit was gut renovated in 2014 ...

The roof offers dramatic unobstructed views of Tompkins Square Park and the surrounding neighborhood. Recent improvements to the building include a new coin-operated laundry room on the garden floor, updated hallways, new boiler and hot water heater, electrical system upgrades, and steel beam reinforcement project under the direction of a structural engineer and architect. Come visit 153 Avenue B this summer. This East Village treasure is not to be missed.

The asking price is $6.95 million.

As for No. 151, the listing is no longer active.

Friday, April 29, 2016

Updated: 6-building complex on East 10th Street and East 11th Street sells for $127 million


[No. 85 via Streeteasy]

Last fall, we heard from a resident who lives at 85 E. 10th St. between Third Avenue and Fourth Avenue. Rumors were circulating that No. 85 along with adjacent buildings at 112-120 E. 11th St. were in the process of being sold.

Tenants were also suspicious when they only received offers of a one-year lease renewal instead of the usual two years, per the resident.

On Wednesday, the resident came home to find the following letter shoved under the door... confirmation of the sale...



According to public records, Pan Am Equities sold the properties to an LLC for $56 $127 million. The LLC (US-DEV Associates II) in public records is traced to Lightstone, "one of the largest and most diversified privately held real estate companies in the United States."

What the transactions means for current resident is unclear... other than that they will likely be receiving further correspondence containing words like "hereto."

112-120 E. 11th St. is a row of five low-rise buildings with 76 rentals. 85 E. 10th St. features five floors with 75 units.

Updated 5/4
Oh! The deal was actually for $127 million, per the Commercial Observer.

Tuesday, March 22, 2016

319 E. 6th St. is for sale; conversion to single-family residence a possibility



319 E. Sixth St., a four-story townhouse between First Avenue and Second Avenue, is new to the market.

Here is the listing via Corcoran:

The house is approximately 4762 SF and consists of 3 expansive apartments with high-end finishes. Unit 1 is duplexed on the garden level and parlor floor and includes an excavated basement on the lower level. Unit 2 and 3 are floor-through 1.5B/2B + HO apartments on the 3rd and 4th floors. Features include gated front yard that opens to contemporary designed interiors with up to 12 ft. ceiling height.



Amenities are numerous, with superb South light and views of a quiet tree-lined street and peaceful rear garden. The property is equipped with multi-zone heat and AC; radiant heat floors; white tile and marble baths; 5" Siberian white oak floors, casement style steel and glass French doors; recessed lighting; and newly restored mechanical, electrical, and plumbing systems that are meticulously maintained. The building is outfitted with a video intercom security system, and is topped off with an irresistible surround-view roof-top terrace.

Certificate of Occupancy is for three-unit but can be converted to single-family residence.

Asking price: $7.95 million.

The building last changed hands for $4.35 million in September 2006, according to public records. It appears the current owner is 319 East Sixth Street, Inc., a corporate trust with a Wilmington, Del., address.

Images via Corcoran

Tuesday, March 15, 2016

197 E.. 3rd St. is for sale


[Image via Cushman & Wakefield]

The 5-story building between Avenue A and Avenue B is now on the sales market.

Here are the details via Cushman & Wakefield:

The building currently benefits from a J-51 Tax Abatement, which expires in 2024/2025. As a result, all of the residential apartments are rent stabilized per the abatement.

While rents for 6 apartments are limited by rent stabilization, the remaining 7 occupied apartments currently achieve rents that are closer to market, but are significantly lower than the maximum legal rent for these units. There are 3 vacant units. The 6 apartments are currently renting on average for $42.39/NSF or less than $1,250/month compared to approximately $59.45/NSF for the 7 units.

Furthermore, 4 of the 6 units contain preferential rents which upon expiration would add almost $15,000 in additional income with no additional renovation work. Of the 16 total residential apartments, 13 are occupied and 3 are vacant, while 13 are configured as studios and 3 as one bedroom units.

The ground-floor commercial unit is occupied by No Malice Palace, a very popular bar and night club with exclusive access to the rear yard whose lease expires in December 2019.

Asking price: $7.5 million.

Back in 2014, some No. 197 residents, tired of the nearby bar scene, created a sign suggesting where some weekend wooseekers may go.

Wednesday, February 24, 2016

Report: 4-building portfolio on St. Mark's Place in closing for $44 million



Investor Elliot Sohayegh is in contract to buy four adjacent rental buildings on St. Mark’s Place between Second Avenue and Third Avenue for $44 million, The Real Deal reports.

The walk-up buildings are: 28 St. Mark's Place, 30 St. Mark's Place, 32 St. Mark's Place and 34 St. Mark's Place. The retail tenants in these buildings include Kung Fu Tea (No. 28), the incoming Mamoun's Falafel (No. 30), 2 Bros Pizza (No. 32) and Khyber Pass (No. 34).

Some details, per TRD:

Asking rents for retail on the block are about $250 per square foot. Meanwhile, a market-rate apartment at one of the buildings rents for $3,200 per month on average, according to StreetEasy. About 40 percent of the apartments are market-rate units; the rest are rent-stabilized.

The deal is expected to close in the next couple months, sources said.

The seller is an investor affiliated with the entity St. Marks Assets Inc., which has owned the buildings since the late 1970s, property records show.

The buyer-to-be is planning renovations, sources said

Also on this south side of the block, 34 1/2 St. Mark's Place remains on the market... as does 4 St. Mark's Place, where tenant Trash & Vaudeville is closing Monday ahead of a move to 96 E. Seventh St.

Thursday, February 4, 2016

332 E. 6th St. is for sale — air rights too



The six-story walk-up located on the south side of East Sixth Street between First Avenue and Second Avenue is now on the market.

Here's the listing viaCushman & Wakefield:

The building consists of 12 residential units, of which 9 are vacant and 3 are rent-stabilized. There is upside in potentially adding an addition using the 2,950 SF of air rights, increasing the below market rents, and bringing the building to 100% occupancy. The property is located within two blocks of neighborhood hot spots such as Tompkins Square Park, Upstate, The Eddy, and Mayahuel.

In addition, the building is within walking distance to the 2nd Avenue F train stop and the Astor Place 6 train stop. This is a rare opportunity to acquire a prime multi-family asset with substantial upside in the heart of the East Village.

Price: $8 million

Image via Cushman & Wakefield

Tuesday, January 26, 2016

Report: Landmarked East 13th Street building sells for $21.5 million



Back in August, 126-128 E. 13th St between Third Avenue and Fourth Avenue and an adjacent property on East 12th Street arrived on the sales market.

And now, The Real Deal reports the property has a new owner: Investor Arthur Minerof's Milan Associates picked up the two buildings for $21.5 million, or $1,670 per square foot.

The dance studio Peridance has a lease through 2028 (with a 5-year option after that) while the 12th Street side houses the Alliance Brazilian Jiu-Jitsu martial arts studio.

Per The Real Deal: "Minerof ... is planning a long-term hold of the properties."

As for 126-128 E. 13th St. (as we've cut-and-pasted before), 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

Thursday, December 17, 2015

Drug treatment center on East 10th Street now on the market for residential conversion



The 6-story walk-up on East 10th Street between Avenue B and Avenue C is new to the market.

Here's the deal, via Cushman & Wakefield:

The offering presents an extremely rare opportunity to purchase a highly sought after value-add redevelopment project in Manhattan’s East Village. The building is approximately 40’ x 80’ and consists of 20,688 gross square feet which includes the usable garden level space. Recent measurements indicate the garden level is partially (approximately 35%) below sidewalk grade and therefore usable. There are a number of physical features that benefit a developer such as excellent ceiling heights, multiple airshafts providing light and air, a large open stairwell, and a 15’ rear yard.

Ownership is a NYC non-profit which has owned the building for many years and currently uses the building for social services. The existing Certificate of Occupancy lists the Building Code Occupancy Group as H-2 and the Zoning Use as Group 3. However, residential use is permitted within the R8B zoning classification and the building was originally used as an apartment building.

The East Village continues to evolve into one of New York City’s most exciting and vibrant communities. Considering the building’s location, 371-373 East 10th Street benefits from a wide array of the city’s best shopping, dining and nightlife options in addition to Tompkins Square Park – one of the area’s best outdoor amenities. Since the building is being delivered completely vacant, this offering provides the developer with an extremely rare opportunity. The property is ideal for conversion to rental apartments or condominiums.

Asking price: $15 million

As we understand it, the Educational Alliance operates/owns the building, offering "residential therapeutic communities for adults dealing with chemical dependency." This is a male-only facility.

The Educational Alliance is adding an extension to their existing building on Avenue D between East Third Street and East Fourth Street for housing patients in their treatment programs.

Image via Cushman & Wakefield

Monday, December 7, 2015

605 E. 11th St. is for sale



Wiechert Properties has the listing for the building between Avenue B and Avenue C.

GREAT INCOME PRODUCING APARTMENT BUILDING: 20 Units, 5 newly renovated vacant apartments, New electrical throughout building, New video security system, upgraded roof, gutters, heating system.

The listing also includes the annual expenses for No. 605, which is interesting to note, though the punctuation appears to be off. This is exactly as it appears:

Current Expenses Inc. 14, 562-Taxes 77, 394 Fuel 35, 403-Water Sewer 3, 939

In any event, the asking price for the building is $16 million.

Image via Streeteasy

Wednesday, November 25, 2015

234 E. 7th St. is for sale



There's not much information on the property that arrived on Streeteasy yesterday.

Here's the extent of the listing via the Bouklis Group:

This recently upgraded investment property is offered for sale. Located in the exciting and highly sort [sic] after East Village of Manhattan. The property consists of 20 studios.

The price: $7.8 million.

The building is between Avenue C and Avenue D.

Image via Streeteasy

Monday, November 23, 2015

115 Avenue C is for sale


[Image via Douglas Ellian Commercial]

The building between East Seventh Street and East Eighth Street arrived on the market last week.

Per the listing (PDF!):

Douglas Elliman Commercial, as exclusive agent for ownership, is pleased to offer this mixed use building for sale located ... The property’s frontage is on the avenue and benefits from abundant foot traffic between 7th and 8th Street.

The building features steel beam structural support, concrete floors, upgraded electric, new roof, 20 feet of frontage, and 1,300 SF of air rights for additional development. Unique East Village opportunity for owner- occupied building with prime restaurant potential.

This 3-story building is configured with a restaurant on the 1st and 2nd floors, an office on the 3rd floor, and a functional basement. The property is in a great location for restaurants, retail, and is in close proximity to Tompkins Square Park.

OFFERING HIGHLIGHTS:
• Owner-user residential and restaurant
• High quality, turnkey restaurant buildout
• Mixed-use opportunity with development rights
• Potential for north facing, lot-line windows

The price: $4.95 million. So you get some possible air rights in this deal. And "abundant foot traffic."

The operators of the two most recent restaurants to try this address might disagree with the foot traffic comment. Le Jardin Bistro, the low-key French bistro, closed here in the late spring. And Apartment 13 before this.

Anyway, now that No. 115 is being shown to potential suitors, guess this is why workers recently cleaned up the unused, weed-strewn lot adjacent to the building… Part of Eastville Gardens (RIP El Jardin de la Esperanza) now…



Monday, November 9, 2015

34 1/2 St. Mark's Place is for sale



The 6-floor building between Second Avenue and Third Avenue recently arrived on the market.

Here's the listing via LoopNet:

Fully occupied 6 floor apartment building with 11 residential units and 1 retail store. There is an additional courtyard unit which is not registered and currently vacant.

St. Marks Place is the cultural hub of the East Village and close to New York University and Cooper Union.

• 6, three-bedroom apartments with Fair Market Rent
• 5, two-bedroom Rent-Stabilized apartments
• 1 Retail Store and basement with Fair Market Rent
• 1 studio courtyard apartment, unregistered and vacant

Price: $9.35 million

Tuesday, November 3, 2015

179 E. 3rd St. is for sale



The 6-story walkup building between Avenue A and Avenue B is now on a market.

Here's part of the pitch via Cushman & Wakefield:

Of the 32 residential units, 19 are fair market, 11 are rent stabilized and 2 are rent controlled. As 40% of the units are stabilized and achieve an average of only $985 per month, or just 30% of market, prospective ownership can unlock significant value over time through deregulation. Further upside can be achieved immediately in the fair market units through the creation of coveted amenities for residents including, but not limited to, an expansive roof deck that already benefits from impressive views, the installation of a laundry facility/service, a security system, automated doorman and an updated lobby.

There is also substantial value in the property’s retail component that features approximately 1,360 square feet of ground floor space. The building currently hosts three separate retail units, two of which are occupied by renowned Crandall Guitars and Studio 26 Gallery with leases that expire in 2018 (with a 5 year renewal option) and 2017 (with a 2 year renewal option), respectively. The last unit is owner occupied and will be delivered vacant upon sale. As the landscape of the East Village has transformed into one of the most desirable residential and commercial locations in the city, future ownership has the ability to capitalize on the favorable growth of the neighborhood in the near term.

Located in the heart of the East Village, 179 East 3rd Street benefits from a wide array of the city’s best shopping, dining and nightlife options. The neighborhood has experienced rapid transformation in recent years that has attracted a younger population drawn to the area’s new developments. The most exciting new project coming to the area is Essex Crossing, a 1.9 million square foot mixed-use project located just 3 streets south of the subject property.

Price: $26.5 million

Image via Cushman & Wakefield

Monday, October 5, 2015

Former home of the East 12th Party Crew now for sale


[EVG file photo]

The seven-story rental building at 531-533 E. 12th St. between Avenue A and Avenue B is now on the market, according to The Real Deal.

The building has 34 units and a 2,000-square-foot outdoor space.

Here are more details via the article:

Ackman-Ziff Real Estate’s Marion Jones and Alan Goodkin are marketing the building, built in 2009, as a long-term hold. There is no formal asking price, but it is expected to sell in the mid-to-high $30 million range.

“There is near-term upside when you consider that elevator buildings in the East Village typically command rent in the high-$70s to mid-$80s per square foot, and the average rent here is $56 per square foot,” Jones told The Real Deal. “Nearly half of the units have private outdoor space, a rare amenity that increasingly commands premium rents.”

Robert Zelman purchased the building in 2012 from Emmut Properties for $16.6 million.

The address received some attention in 2009 for being home to NYU's Delta Phi House/East 12th Party Crew:

531 East 12th Party Crew (Apt 1E)
Description:
There are lots of places to party in New York, but few can match the insanity of 531 East 12th Street. If you are tired of going out to bars, come to an apartment with a massive common room filled with multiple pong and flip cup tables.

Friday, October 2, 2015

Bleecker Street charmer has a chance to look like its pricy condo neighbors



The 4-story, vacant building at 25 Bleecker — between the Bowery and Lafayette — is new to the market.

Imagine the possibilities via this Cushman & Wakefield listing:

The building is ripe for conversion as current ownership already has LPC approval for a redesigned façade and mixed-use conversion of the existing SF. Alternatively, a purchaser could seek to maximize the buildable envelope by seeking a residential variance for a condo development as seen at nearby projects such as 40 Bond Street and 41 Bond Street.

The property is across the street from the new condo building The Schumacher at 36 Bleecker Street where multiple units are under-contract over $3,000/SF and behind 41 Bond where the PH unit is currently under-contract for over $4,300/SF.

Here's a rendering showing the possibilities of an expanded No. 25 …



Price tag for the existing building: $6.5 million

Images via Cushman & Wakefield

Monday, September 21, 2015

Condo conversion or single-family home among the possibilities for 35 E. 7th St.



The townhouse between Second Avenue and Cooper Square is new to the market.

Here's a look at the listing from Halstead:

...the location couldn't be better for an end-user, investor, or developer looking for an opportunity in the heart of one of the most sought-after parts of the city. Located just a half block east of charming Cooper Square and less than 400' from 2nd Ave, the property is a perfect centerpiece to the vibrant neighborhood. With turn-of-the-century details on a shady section of the street, you'd be hard pressed to find a more quintessential downtown Manhattan property with substantial upside.

The 25' wide property consists of 5 units, 4 of which are free market and 1 of which is rent controlled. Two of the free market tenants have no lease. With a max FAR of 4, the property offers approximately 2,000 additional buildable SF. Unlock substantial upside via increased rents and/or additional rentable square footage, take advantage of this prime condo conversion opportunity, or convert to an incredible single family home.

Price: $5.7 million

No. 35 is the second townhouse on this block to hit the market this past week, joining No. 25.