Some residents of 118 and 120 E. Fourth St., which went under new management about 18 months ago, knew something was up in their building. One resident reported seeing various men in suits being shown around the building in recent months.
Now we know why. Massey Knakal has just listed 118-122 E. Fourth St.
Here's the listing:
Massey Knakal Realty Services has been retained on an exclusive basis to arrange for the sale of three adjacent walk-up apartment buildings; one 6-story, one 5-story and a 4-story that includes newly added bulkheads to private terraces. The buildings are on two lots with 75’ of frontage, approximately 26,000 gross square feet and 69 units. Located just east of Broadway and the Bowery in one of New York City’s most famous and desirable neighborhoods, the East Village is known for its diverse community, vibrant nightlife, retail diversity & restaurant density, artistic sensibility, and recent gentrification.
The buildings feature 69 apartments split between 47 fair market and 22 rent stabilized units of which there are 31 studios, 34 one-bedrooms, 3 two-bedrooms and 1 three-bedroom. The fair market apartments have been fully gut renovated and feature beautiful dark hardwood floors, dark cabinetry, stainless steel appliances, granite countertops, marble bathrooms, new moldings, and high-end light fixtures.
Current ownership has also completely renovated all of the building’s common areas, installed a coin-operated laundry room, upgraded the electric, repointed the facade wherever necessary, re-paved the courtyard which has beautiful decorative stone that includes a bike rack as well as installed a new intercom system, private roof decks and private backyards in the 118 building. These improvements have dramatically increased the amount of upside to be realized with the building’s 22 remaining regulated units.
If you've been following along at Occupy East Fourth Street, the blog we featured here, then you'll know all about these recent "improvements." The site is full of renovation-demolition horror stories, like this one.
As we understand it, Ben Shaoul's Magnum Management, in partnership with Meadow Partners, bought the buildings in late 2010. Fortune East LLC is the company that manages the buildings.
The asking price for the buildings is $25 million.
Here's the reaction to this news by the blog Living in a Building Managed by Fortune East:
$25,000,000? I wonder if I’ll ever finally get a fucking door that fucking works
According to public records, 118 East 4th LLC bought 118 E. Fourth St. in November 2010 for $4.025 million; 120-122 East 4th, LLC bought 120-122 E. Fourth St. on the same date for $7,475 million... good for $11.5 million total.