64 2nd Avenue

East Village, New York, New York 10003

$8,950,000  

Listing ID Number

24938

Property Description

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a five-story plus lower level, mixed-use, walk-up building located on the east side of 2nd Avenue between East 3rd and East 4th Streets. 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). It is located steps from highly-trafficked neighborhood spots such as La Cerveceria, The Bean, The Black Ant, Rosie's, Mermaid Inn, Frank, and Coopers Craft & Kitchen. Additionally, it is three blocks north of the F train entrance on 2nd Avenue and Houston Street and equidistant from the Bleecker Street 6 train stop. This is a great opportunity to acquire an investment property with strong in-place cash flow and immediate upside in the retail and residential rents as well as a rare user deal in the heart of Manhattan's fastest growing neighborhood.

Overview

Building Type:Mixed-Use Investment Buildings

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

James P. Nelson
Vice Chairman
(212) 660 7710
james.nelson@cushwake.com

Brandon Polakoff
Associate Director
(212) 660 7755
brandon.polakoff@cushwake.com

Matthew Tarpley
Senior Analyst
(212) 589 5139
matthew.tarpley@cushwake.com


Property Images

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Property Map


Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.