246-248 10th Avenue, New York, NY 10001

Chelsea, New York, New York 10001

$28,000,000  

Listing ID Number

25020

Property Description

246-248 Tenth Avenue are two contiguous mixed-use walkup buildings in the heart of West Chelsea. Recently renovated inside and out, these two buildings feature 15 apartments of which 13 are free market (FM), one is rent stabilized (RS) and one is rent controlled (RC). The free market apartments feature updated finishes and appliances in addition to
spacious terraces. Residential rents currently average approx. $58/SF.

The ground floor has been home to classic Tuscan restaurant Bottino since 1996. They recently signed a 15-year extension with a starting rent of $122/SF and will start paying a portion of the real estate taxes in 2018. Recent upgrades to the buildings include two new gas boilers and hot water tanks. The property also benefits from additional income from a cellular roof antenna. With a prime location across the street from the prestigious Avenues School, 246-248 Tenth Avenue is ideal for a longterm neighborhood investor or foreign purchaser seeking a low maintenance asset.

Overview

Building Type:Mixed-Use Investment Buildings
Location:Chelsea

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Brock Emmetsberger
Senior Managing Director
(212) 660 7776
brock.e@cushwake.com

Billy Simons
Director
(212) 660 7794
billy.simons@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.