332 East 6th Street, New York, NY 10003

East Village, New York, New York 10003

$10,500,000  

Listing ID Number

25083

Property Description

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a luxury six-story, walk-up apartment building located on the south side of East 6th Street between 1st and 2nd Avenues. The entire building underwent a gut renovation in 2016 that included the build out of an expansive resident accessible rear deck space, upgraded common areas, and fully updated mechanicals. Current ownership also has approved plans for a restoration of the facade from Landmarks they are currently undergoing. The apartments feature Chef's range kitchens, custom granite countertops, dishwashers, stackable washers/dryers, wide plank oak floors, and custom lighting. 8 of the units are 3-BRs and 4 are 2-BRs. Upon being renovated, the units were leased immediately at near market rents showing the high demand for apartments in the immediate vicinity. Furthermore, each unit has a gas boiler (tenants pay) reducing operating expenses in perpetuity. There is potential upside in the RS units along with adding an an addition using the 2,950 SF of air rights subject to Landmarks approval. The property is surrounded by highly frequented neighborhood spots such as Tompkins Square Park, Upstate, The Eddy, Mighty Quinn's, The Mermaid Inn, 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 great opportunity to acquire a low maintenance and high cash flowing multi-family asset in the heart of the East Village.

Overview

Building Type:Apartment Buildings, Live Plus Income Buildings
Lot Dimensions:25 x 97
Lot Sq Ft:2,425
Stories:6
Units:12
Zoning:R8B
FAR:4
Building Sq Ft:8,260

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

Mitchell Levine
Director
(212) 660 7761
mitchell.levine@cushwake.com

David Shalom
Director
(212) 660 7767
david.shalom@cushwake.com

Caroline Hannigan
Director
(212) 660 7708
caroline.hannigan@cushwake.com

Carly Weinreb
Senior Associate
(212) 589 5114
carly.weinreb@cushwake.com

David Yaeli
Senior Associate
(212) 589 5116
david.yaeli@cushwake.com

Ryan Carlson
Mortgage Broker
(212) 696-2500
ryan.carlson@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.