Street is a five story walk up apartment building, located in the white
hot Lower East Side. There are 21 apartments plus a super’s unit. Of
the 21 apartments, 5 are Rent Stabilized, 3 are Rent Controlled and 13
are vacant. Furthermore, of the 13 vacant units, 10 are Permanently
Exempt and deregulated according to the DHCR. The remaining 3 vacant
units need to be deregulated.
The building is projected to gross
over $488,000 of annual revenue. The expenses are estimated to be
approximately $111,000 and the projected NOI is estimated to be
approximately $377,000 per year.
Recent extensive renovations include
upgraded common areas, new stairs with marble stair treads, tile
flooring, new mailboxes, upgraded wiring, new bulkhead, new roof, new
parapet capping, new sidewalk, new facade and more. Although
improvements to the vacant units vary, new subfloors have been installed
in all 13 vacant units. The vacant units will be delivered unfinished
and additional finishes will be required by the new owner. In addition,
there are approved plans with the DOB for renovations. This LES property
is blocks from many neighborhood hotspots such as The New Museum, Whole
Foods, Bowery Ballroom and more. The property is prime for a conversion
or tenant relocation considering the high number of current vacancies.
The possibility also exists to convert the lower level and 1st floor
into commercial space for a potential gallery or alternative retail use.
Note: The air rights are in tact.
Click here for listing details.
Neighborhoods: Lower East Side/ Agents: Michael DeCheser, Robert Knakal