Descriptif

JLL has been retained on an exclusive basis to arrange the sale of 394 East 8th Street, (the “Property”) a 7 story, 25,635 RSF, 38-unit, elevator apartment building located on the south side of East 8th Street between Avenue C & D. The Property was built in 2000 pursuant to a 20-year 421A tax abatement which expired in 2020. 26 of the 38 units are currently Free Market averaging $76 PRSF in rent, which represents a 20% discount to prevailing market rents and offers purchasers an immediate value add opportunity. Future value can be unlocked as the Rent Stabilized units turnover and become Free Market. The Rent Stabilized apartments are currently leased for an average of $65 PRSF representing a 34% discount to renovated market rents. The building has been well-maintained by the original developer which includes the recent completion of Local Law 11, lobby renovation, and meticulous preventative maintenance.

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