US - Jacksonville, FL
JLL has been retained on an exclusive basis to arrange for the sale of 41 Henry Street, a 10,860 gross square foot, five story, walk-up apartment building located in Manhattan’s Lower East Side neighborhood. The Property is configured as 20 two-bedroom apartments above one 900 square foot below grade office space. The well located property is only a 7-minute walk from the East Broadway F subway station and a 10-minute walk from the Grand Street B & D trains, Chambers Street J & Z trains and Brooklyn Bridge / City Hall 4, 5, 6 subway stations, offering quick and convenient access throughout Manhattan, Brooklyn, and Queens.
Due to its mostly free market status, 41 Henry will benefit from a post-COVID rebound in rents throughout the remainder of New York City’s recovery from the pandemic. Of the Property’s twenty residential units, twelve are Free Market (60%) and eight are Rent Stabilized (40%). All of the free market units have been recently renovated and feature new hardwood flooring, high-end appliances and Latch locking systems. Investors will have the ability to generate additional value by installing in-building washer/dryers and other in-unit amenities.
The Property’s efficient, two-bedroom layouts rent at a discounted value to the surrounding higher rent submarkets. As rent growth and inflation price a large tenant base out of these more expensive neighborhoods, many renters are now relocating to core-adjacent submarkets like Two Bridges. 41 Henry is well-suited to capitalize on this urban reshuffle, which will place upward pressure on neighborhood rents in both the near and long-term.
Conveniently located in close proximity to the Lower East Side, Seaport, East Village, Nolita and SoHo, the Property is primed to benefit from New York City’s retail recovery. Many of Lower Manhattan’s most popular bars, restaurants and shopping corridors all lie within walking distance of the Property. This wealth of nearby retail options will prove to be a strong neighborhood demand driver, as Manhattan’s nightlife and commerce districts continue to rebound.
41 Henry Street represents an opportunity to own a mostly free market asset with both short and long-term upside. Investors can benefit from purchasing a cash-flowing property requiring minimal capital investment in a burgeoning neighborhood of Manhattan. The Property will be sold on an as-is, where is basis.