The Adele

310 East 2nd Street, New York, NY, 10009, US

Description

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange the fee simple sale of The Adele, located on the corner of Avenue D and East Houston Street in the East Village neighborhood of Manhattan. Built in 2014, the Adele is a 12-story luxury residential building featuring 135 units, a ground floor retail component, and a parking garage.

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Caractéristiques de l'actif

Nombre d'unités

135

Année de construction

2014

Surface locative

9 203 m²

Média

Points clés d'investissement

Rare opportunity to acquire a luxury Manhattan asset for approximately 30% below replacement cost
Prime value-add opportunity to renovate market rate stabilized units and increase rents 20% to the legal threshold, increasing revenue as 421a benefit burns off
421a benefit provides $10.9MM in tax savings throughout the rest of the term as well as the ability to begin charging the 2.2% surcharge in 2027
Luxury apartment homes feature floor-to-ceiling windows, GE stainless steel appliances, and in-unit washer dryers
Comprehensive amenity package includes 24-hour concierge, fitness center, courtyard patio with grilling stations, media lounge, and furnished rooftop
Two bus stops directly across the street provide convenient access uptown and to the west side
Dynamic downtown location at the nexus of East Village and the Lower East Side provides residents ample options for dining, shopping, bars, coffee shops, and more