227 East 11th Street

JLL has been retained on an exclusive basis to arrange for the sale of 227 East 11th Street, a 5-story, walk-up building located on the north side of East 11th Street between Second and Third Avenues. Comprised of 9,043 gross sf. ft. above grade, the building consists of 19 apartments, of which 10 are Free Market and 9 are Rent Stabilized. 

The Rent Stabilized component is currently averaging ~$2,004 per month and the Fair Market component is averaging ~$3,051 per month, a substantial discount to prevailing neighborhood rents. Of the apartments 15 are studios, and the 4 apartments on the 5th floor are 1-bedroom lofts. The two rear line units on the ground floor have access to a spacious shared garden. Future ownership can add significant value by further renovating the Free-Market apartments and performing additional cosmetic upgrades to the common areas. In regard to infrastructure, the buildings are heated by a gas fired boiler and the units are individually metered for gas and electric. 

Located in the desirable East Village neighborhood of Manhattan, the property is conveniently situated within a short walk to NYU, the 1st Avenue Train Station, Union Square, and Astor Place Station 4 5 6 N Q R W L . In addition to many transportation options, the property is surrounded by popular establishments such as The Smith, Tompkins Square Bagels, Luthun, and Little Sister Lounge, providing residents with access to some of New York City’s best nightlife and dining destinations. In addition, there are approximately 66,500 residents in East Village, many of which are young professionals who are looking to rent rather than own. As of August 2024, 89% of housing units in East Village are renter-occupied rather than owner-occupied. East Village renters are highly qualified with 68% of the population having higher education. 

227 East 11th Street represents an attractive opportunity to own a low maintenance property with strong in-place cashflow in a highly desirable neighborhood. The property will be sold on an as-is, where-is basis.