141 First Avenue

JLL has been retained on an exclusive basis to arrange for the sale of 141 First Avenue, a 5-story, mixed-use building located on the west side of First Avenue between St. Marks Place and East 9th Street. Comprised of 6,932 gross sf. ft. above grade, the building contains 7 apartments and 1 ground floor retail space. Of the 7 residential units, 6 are Free Market and 1 is Rent Stabilized.

The residential units consist of six 1-bed / 1-bath and one 3-bed / 1 bath. The Fair Market apartments currently average ~$2,474 per month which represents a substantial discount to prevailing neighborhood rents and presenting an outstanding value-add opportunity in the heart of NYU Country. The apartments have been renovated in one-off fashion over the years and 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 building is heated by a gas fired boiler and the units are individually metered for gas and electric. The retail space is leased to Kikoo Sushi through December 2034 at a current rent of $13,000/month for the next two years with 3% increases thereafter. Their space is approximately 2,280 square feet which is $68/PSF. Located just 2 ½ blocks from Astor Place 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 L N Q R W . In addition to many transportation options the property is surrounded by popular establishments such as the iconic McSorley’s Ale House, 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 the East Village, many of which are young professionals who are looking to rent rather than own. As of October 2024, 89% of housing units in East Village are renter occupied rather than owner-occupied. Over the past month, the average rent for a one-bedroom apartment in the East Village is $3,500 while a two-bedroom is $4,500.