$2.0 Million Non-Performing Mixed-Use Loan | Manhattan, NY | Ten-X Auction
New York, NY, 10029, US
8 units
Asset Description
Jones Lang LaSalle ("JLL") has been retained on an exclusive basis to arrange the sale of 79 Clinton Street & 86 Clinton Street (the "Properties").
79 Clinton Street is a six-story mixed-use building located on the southwest corner of Clinton and Rivington Streets on the Lower East Side. The corner building has exceptional light and air with 50 windows on Clinton Street and is 70% free market.
86 Clinton Street is a six-story mixed-use building located on the east side of Clinton Street between Delancey and Rivington Streets on the Lower East Side and is 83% free market. The properties present an investor the ability to obtain cash flowing assets in a neighborhood with a sought-after high-demand rental market.
Offered Together or Separately
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Attributes
Number of buildings
2
Number of units
43
Media
Investment Highlights
• MAJORITY FREE MARKET - 79 Clinton is 70% free market and 86 Clinton
is 83% free market. As the Lower East Side continues to develop, this
high free market percentage is optimal to capitalize on future rent
growth and enhance building value.
• HIGH-END CONDO LIKE FINISHES - The properties were recently
meticulously renovated which helps to attract renters to choose 79 or
86 Clinton Street over nearby apartment units.
• TRANSPORTATION ACCESS - The properties are located steps from
the J, Z, F & M trains at the Delancey-Essex subway station which
provides seamless access to Brooklyn and the rest of Manhattan - a
highly important characteristic for students and young professionals.
• SUMMER LEASE EXPIRATIONS - 79 Clinton has 60% of its leases
expiring in the next four months, while 86 Clinton has 67% of its
leases expiring in the same timeline. We expect the new rents to rise
with summer leases and new tenants.
• PROXIMITY TO ESSEX CROSSING - The properties are a short walk
from Essex Crossing which is a $1.1 Billion development with over 1.9
MM square feet of residential, commercial and community space
including the Market Line and Regal Cinemas which is anticipated to
be completed by year end 2024.
Contact brokers
79 & 86 Clinton Street (0 Properties)
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Last updated
5 Dec 2024
