US - Jacksonville, FL
JLL has been retained on an exclusive basis to arrange for the sale of 149 Rivington Street, a 3,918 gross square foot, mixed-use building located on Rivington Street between Clinton and Suffolk in Manhattan’s Lower East Side. The Property is 4.5 stories and comprised of three units: a store on the ground floor and two large apartments spanning the three and a half floors above the ground floor retail space. Featuring thoughtful, high-end finishes throughout and multiple outdoor spaces, the Property generates very strong cash flow that is enhanced over time by the building’s protected Tax Class 1 designation.
149 Rivington Street is exempt from rent regulation due to its configuration as a three-unit building. Accordingly, both of the Property’s residential units are free market, enabling future ownership to maintain steady market rent growth throughout and beyond the COVID-19 recovery. The two apartments consist of a 4-bedroom duplex and a 4-bedroom triplex, each of which have their own private terraces. Other features of the apartments include spacious layouts, individually controlled HVAC systems, in-unit washer/dryers and Latch key-less lock systems.
Located in the lively northern section of the Lower East Side, the Property lies in an area known for great cuisine, animated nightlife, and undeniable convenience. The Property is positioned within walking distance of notable neighborhood institutions such as The Back Room, Mercury Lounge, Russ & Daughters Café, and Katz Deli. Furthermore, 149 Rivington Street is situated just two blocks from the Delancey St – Essex St F M J Z subway station, offering unfettered access throughout Manhattan and the Boroughs.
149 Rivington Street will appeal to an array of investors seeking a low maintenance, entirely free market building with long-term rental stability. The Property will also appeal to potential user-buyers seeking a pied-a-terre home with strong cash flow and sheltered taxes.
The property will be sold on an as-is, where-is basis.