194 E 2nd Street

194 E 2nd St, New York, NY, 10009-7717, US

Descrição

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange the fee simple sale of 194 East 2nd Street, a boutique luxury multi-housing property located in Manhattan’s highly sought-after East Village neighborhood.

194 East 2nd Street is a six-story elevator building featuring 61 residential units and 9,300 square feet of highly visible retail at the corner of 2nd Street and Avenue B. The Property was constructed under a 10-year 421a program that expired in 2008. 95% of the units are fair market and the remaining 5% (3 units) will convert to fair market automatically upon vacancy. Current ownership commenced a comprehensive renovation program covering 70% of the fair market apartments, as well as the lobby, hallways, common areas, and amenity spaces.

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Atributos

Número de unidades

Ano de construção

1997

Área alugável

5.437 m²

Media

Destaques do investimento

Excellent quality boutique residential offering – Opportunity to acquire a boutique elevator asset in the highly desirable East Village
Rare, predominantly fair market asset – 95% fair market with an automatic path to 100% fair market status upon vacancy of the 3 rent stabilized units
Multiple paths to upside – Opportunity to renovate remaining fair market units, reduce payroll expenses, and eventually reposition the 3 rent stabilized units
Prime East Village location – Surrounded by trendy bars, restaurants, retail, and other popular neighborhoods including SoHo, NoHo, Nolita, and the Lower East Side
Newly renovated amenity package – Featuring 24-hour doorman and newly renovated amenities including fitness center, outdoor courtyard, and a resident lounge with a Billiards table
Excellent transit connectivity – 3 blocks from 2nd Ave station with train access and 7-minute walk to Delancey Street station providing access to F, M, J and Z trains
Favorable market fundamentals – Strong residential demand and future rent growth potential with virtually no new supply pipeline in the immediate vicinity