Eastern Consolidated Chasing Buyer for 202 First Ave
Eastern Consolidated has brought a fully leased mixed-use building in Manhattan's trendy East Village to market for $13 million.
Eastern Consolidated senior director Marcia Rose Yawitz and senior financial analyst Paul J. Nigido are marketing the six-story building at 202 First Ave., which is practically on the doorstep of Beth Israel Medical Center and New York Eye & Ear Infirmary. The 16,000-square-foot structure houses 20 resident units. The seller has owned the property at least 10 years.
The upside lies in the leases, of which 25 percent are below the market rate. The mix contains eight one-bedroom units, 10 two bedrooms, two three bedrooms, five storage units and a retail space occupied by No Relation Vintage Clothing. Three units are duplexes with roof terraces, with 16 already substantially renovated and six gutted and awaiting construction start.
“Violation free and having been renovated and extremely well-maintained through the years, the asset offers an excellent opportunity for the new owner to increase rents when leases expire,” said Yawitz, who added that repositioning the property in such a desirable location would further contribute to its upside potential.
The seller has recently installed a new dual gas and oil burner, new roof, painted and welded fire escapes, flooring and entrance doors and the installation of 12 security cameras backed up by CCTV.
With New York University as its anchor the East Village boasts a great deal of its character and residents who are students and professors. The neighborhood is an assortment of ethnic restaurants in New York City and small, intimate Off-Broadway theaters.
"We are already fielding many inquiries from a wide variety of interested investors,” Yawitz said, citing the location as the drawing card.