Cushman & Wakefield Retained Exclusively to Market Multifamily Building in East Village
NEW YORK, Nov. 1, 2016 – Cushman & Wakefield has been retained on an exclusive basis to sell a newly gut-renovated multifamily building at 402 East 12th Street. The property is located between First Avenue and Avenue A in Manhattan’s East Village neighborhood. The asking price is $11,300,000.
The five-story building contains approximately 7,740 square feet and sits on a 30-foot by 53.25-foot lot. It is comprised of 16 residential units of which 15 are free market and one is rent stabilized. The common areas were recently renovated along with all of the free-market units. Finishes include marble countertops, stainless steel appliances, and carefully curated mosaic tile work. The property also features a fully-furnished roof deck available to all tenants.
“Considering that almost all of the units are free market with luxury finishes throughout, 402 East 12th Street poses an ideal opportunity for an investor to purchase a well-located, turnkey asset with an excellent and steady cash flow,” said Cushman & Wakefield’s Michael DeCheser who is exclusively marketing this property with James Nelson and Darragh Clarke.
Nestled in the heart of the East Village, the property benefits from a wide array of the city’s best shopping, dining and nightlife options. The area continues to attract local and global visitors on a daily basis due to its dynamic culture and convenient access throughout Manhattan and Brooklyn via multiple subway and bus lines.
“With so many young professionals moving into the East Village, rents have continued to soar. This is a great opportunity to acquire a distinguished multifamily asset that will remain leased out at high levels for years to come,” added James Nelson.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.