Cushman & Wakefield Retained Exclusively to Sell Two Lower East Side Mixed-Use Buildings
Cushman & Wakefield has been retained on an exclusive basis to sell two mixed-use buildings located at 197 Madison Street and 41 Henry Street on Manhattan’s Lower East Side. The properties total approximately 22,860 square feet with 39 residential and five commercials units and the asking price is $19,000,000.
197 Madison Street, located on the corner of Rutgers and Madison Streets, is a six-story building that contains approximately 11,600 square feet and sits on a 25’ x 84.58’ lot. Fully-leased, it consists of four commercial and 20 residential units, of which five are free market and five are rent stabilized.
41 Henry Street, located between Catherine and Market Streets, is a six-story building that contains approximately 11,260 square feet on a 27.42’ x 100’ lot. It consists of a vacant, step-down commercial unit and 19 residential units, of which nine are free market, nine are rent stabilized, and one is rent controlled.
The two buildings offer a prime investment opportunity in one of New York City’s fastest growing neighborhoods.
“197 Madison Street benefits from tremendous light on four sides with most units having unobstructed views of the Manhattan Bridge. Six of the 19 units at 41 Henry Street have been beautifully renovated and 10 units are rent regulated, providing long-term upside in the below market rents,” said Cushman & Wakefield’s James Nelson, who is exclusively marketing these properties with Michael DeCheser. “The nicely renovated buildings are located on up-and-coming Lower East Side blocks, offering a current stable return with long-term potential. The area benefits from surrounding new developments, such as a 56-story mixed-use building at 250 Cherry Street, and a 12-story hotel at 56 Canal Street,” added Michael DeCheser.