Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Massey Knakal Retained Exclusively To Sell Corner Apartment Building In East Village

04/29/2013

Massey Knakal Realty Services has been retained on an exclusive basis to sell an apartment building at 200 East 11th Street. The property is located on the corner of East 11th Street and Third Avenue in Manhattan’s East Village. The asking price is $60,000,000.

The 12-story elevator building currently stretches 105.5’ along East 11th Street and 129’ along Third Avenue.  It contains 55 Free Market residential units and three ground floor retail units.  The apartments above are almost all entirely oversized one bedrooms.  As some of the apartments already have been, converting the units to two bedrooms would immediate boost the rent roll by a substantial degree.  All apartments have ample light and air as a result of the building being set back on all sides and being a corner.  Currently, the retail is occupied by M2M, a grocery store, The Smith, one of the most popular downtown restaurants and bars, and a copy shop.  All retail spaces have useable lower levels.  Since the building was built the area has been upzoned, meaning that there is potential to expand the ground floor retail and potentially expand the residential above.

"It will be interesting to see if an operator or condo converters end up with the property. There is great potential for both.  Rarely does a property come up that is all fair market with so much upside,” said Massey Knakal Partner James P. Nelson, who is exclusively marketing this property.

For more information on this listing, contact James P. Nelson at 212.696.2500.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.

www.masseyknakal.com

04/29/2013 - 08:21

Source

Cushman & Wakefield Capital Markets Group New York

Want more news about Cushman & Wakefield Capital Markets Group New York? Click here