Massey Knakal Retained Exclusively To Sell East Village Apartment Buildings
Massey Knakal Realty Services has been retained on an exclusive basis to sell the apartment buildings at 220 Avenue A. The properties are located between East 13th and East 14th Streets in Manhattan’s East Village. The asking price is $7,950,000.
The offering consists of two buildings on an approximately 25.75’ x 96’ lot. The main building is a five-story walkup that contains approximately 6,566 of above grade square feet with ten residential units. The rear building contains approximately 3,476 of above grade square feet with six residential units. In addition, there is approximately 2,200 of below grade square feet that are part of the duplex units. Of the 16 total units, 14 are fair market and two are rent stabilized. The zoning of the property allows for retail, therefore the main building could offer an investor an excellent opportunity to convert the ground floor to a retail unit.
“With average residential rents at well below market, this is a great opportunity for a buyer to significantly improve net operating income by bringing rents to market levels, while owning an asset that will benefit tremendously from the neighborhood upswing, anchored by Extell Development’s 14th Street redevelopment,” said James Nelson, who is exclusively marketing the properties with Michael DeCheser and Matthew Nickerson.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.