Massey Knakal Retained Exclusively To Sell Multifamily Building On The Lower East Side
Massey Knakal Realty Services has been retained on an exclusive basis to sell a multifamily building at 211 Madison Street. The property is located between Rutgers and Jefferson Streets on Manhattan’s Lower East Side. The asking price is $3,600,000.
The five-story building sits on a 26.1 x 100’ lot and currently consists of 20 residential units totaling approximately 10,500 square feet and 2,000 square feet of usable below-grade space. All of the residential units are rent regulated, and all of the one-bedroom apartments have tremendous upside potential as rents currently average $17 per square foot or $557 per month. The property is to be sold in “as is” condition.
The 2,000 square feet of vacant below-grade space is accessible by a pair of sidewalk staircases, offering great opportunity for potential conversion to the type of thriving step-down retail that can be seen across the neighborhood. An additional 1,000 square feet of sub-cellar area also presents the prospect of extra revenue from a tenant or retail storage space.
Located just two blocks south of Seward Park and the East Broadway subway station, this property provides investors with the opportunity to realize substantial gains in both residential and retail components.
For more information on this listing, contact Massey Knakal Vice Chairman John Ciraulo, Director of Sales Brock Emmetsberger, or Director of Sales Michael DeCheser 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 4,200 transactions having a market value in excess of $15 billion.