Massey Knakal Sells Apartment Building In Lower East Side
An apartment building at 104 Suffolk Street, located between Rivington and Delancey Streetsin Manhattan’s Lower East Side neighborhood, was sold in an all-cash transaction valued at $5,500,000.
The five-story walk-up building contains approximately 10,000 square feet and sits on a 25’ x 100’ lot. It consists of 20 residential units of which 14 are Free Market and six are Rent Stabilized. There are 18 one-bedroom apartments and two duplexes. Recent renovations include the entrance, common areas, and roof. In addition, a dual fuel burner was recently installed. The property poses significant upside potential in the rent stabilized rents. The sale price equates to approximately $550 per square foot, and a 4.8% capitalization rate.
The building is steps from a number of new developments, including the Seward Park Urban Renewal Area. Community Board 3 recently approved the city’s land use application for a 1.665 million square foot mixed-use project, which would bring approximately 900,000 square feet of new apartments and 600,000 square feet of shops and community facilities to the Lower East Side. Area neighbors include The Lower East Side Tenement Museum, a new hotel on Delancey and Suffolk, The Blue Building, and more. In addition, the property is one block east from the underutilized Delancey Street – Essex Street subway stop which is serviced by the F, J, M, and Z trains.
“104 Suffolk Street was purchased by an overseas investor, which is a testament to the growing interest among the international community,” said Massey Knakal First Vice President of Sales Michael DeCheser, who exclusively represented the seller in this transaction with CEO Paul J. Massey, Jr. and Vice President of Sales Guthrie Garvin. Dan Schlesinger and Jaclyn Rosenberg of The Rosemark Group represented the buyer.
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.