Massey Knakal Sells East Village Apartment Buildings
Two apartment buildings at 220 Avenue A, located between East 13th and East 14th Streets in Manhattan’s East Village, were sold in a transaction valued at $7,400,000.
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.
“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 exclusively handled this transaction 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.