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- LoopNet Team
101 E 2nd St
New York, NY 10009
The 101 Condo · Multifamily Property For Sale
·
22 Units
Investment Highlights
- Restaurant in place with long term lease
- High cap rate
Executive Summary
RESTAURANT CONDOMINIUM FOR SALE WITH EXISTING LEASE IN PLACE NEW LEASE RECENTLY EXECUTED MAY 25, 2023 WITH FINE DINING INDIAN RESTAURANT. TERM 10 years and 8 months with one 5-year option to continue at 3% annual escalations, and second 5-year option at 95% FMV RENT SCHEDULE Year 1: $28,500 per month Year 2: $30,000 per month Year 3: $32,000 per month 3% annual escalations thereafter through the end of the first and second terms. CAM CHARGES $2800 per month ANNUAL TAXES $80,000 KEYS TO T H E C I T Y 24 FIRST AVE is situated at the gateway of one of Manhattan’s most tightly-knit, proud, and historic communities. The Lower East Side and, specifically, the East Village brand has always included a str ong support of local businesses. The East Village identity remains unique in all of New York City, and 24 FIRST AVE is uniquely positioned to attract consumers from The Lower East Side and greater Manhattan
Property Facts
| No. Units | 22 | Lot Size | 0.12 AC |
| Property Type | Multifamily | Building Size | 19,413 SF |
| Property Subtype | Apartment | No. Stories | 7 |
| Apartment Style | Low-Rise | Year Built | 2022 |
| Building Class | A | APN / Parcel ID | 0429-1011 |
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | A |
| Lot Size | 0.12 AC |
| Building Size | 19,413 SF |
| No. Stories | 7 |
| Year Built | 2022 |
| APN / Parcel ID | 0429-1011 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 22 | - | - |
