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141 First Ave 9 Unit Apartment Building $5,500,000 ($611,111/Unit) New York, NY 10003
EXECUTIVE SUMMARY
JLL has been retained on an exclusive basis to arrange for the sale of 141
First Avenue, a 5-story, mixed-use building located on the west side of
First Avenue between St. Marks Place and East 9th Street. Comprised of
6,932 gross sf. ft. above grade, the building contains 7 apartments and
1 ground floor retail space. Of the 7 residential units, 6 are Free Market
and 1 is Rent Stabilized.
The residential units consist of six 1-bed / 1-bath and one 3-bed / 1
bath. The Fair Market apartments currently average ~$2,474 per month
which represents a substantial discount to prevailing neighborhood
rents and presenting an outstanding value-add opportunity in the
heart of NYU Country. The apartments have been renovated in one-off
fashion over the years and future ownership can add significant value
by further renovating the Free-Market apartments and performing
additional cosmetic upgrades to the common areas. In regard to
infrastructure, the building is heated by a gas fired boiler and the units
are individually metered for gas and electric.
The retail space is leased to Kikoo Sushi through December 2034 at a
current rent of $13,000/month for the next two years with 3% increases
thereafter. Their space is approximately 2,280 square feet which is $68/PSF.
Located just 2 ½ blocks from Astor Place in the desirable East
Village neighborhood of Manhattan, the property is conveniently
situated within a short walk to NYU, the 1st Avenue Train Station,
Union Square and Astor Place Station 4 5 6 L N Q R W . In
addition to many transportation options the property is surrounded
by popular establishments such as the iconic McSorley’s Ale
House, The Smith, Tompkins Square Bagels, Luthun, and Little
Sister Lounge, providing residents with access to some of New York
City’s best nightlife and dining destinations. In addition, there are
approximately 66,500 residents in the East Village, many of which
are young professionals who are looking to rent rather than own.
As of October 2024, 89% of housing units in East Village are renteroccupied rather than owner-occupied. Over the past month, the
average rent for a one-bedroom apartment in the East Village is
$3,500 while a two-bedroom is $4,500.
141 First Avenue represents a spectacular value-add attractive
opportunity to own a well located, primarily Free Market asset with
immediate value-add potential. The property will be sold on an as-is,
where-is basis.
First Avenue, a 5-story, mixed-use building located on the west side of
First Avenue between St. Marks Place and East 9th Street. Comprised of
6,932 gross sf. ft. above grade, the building contains 7 apartments and
1 ground floor retail space. Of the 7 residential units, 6 are Free Market
and 1 is Rent Stabilized.
The residential units consist of six 1-bed / 1-bath and one 3-bed / 1
bath. The Fair Market apartments currently average ~$2,474 per month
which represents a substantial discount to prevailing neighborhood
rents and presenting an outstanding value-add opportunity in the
heart of NYU Country. The apartments have been renovated in one-off
fashion over the years and future ownership can add significant value
by further renovating the Free-Market apartments and performing
additional cosmetic upgrades to the common areas. In regard to
infrastructure, the building is heated by a gas fired boiler and the units
are individually metered for gas and electric.
The retail space is leased to Kikoo Sushi through December 2034 at a
current rent of $13,000/month for the next two years with 3% increases
thereafter. Their space is approximately 2,280 square feet which is $68/PSF.
Located just 2 ½ blocks from Astor Place in the desirable East
Village neighborhood of Manhattan, the property is conveniently
situated within a short walk to NYU, the 1st Avenue Train Station,
Union Square and Astor Place Station 4 5 6 L N Q R W . In
addition to many transportation options the property is surrounded
by popular establishments such as the iconic McSorley’s Ale
House, The Smith, Tompkins Square Bagels, Luthun, and Little
Sister Lounge, providing residents with access to some of New York
City’s best nightlife and dining destinations. In addition, there are
approximately 66,500 residents in the East Village, many of which
are young professionals who are looking to rent rather than own.
As of October 2024, 89% of housing units in East Village are renteroccupied rather than owner-occupied. Over the past month, the
average rent for a one-bedroom apartment in the East Village is
$3,500 while a two-bedroom is $4,500.
141 First Avenue represents a spectacular value-add attractive
opportunity to own a well located, primarily Free Market asset with
immediate value-add potential. The property will be sold on an as-is,
where-is basis.
PROPERTY FACTS
| Price | $5,500,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $611,111 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.06 AC |
| No. Units | 9 | Building Size | 6,005 SF |
| Property Type | Multifamily | No. Stories | 5 |
| Property Subtype | Apartment | Year Built/Renovated | 1900/2005 |
| Zoning | R7-2,Manhattan | ||
| Price | $5,500,000 |
| Price Per Unit | $611,111 |
| Sale Type | Investment |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.06 AC |
| Building Size | 6,005 SF |
| No. Stories | 5 |
| Year Built/Renovated | 1900/2005 |
| Zoning | R7-2,Manhattan |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Kitchen
- Tub/Shower
- Smoke Free
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 9 | - | - |
1 1
Walk Score®
Walker's Paradise (100)
Transit Score®
Rider's Paradise (100)
PROPERTY TAXES
| Parcel Number | 0450-0031 | Improvements Assessment | $368,124 |
| Land Assessment | $81,027 | Total Assessment | $449,151 |
PROPERTY TAXES
Parcel Number
0450-0031
Land Assessment
$81,027
Improvements Assessment
$368,124
Total Assessment
$449,151
CONTACTS
-
Hall Oster -
Paul Smadbeck -
Teddy Galligan -
Conrad Martin -
Braedon Gait -
Jack Murphy -
Guthrie Garvin -
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141 First Ave
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