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175-177 East Third St 2 Multifamily Properties Offered at $18,950,000 in New York, NY
EXECUTIVE SUMMARY
JLL has been retained on an exclusive basis to arrange for the sale
of 175-177 East 3rd Street, two contiguous, 5-story, walk-up buildings
located on the northside of East 3rd Street between Avenue A & B.
Comprised of 13,461 gross sf. ft. above grade, the tax class protected,
85% Free Market buildings are currently configured as 4 one bedrooms, 14 two-bedroom, and 2 three-bedroom apartments. The
properties recently underwent a full renovation which included
significant upgrades to the common areas and Free Market
apartments have been upgraded to condominium level finishes.
Of the 20 apartments 17 (85%) are Free Market, and 3 (15%) are Rent
Stabilized, one of which is vacant (177-4A). The Free-Market units are
renting for an average $5,644/month, and the remaining occupied
Rent Stabilized units are renting for an average of $1,154/month. All
of the Free-Market apartments have been fully renovated and feature
brand-new stainless-steel appliances, in-unit washer dryers, wood
plank flooring, access via Butterfly virtual doorman system, and
exquisite bathroom finishes. In addition, the apartments benefit from
quality light and air due to low lying buildings to the south and open
space to the north which is controlled by the neighboring Church of
the Most Holy Redeemer.
In regard to infrastructure, the buildings are heated by a gas fired
boiler and are individually metered for gas and electric. All of the
Market Rate units are heated and cooled via individual split units
with utility costs billed to the tenants. The properties feature a sundrenched rear yard and during renovation current ownership has
partitioned four private outdoor spaces for two of the units in each
building.
Situated in Manhattan’s desirable East Village neighborhood offering
convenient access throughout Manhattan. Just a few blocks from
the B D F M J 6 subway lines, the property benefits from
tremendous access some of the best nightlife in New York City
located a short walk from popular New York establishments such as
Katz’s Delicatessen, Little Frankie’s, Supper and Mr. Purple. While
the neighborhood is best known for its restaurants and nightlife, it
is currently experiencing a renaissance due to new Essex Crossing
development to the south. The mega development features more than
350K SF of new office space, entertainment, cultural experiences,
and shopping options such as Target & Trader Joe’s which will act as
a catalyst for future rental housing demand and economic activity.
175-177 East 3rd Street represents an attractive opportunity to own a
turn-key primarily Free Market asset, with low in place taxes, and tax
class protected status in a highly desirable residential neighborhood.
The property will be sold on an as-is, where-is basis.
of 175-177 East 3rd Street, two contiguous, 5-story, walk-up buildings
located on the northside of East 3rd Street between Avenue A & B.
Comprised of 13,461 gross sf. ft. above grade, the tax class protected,
85% Free Market buildings are currently configured as 4 one bedrooms, 14 two-bedroom, and 2 three-bedroom apartments. The
properties recently underwent a full renovation which included
significant upgrades to the common areas and Free Market
apartments have been upgraded to condominium level finishes.
Of the 20 apartments 17 (85%) are Free Market, and 3 (15%) are Rent
Stabilized, one of which is vacant (177-4A). The Free-Market units are
renting for an average $5,644/month, and the remaining occupied
Rent Stabilized units are renting for an average of $1,154/month. All
of the Free-Market apartments have been fully renovated and feature
brand-new stainless-steel appliances, in-unit washer dryers, wood
plank flooring, access via Butterfly virtual doorman system, and
exquisite bathroom finishes. In addition, the apartments benefit from
quality light and air due to low lying buildings to the south and open
space to the north which is controlled by the neighboring Church of
the Most Holy Redeemer.
In regard to infrastructure, the buildings are heated by a gas fired
boiler and are individually metered for gas and electric. All of the
Market Rate units are heated and cooled via individual split units
with utility costs billed to the tenants. The properties feature a sundrenched rear yard and during renovation current ownership has
partitioned four private outdoor spaces for two of the units in each
building.
Situated in Manhattan’s desirable East Village neighborhood offering
convenient access throughout Manhattan. Just a few blocks from
the B D F M J 6 subway lines, the property benefits from
tremendous access some of the best nightlife in New York City
located a short walk from popular New York establishments such as
Katz’s Delicatessen, Little Frankie’s, Supper and Mr. Purple. While
the neighborhood is best known for its restaurants and nightlife, it
is currently experiencing a renaissance due to new Essex Crossing
development to the south. The mega development features more than
350K SF of new office space, entertainment, cultural experiences,
and shopping options such as Target & Trader Joe’s which will act as
a catalyst for future rental housing demand and economic activity.
175-177 East 3rd Street represents an attractive opportunity to own a
turn-key primarily Free Market asset, with low in place taxes, and tax
class protected status in a highly desirable residential neighborhood.
The property will be sold on an as-is, where-is basis.
PROPERTY FACTS
| Price | $18,950,000 | Number of Properties | 2 |
| Price / SF | $1,408 / SF | Individually For Sale | 0 |
| Sale Type | Investment | Total Building Size | 13,461 SF |
| Status | Active | Total Land Area | 0.11 AC |
| Price | $18,950,000 |
| Price / SF | $1,408 / SF |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 13,461 SF |
| Total Land Area | 0.11 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
| 175 E Third St, New York, NY 10009 | Multifamily | 6,825 SF | 1900 | - |
| 177 E Third St, New York, NY 10009 | Multifamily | 6,636 SF | 1900 | - |
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CONTACTS
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Hall Oster -
Teddy Galligan -
Conrad Martin -
Logan Boenning -
Jacob Russell -
Guthrie Garvin -
Vickram Jambu -
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175-177 East Third St
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