Cushman & Wakefield is pleased to offer the opportunity to purchase the property at 57 West 10th Street in the heart of Greenwich Village. This pre-war building is approximately 12,874 SF and is located on the north side of West 10th Street between Fifth and Sixth Avenues. The building is built 22 ft x 84 ft on a 22 ft x 94.76 ft lot. The asset is a 9-story, 22’ wide, 23 unit, elevator serviced building in prime Greenwich Village. The building is comprised of 8 studios, 11 one-bedroom units, 3 two-bedroom units and the Italian restaurant Osteria 57 on the ground floor. Of the 22 apartments, 2 are Rent Controlled, 5 are Rent Stabilized and the remaining 15 units are Fair Market. With nearly 70% of the units being Fair Market, this allows an investor the opportunity to renovate the apartments and common areas to capitalize on increased cash flow in year one. Additionally, the remaining rent regulated apartments offer potential for significant rental increases when brought to market levels as they are only achieving ~32% of market. The property is zoned R6 and is overbuilt per current zoning. The location of 57 West 10th Street is heavily sought after by New Yorkers and is considered the most desirable block of the neighborhood. It is in close proximity to the New School, NYU, nightlife, fine dining destinations, and all major subway lines at Union Square. This is a rare opportunity to acquire an elevator apartment building in the highly coveted submarket of Greenwich Village.
