53-55 1st Avenue, New York NY
53-55 1st Ave
$14,000,000
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$14,000,000

Est. Mortgage: $66,909 / mo  (Mortgage)

53-55 1st Ave New York, NY 10003 (East Village)

  • Status: For Sale
  • Apartment
  • 112 Days on Trulia

Home Details for 53-55 1st Ave


112 Days on Trulia
213 views
E. Greenwich Village - Low-rise
53-55 1st Ave Massey Knakal Realty Services has been retained on an exclusive basis to arrange for the sale of 53-55 First Avenue, two adjacent, mixed-use buildings located in the coveted East Village neighborhood of Manhattan. The two 5 story buildings are situated on the west side of First Avenue between East 3rd and East 4th Streets. Combined, the buildings total approximately 18,240 gross square feet and contain 22 residential apartments and 1 commercial unit. Of the residential units, 9 are currently fair market, 12 are rent stabilized and 1 is rent controlled, ranging in size between studios th...rough 2 bedrooms. By achieving market levels through renovations, vacancy turnovers and deregulation of units, future ownership has the opportunity to substantially increase their bottom line and realize the building's full potential. Additionally, the single commercial space is owner occupied by H. Brickman & Sons and encompasses the ground floor of both buildings totaling approximately 3,840 rentable square feet. Current ownership is requiring a lease-back of the commercial space with a 30 year term starting at $20,000 per month with 2% annual increases during the first 20 years. In year 21, the monthly rent will automatically increase by an additional $10,000 over the previous years rent with 3% annual escalations for the final 10 years. H Brickman and Sons will also be responsible for 25% of the increase in real estate taxes over the base year (2014-2015). The company's origin dates back to the 1930s when it first opened at 53-55 First Avenue. Since then, Brickman & Sons has expanded with two additional locations in Manhattan illustrating its long-lasting success and providing prospective investors with long-term commitment to their space. 53-55 First Avenue greatly benefits from its prime location in the East Village, arguably one of Manhattan's most desirable residential neighborhoods. Known for its abundant selection of eateries, galleries, clubs, retailers, and nightlife options, the neighborhood attracts a diverse group of residents, further contributing to the continuously high demand for the area. Additionally, the property's close proximity to the B, D, F, M and 6 subway stations provide its residents convenient and accessible transportation options connecting them with all corners of New York City. Overall, the offering presents an outstanding opportunity for investors to purchase an asset within Manhattan's highly sought after submarket featuring robust in-place cash flow with potential to substantially increase its gross revenue both near term and over time, unlocking the buildings full potential.
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Features for 53-55 1st Ave

Information last updated on 10/09/2014 12:00 AM:
    • Price: $14,000,000
    • Apartment
Fees and Taxes
Water & Sewer: $14,940 Utilities: $4,560 Insurance: $18,240 Superintendent: $4,800

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            Compare homes in the area to 53-55 1st Ave

            This Home
            $14,000,000
            VS
            $1,401,250
            $1,485,000
            $1,310,000

            Real Estate Trends in East Village


            Listing price for 53-55 1st Ave $14,000,000  
            Average listing price for similar homes $14,011,833 0% above listing price
            Average sale price for similar homes $12,371,190 12% below listing price
            Average listing price for all homes in East Village $2,953,319 374% below listing price
            Median sale price for all homes in East Village $1,485,000 89% below listing price

            Comparables and Estimates around 53-55 1st Ave


            $1,099,500
            4 br / 2 ba
            Single-Family Home
            OPEN HOUSE Sun Oct 16, 2pm to 4pm

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