75-81 Orchard St 2 biens • Immeuble residentiel • À vendre 58 913 419 $ CAD • New York, NY

JLL has been retained on an exclusive basis to arrange for the sale of 75-81 Orchard Street (the “Property) two contiguous six-story walk-up buildings with ~101 feet of dual frontage on Orchard and Allen Streets between Grand and Broome Streets in Manhattan’s Lower East Side. The property contains 59 residential units and 6 retail spaces across approximately 38,807 gross square feet, with a residential mix of 39 free market units (66%), 19 rent-stabilized units (32%), and 1 rent-controlled unit (2%). The free-market portion includes 13 three-bedroom units averaging $4,914/month, 22 two bedroom units averaging $4,318/month, and 4 one-bedroom units averaging $3,784/month—rates that represent ~12% below projected market rents, indicating immediate upside potential in this highly desirable Lower East Side location.
Over the past decade, ownership has invested heavily in upgrading major building systems and infrastructure, including the completion of Local Law 11 work for Cycle 9,
comprehensive mechanical system upgrades, the installation of individual heating and cooling systems in Free Market units, renovated apartments on a piecemeal basis, and built individual rooftop terraces that can be rented on a first come first serve basis for an additional income stream. Legacy apartment renovations coupled with current rental demand for luxury Free Market units have created a further push in the mark-to-market opportunity on the deregulated apartments. The units are all individually metered for electric and the buildings are heated by two separate gas fired boilers.
The retail component features four spaces on Orchard Street and two on Allen Street. The retail tenants include No Idols Tattoo & Piercing, Café Katja, Roasting Plant Coffee,
Kallmeyer Clothing with frontage on Orchard Street and Dirt Candy and My Winda Trading Inc. on Allen Street. The retail component generates ~$1M in annual income with an
average WALT of 6.03. Each building also receives additional tax reimbursements of $69,701/Annual for #75 and $7,558/ annual for #81.
Strong underlying neighborhood market fundamentals are further supported by the Property’s unit mix and proximity to the Delancey St.-Essex St. F, M, B, D, J, Z trains at Grand Street, which will attract young professionals seeking convenient access to Manhattan’s major employment hubs. In 2024, New York City saw an influx of recent college graduates moving to the city to fulfill employment opportunities. 10.79% (7% YoY increase) of 2024 national college graduates moved to New York last year, the most of any city in the country and more than double all other U.S. metros other than Los Angeles (6.12%). New arrivals will be attracted to the Lower East Side due to its relatively affordable rents, safety, and transportation options.
75-81 Orchard Street presents an excellent opportunity for an investor to acquire a well-located, low-maintenance, transitoriented property in a submarket bolstered by strong future rental dynamics and significant long-term supply constraints. The Property will be sold on an as-is, where-is basis.