New York Multifamily for Sale - Greenwich Village
The New York Multifamily team of Marcus and Millichap is pleased to exclusively offer for sale 48 ½ East 7th Street & 48 East 7th Street, which is centrally located in the East Village. Located on the south-east corner of 2nd Avenue and East 7th Street, this 5-unit mixed-use property is comprised of approximately 5,303 square. This property sits on a 26' x 125' lot (Block: 448 Lot: 7) and is built 40.8' x 26'. The property is zoned R7A, R8B, and C2-5. There are 10,605 square feet of additional air rights that can be developed on the vacant corner lot.
• Opportunity: 48 ½ East 7th Street is a 5-unit, mixed-use walk-up building totaling approximately 5,303 square feet with 26’ offrontage on Second Avenue and a lot spanning 125’ along the south side of East 7th Street between 2nd Avenue and First Avenue. The building is comprised of four floor-through, free-market residential units and a commercial unit on the ground floor. With over 10,605 square feet of usable air-rights, there is a unique ability to develop a new structure and expand on the 48 East 7th Street lot in order to generate significantly more cash-flow
• Tenant Mix & Retail: The building is currently 100% occupied. Floors two through five are all free-market, floor-through residences. Of the four residential units, there are three 3-Bedroom apartments and one 2-bedroom apartment. With strong in-place residential rents averaging $6,988, all units feature king or queen-size bedrooms, dishwashers, hardwood floors, marble counter-tops, and renovated bathrooms. Additionally, any purchaser will benefit from having Van Leeuwen Ice Cream, a national retailer with a strong in-place lease, as their retail tenant. Their lease includes 3% annual increases, a real estate tax increase obligation of 16% over the 2017/2018 base year, and a utility reimbursement requirement.
• Development Potential: This opportunity presents any potential purchaser with immediate cash-flow day one while simultaneously offering the ability to redevelop much of the property lot. Given the current layout of the property and the additional 10,605 square feet of developable square footage, the ultimate purchaser can develop a 2,000+ single-story retail space that could command over $150/SF in rent, an additional dwelling structure with multiple units (ideal in a market commanding close to $100/SF in rents), or reposition the entire lot to sellable condos. The vacant corner lot at 48 East 7th Street is a blank canvas for any potential purchaser.
• Tax Class Protected 2A: 48 ½ East 7th Street also falls in the highly attractive Tax Class 2A designation. By law, taxes cannot increase more than 8% year-over-year or 30% over any given 5-year period. This acts as a strong hedge in a market with rising taxes and expenses.
• Strategic Location: This asset sits in the heart of the East Village, offering renters and tenants an endless & seamless supply of restaurants, nightlife, parks, historical activities, and transportation. Notable parks within a 5-minute walk include Union Square, Tompkins Square Park, Washington Square Park, and Mercer Playground. Top restaurants and establishments nearby include The Bohemian, Bowery Meat Company, Momofuku Ko, Katz’s Deli, Ippudo, Balthazar, Emilio’s Ballato, Bar Primi, BondStreet, Beauty & Essex, Tompkins Square Bagels, and countless more. The property truly benefits from the St. Mark's foot traffic and the array of attractions, which include museums like the Brandt Foundation & The New Museum. Finally, this location is half a block away from a Citi-Bike station and steps from the Astor Place Station 6 subway line, easily within walking distance to the 4, N, Q, R, W, B, D, F, and M subway lines.
