Deanne Draeger, an investment specialist in the Manhattan office of Marcus & Millichap, is representing the seller, Muriel Reilly. "This property represents an excellent rental or condominium redevelopment opportunity in the rapidly gentrifying Lower East Side," Draeger says.
Draeger tells GlobeSt.com that the property has received "significant buyer interest." Located at 157-159 Suffolk St., the six-story building is situated on a 50-by-100-foot lot on Suffolk Street between East Houston and Stanton streets in the Lower East Side of Manhattan. Of the 33 apartments, there are five three-bedroom units; 17 two-bedroom units; and 11 one-bedroom units.
Twenty-two units and all four retail spaces will be delivered vacant. The gross retail square footage is 2,000 sf. The gross residential square footage consists of 24,800 sf.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
