Massey Knakal broker Joseph Sitt, the exclusive agent on the sale, tells GlobeSt.com that the seller, Emmut Properties hopes to attract multifamily operators, but he did not disclose any reasons for selling. The paint is still drying, Sitt says, noting that the building, located between avenues A and B, is a new construction.
The building, located three blocks from the subway, was built energy efficient in 2008. The units are broken down into 13 studios, seven one-bedrooms, five two-bedrooms, one three-bedroom and seven community facility units. The property contains approximately 32,870 sf.
Sitt notes that potential buyers will be attracted to the fact that the building is energy efficient "with individual PTAC [Packaged Terminal Air Conditioner] units, and will be virtually maintenance free."
Sitt continues that "elevator apartment buildings rarely trade in the East Village, and no others are on the market that I'm aware of right now," he says. "Asking price of $528 per sf is inline with other building classes currently on the market in the area, but most of those were built circa 1900s. This was built high end in 2008 with an elevator, and is ADA compliant."
No bid date has been set as of yet. Sitt says that "despite poor market conditions, buyers have shown significant interest."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.