pitt street manhattan mixed use property
Published date: January 11, 2021
United States, New York, new york
NEW YORK, NEW YORK 10002
Location: West side of Pitt Street between Rivington and Stanton Streets
Lot Size (Built): 50′ x 60′ (47′ irr)
Stories: Six (6) Plus Basement
Gross Square Feet: 12,000 approximately
Zoning: (FAR) R7A: (4.0) Opportunity Zone
Assessment: $1,542,150 (19/20)
A 50’ wide six (6) story renovated mixed- use building. The building has three stores on the ground floor and twenty-one apartments above. Each floor has four apartments they are a mixture of one and two bedroom units. Each unit is individually metered, the tenants pay there own electric and gas for cooking. New Laundry room, intercom system, new gas boiler, new courtyard and common areas. The property is also in a opportunity zone which has big capital gains benefits.
This is a prime investment opportunity because the units are free market with short term leases. Since the building is renovated an investor will save on capital improvements. The building is close to Delancey Street which has all the fine retail stores.
reduced the asking price for 85-87 Pitt Street from $13,500,000 to $12,950,000. The property is a newly renovated 50′ wide 21 unit six story mixed-use building. Most of the units are free market and in excellent condition. The property has all new plumbing and electrical, internet and cable ready, their is a laundry area and court yard.
Here is a list of why 85-87 Pitt Street is a great investment opportunity.
There is still more upside to the property, the new owner can give the tenants their own boilers and water heaters. This would lower the expenses dramatically and increase the income and cap rate.
The stores can be converted into duplex garden apartments with the basement. This configuration would demand top rents for these free market units.
The stores can also stay because since Essex Crossing is nearing it’s completion stage with 1,000 housing units along with the City Housing Units across the street there will be more foot traffic and shoppers for the products sold in the stores.
The property is located in an Opportunity Zone which is an add in bonus and great capital gains benefits..
The property is always 100% occupied when a tenant’s lease expires within two weeks the apartment is rented. The tenants are happy to live in a renovated building and they always refer their friends as tenants to the building.
New boiler and water heater no last minute winter issues with the boiler breaking down and the pipes freezing. Turn key stress and worry free building.
ASKING PRICE: $13,500,000-reduced to 12,950,000 as of august 24th 2020
For Further Information or Inspection,
k val a 5th