Multifamily
119 Orchard St
119 Orchard St, New York, NY 10002
Listing Price: $14,750,000
Investment Overview
Marcus and Millichap is pleased to exclusively offer for sale 119 Orchard Street, a 21-unit free market mixed-use elevator building on Manhattan’s Lower East Side. The Property contains 16,579 square foot across 12 floors (10 usable floors above grade and two below grade) and enjoys block through frontage on both Allen and Orchard Streets, between Delancey and Rivington, two blocks west of the two million square foot Essex Crossing development. The Property, which was built in 2017 as a 16-key boutique hotel, is presently operated as a mixed-use residential and retail asset. The Property benefits from two CO’s allowing transient daily rentals, as well as long term traditional residential leases. Recent capital improvements include light renovations to the residential units, converting the community facility space into a gym amenity, installing six new stacked washer dryer units on the first floor, and signing a long-term lease with a highly successful Manhattan restaurant operator.
119 Orchard St
Investment Highlights
- The Property is located steps from Delancey Street at Orchard and Allen Street, which is one of the primary entertainment corridors in the hip and popular Lower East Side neighborhood.
- Built in 2017, 119 Orchard boasts new HVAC units, a new roof, a modernized elevator, new hot water tanks, new plumbing risers, and a new electrical system.
- In lieu of standard 3% rental increases, the recently signed retail lease at the Property features $1,000 (~9.5%) annual rent increases for the first two years of the lease term.
Listing Price: $14,750,000
Investment Highlights
- The Property is located steps from Delancey Street at Orchard and Allen Street, which is one of the primary entertainment corridors in the hip and popular Lower East Side neighborhood.
- Built in 2017, 119 Orchard boasts new HVAC units, a new roof, a modernized elevator, new hot water tanks, new plumbing risers, and a new electrical system.
- In lieu of standard 3% rental increases, the recently signed retail lease at the Property features $1,000 (~9.5%) annual rent increases for the first two years of the lease term.
Investment Overview
Marcus and Millichap is pleased to exclusively offer for sale 119 Orchard Street, a 21-unit free market mixed-use elevator building on Manhattan’s Lower East Side. The Property contains 16,579 square foot across 12 floors (10 usable floors above grade and two below grade) and enjoys block through frontage on both Allen and Orchard Streets, between Delancey and Rivington, two blocks west of the two million square foot Essex Crossing development. The Property, which was built in 2017 as a 16-key boutique hotel, is presently operated as a mixed-use residential and retail asset. The Property benefits from two CO’s allowing transient daily rentals, as well as long term traditional residential leases. Recent capital improvements include light renovations to the residential units, converting the community facility space into a gym amenity, installing six new stacked washer dryer units on the first floor, and signing a long-term lease with a highly successful Manhattan restaurant operator.
