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Multifamily

188-190 Grand Street

188 Grand St, New York, NY 10013

Listing Price: $19,000,000

Cap Rate
5.00%
Number of Units
8
Price/Unit
$2,375,000
Price/Gross SF
$1,144.51
Gross SF
16,601

Investment Overview

Marcus & Millichap is pleased to offer the following opportunity located in the booming Little Italy neighborhood. 188-190 Grand Street is located on the northeast corner of Mulberry and Grand Streets. The buildings boast a gross square footage of 16,601. The buildings are built 25 ft X 100 ft  & 25 ft X 77 ft on two 25 ft X 100 ft lots (Block: 471  Lots: 59, 58 ). The properties are zoned C6-2G. Rare Offering. Offered to the market for the first time in nearly 100 years, the subject properties present a rare opportunity to acquire two corner mixed-use buildings with 150’ of wraparound frontage in the heart of Little Italy.  The buildings consist of 2 ground floor retail units, 3 commercial units, and 3 residential apartments.  Of the three apartments, two are 2-bedrooms and one is a 3-bedroom. 100% FM with Air Rights.100% of the residential units are fair market, currently with below market rents.  In addition, all free-market units have short term leases in place, allowing an investor to almost immediately execute his/her business plan upon purchase, while still capitalizing on a strong existing stream of income.  Additionally, the property boasts 17,688 SF of additional air rights paving the way for future development opportunity.   Trophy Location. Located on the northeast corner of Grand & Mulberry Streets, 188-190 Grand Street sits in the heart of the booming Little Italy neighborhood. Additionally, the properties benefit from being situated in one of the most culturally significant and historic neighborhoods of all New York City, and are in close proximity to the 6, B, D, J, N, Q, R & W subway lines, providing seamless access to all of NYC. Due to these appealing factors, this location attracts high-profile renters, and tenants, eager to pay a premium for buildings in this immediate area.

Investment Highlights

  • The buildings consist of 2 ground floor retail units, 3 commercial units, and 3 residential apartments.  Of the three apartments, two are 2-bedrooms and one is a 3-bedroom.
  • 100% of the residential units are fair market, currently with below market rents
  • Located on the northeast corner of Grand & Mulberry Streets, 188-190 Grand Street sits in the heart of the booming Little Italy neighborhood.

Exclusively Listed By

  • Peter Von Der Ahe

    Licensed Associate Real Estate Broker

    (212) 430-5114

    Email Peter

    License(s): NY: 10301209838, NY: 31VO0942643

    Manhattan

  • Peter Dodge

    Licensed Real Estate Salesperson

    (212) 430-5231

    Email Peter

    License(s): NY: 10401319098

    Manhattan

  • Joe Koicim

    Licensed Associate Real Estate Broker

    (212) 430-5147

    Email Joe

    License(s): NY: 10311201039, NY: 10301208718

    Manhattan

  • Shaun Riney

    Licensed Associate Real Estate Broker

    (718) 475-4369

    Email Shaun

    License(s): NY: 10301215754

    Brooklyn

Financing By

Multifamily

188-190 Grand Street

Listing Price: $19,000,000

Cap Rate
5.00%
Number of Units
8
Price/Unit
$2,375,000
Price/Gross SF
$1,144.51
Gross SF
16,601

Investment Highlights

  • The buildings consist of 2 ground floor retail units, 3 commercial units, and 3 residential apartments.  Of the three apartments, two are 2-bedrooms and one is a 3-bedroom.
  • 100% of the residential units are fair market, currently with below market rents
  • Located on the northeast corner of Grand & Mulberry Streets, 188-190 Grand Street sits in the heart of the booming Little Italy neighborhood.

Investment Overview

Marcus & Millichap is pleased to offer the following opportunity located in the booming Little Italy neighborhood. 188-190 Grand Street is located on the northeast corner of Mulberry and Grand Streets. The buildings boast a gross square footage of 16,601. The buildings are built 25 ft X 100 ft  & 25 ft X 77 ft on two 25 ft X 100 ft lots (Block: 471  Lots: 59, 58 ). The properties are zoned C6-2G. Rare Offering. Offered to the market for the first time in nearly 100 years, the subject properties present a rare opportunity to acquire two corner mixed-use buildings with 150’ of wraparound frontage in the heart of Little Italy.  The buildings consist of 2 ground floor retail units, 3 commercial units, and 3 residential apartments.  Of the three apartments, two are 2-bedrooms and one is a 3-bedroom. 100% FM with Air Rights.100% of the residential units are fair market, currently with below market rents.  In addition, all free-market units have short term leases in place, allowing an investor to almost immediately execute his/her business plan upon purchase, while still capitalizing on a strong existing stream of income.  Additionally, the property boasts 17,688 SF of additional air rights paving the way for future development opportunity.   Trophy Location. Located on the northeast corner of Grand & Mulberry Streets, 188-190 Grand Street sits in the heart of the booming Little Italy neighborhood. Additionally, the properties benefit from being situated in one of the most culturally significant and historic neighborhoods of all New York City, and are in close proximity to the 6, B, D, J, N, Q, R & W subway lines, providing seamless access to all of NYC. Due to these appealing factors, this location attracts high-profile renters, and tenants, eager to pay a premium for buildings in this immediate area.

Exclusively Listed By

  • Peter Von Der Ahe

    Licensed Associate Real Estate Broker

    (212) 430-5114

    Email Peter

    License(s): NY: 10301209838, NY: 31VO0942643

    Manhattan

  • Peter Dodge

    Licensed Real Estate Salesperson

    (212) 430-5231

    Email Peter

    License(s): NY: 10401319098

    Manhattan

  • Joe Koicim

    Licensed Associate Real Estate Broker

    (212) 430-5147

    Email Joe

    License(s): NY: 10311201039, NY: 10301208718

    Manhattan

  • Shaun Riney

    Licensed Associate Real Estate Broker

    (718) 475-4369

    Email Shaun

    License(s): NY: 10301215754

    Brooklyn

Financing By

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