Investment Overview

THE OFFERING The New York Multifamily team is pleased to exclusively offer 164 Ludlow Street for sale, in the heart of the Lower East Side neighborhood of Manhattan. Located on the East side of Ludlow Street between East Houston Street and Stanton Street, this 17-unit mixed-use investment opportunity is comprised of approximately 9,700 square feet. The property is built 26’ x 72’ and sits on a 26’ x 89.5’ lot (Block: 412 Lot: 41). The property is zoned C4-4A. THE OPPORTUNITY The Opportunity. This five-story, pre-war, mixed-use building contains 16 residential units and 1 commercial unit. There is 1 studio apartment, 2 one-bedroom apartments and 13 two-bedroom apartments. All 14 free-market units offer long-term upside given the unparalleled demand for renters in this area & the overall strength of the current rental market. Finishes in most units include Hardwood Floors, Recessed Lighting, Marble Counter-tops, and Stainless-Steel Appliances. Immediate Value-Add. 88% of the apartments are Free-Market, and the rents are significantly below market with the single 1-bedroom renting for $3,200 while the twelve 2-bedrooms are renting for an average of $3,600. A new investor will be able to capitalize on the surging rental demand in the area while also upgrading the 15-year-old renovations. Most units currently do not have dishwashers, so by adding dishwashers along with updating the common spaces, the new owner will achieve substantially higher rent. Additionally, there is an opportunity to add a roof deck to further increase rents. Strategic Location. The Lower East Side in New York City is a vibrant and dynamic neighborhood with a rich history and a thriving arts and culture scene. It is known for its diverse dining and nightlife options, as well as its proximity to many of the city's top attractions. One of the major attractions of the Lower East Side is its diverse range of restaurants, which offer cuisine from around the world. From traditional Jewish delis to trendy vegan cafes, the Lower East Side has something to suit every taste and budget. The neighborhood is also home to several highly rated restaurants, such as Katz's Delicatessen, The Fat Radish, Mission Chinese Food, and countless others, which draw foodies from all over the city. In addition to its culinary delights, the Lower East Side is also known for its lively nightlife scene. The neighborhood is home to a wide variety of bars, clubs, and music venues, ranging from cozy dive bars to trendy rooftop lounges. Some popular destinations include the Lower East Side Tenement Museum, the Orchard Street Shopping District, and the New Museum. Finally, this location is within easy walking distance of the F, M, J, Z subway lines