Multifamily
32 Avenue A
32 Avenue A, New York, NY 10009
Listing Price: $6,100,000
Investment Overview
Building Profile & Unit Mix: 32 Avenue A features three floor through apartments and one strong retail tenant in place, Mary O’s Irish Pub. All three residential units are recently renovated, free market four-bedroom apartments with two bathrooms.
Unit Features: Having underwent a high-end renovation, the units now feature stainless steel appliances, dishwashers, granite counter-tops, marble bathrooms, individual AC & heating units, washers/dryers, and two bathrooms.
Approved Plans for Apartments: Units #1 and #3 have approved plans to build a Private Outdoor Terrace and Roofdeck, respectively, that will provide the future purchaser with immediate rental upside by increasing the units’ desirability. The owner will complete the work prior to closing.
Future Retail Repositioning Opportunity: Mary O’s Irish Pub currently occupies 1,338 square feet and is paying $12,731/month with a December 2026 lease expiration. The expiring lease will give the future purchaser the ability to achieve market level rents, closer to $140/SF. Market rent for this space should be closer to$15,500 a month based on comparable spaces that have recently been leased nearby.
Tax Class 2A: The building has never been subject to stabilization and is under the tax class designation 2A. By law, the taxes for a tax class 2A properties may not increase more than 8% year-over-year or 30% over any given 5- year period. This acts as an immediate hedge against rising taxes for any buyer, regardless of the income this asset will generate.
Effect of New Good Cause Eviction Laws: Per the recent housing package, the state has enacted Good Cause Eviction, which limits the free-market increases to 5%+CPI or 10%, whichever is less, and grants the tenant the option to renew their lease annually. With that said, there are exemptions, one of which includes a “luxury rent” exemption for units that are already achieving more than 245% of the fair market rent. Currently, the threshold for 3+ bedrooms is $8,413. Additionally, owners with less than 10 residential units in their portfolio will also be exempt.
32 Avenue A
Investment Highlights
- 4-story, mixed-use building located on the East side of Avenue A between East 2nd Street and 3rd Street
- This 4-unit property is comprised of approximately 4,708 square feet with 22' of frontage.
- The building is 22' x 76' and sits on a 22' x 76' lot (Block: 398; Lot: 4). The property is zoned R7A, C2-5 and has 1,980 square feet of unused Air Rights.
Exclusively Listed By
Listing Price: $6,100,000
Investment Highlights
- 4-story, mixed-use building located on the East side of Avenue A between East 2nd Street and 3rd Street
- This 4-unit property is comprised of approximately 4,708 square feet with 22' of frontage.
- The building is 22' x 76' and sits on a 22' x 76' lot (Block: 398; Lot: 4). The property is zoned R7A, C2-5 and has 1,980 square feet of unused Air Rights.
Investment Overview
Building Profile & Unit Mix: 32 Avenue A features three floor through apartments and one strong retail tenant in place, Mary O’s Irish Pub. All three residential units are recently renovated, free market four-bedroom apartments with two bathrooms. Unit Features: Having underwent a high-end renovation, the units now feature stainless steel appliances, dishwashers, granite counter-tops, marble bathrooms, individual AC & heating units, washers/dryers, and two bathrooms. Approved Plans for Apartments: Units #1 and #3 have approved plans to build a Private Outdoor Terrace and Roofdeck, respectively, that will provide the future purchaser with immediate rental upside by increasing the units’ desirability. The owner will complete the work prior to closing. Future Retail Repositioning Opportunity: Mary O’s Irish Pub currently occupies 1,338 square feet and is paying $12,731/month with a December 2026 lease expiration. The expiring lease will give the future purchaser the ability to achieve market level rents, closer to $140/SF. Market rent for this space should be closer to$15,500 a month based on comparable spaces that have recently been leased nearby. Tax Class 2A: The building has never been subject to stabilization and is under the tax class designation 2A. By law, the taxes for a tax class 2A properties may not increase more than 8% year-over-year or 30% over any given 5- year period. This acts as an immediate hedge against rising taxes for any buyer, regardless of the income this asset will generate. Effect of New Good Cause Eviction Laws: Per the recent housing package, the state has enacted Good Cause Eviction, which limits the free-market increases to 5%+CPI or 10%, whichever is less, and grants the tenant the option to renew their lease annually. With that said, there are exemptions, one of which includes a “luxury rent” exemption for units that are already achieving more than 245% of the fair market rent. Currently, the threshold for 3+ bedrooms is $8,413. Additionally, owners with less than 10 residential units in their portfolio will also be exempt.
Exclusively Listed By
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