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Cushman & Wakefield h as b een r etained o n a n e xclusive b asis t o arrange for the sale of 118 Ridge Street, an entirely free market, 5-story walk-up apartment building in the Lower East Side. Situated on the east side of Ridge Street between Rivington Street and Stanton Street, the 10,094 gross square foot property contains 10 free-market residential units, currently comprising of eight 2-bedroom apartments and two 3-bedroom apartments. 118 Ridge Street currently generates an effective gross revenue of over $525,672 with a net operating income of approximately $443,316. The property benefits from its classification within one of the most favorable tax classes in New York City, Tax Class 2B, limiting the increase in real estate tax liability to a maximum of 8% annually and only 30% over a 5-year period. These savings will continue to positively impact the buildings bottom line as the real estate taxes only equate to approximately $3.38 per square foot with limited future increases. Comprised of entirely free-market units, the property is not subject to rent regulation, and thus free of any restrictions under this designation. Although all of the apartments have been renovated in the past 10 years, many of the existing finishes are outdated and as a result, a number of the units are well below market. Currently, the blended average rent of the entire building is approximately $60/psf in a market that can command north of $80/psf as evidenced within the building as well as the surrounding neighborhood. With a minor renovation program in the near future due to short term lease expirations, all of the units could potentially be brought up to these market levels. The garden apartment features a private courtyard and both top floor apartments contain access to a private rooftop, offering stunning views of Downtown Manhattan and beyond. Located just three blocks from Essex Crossing, one of the most anticipated development projects in lower Manhattan, 118 Ridge Street is situated in the heart of the historic Lower East Side, a dynamic neighborhood featuring a wide array of unique shopping experiences, cutting-edge dining establishments, and a burgeoning nightlife scene. The neighborhood has experienced a renaissance in recent years, attracting a diverse mix of residents with its immense cultural amenities and convenient proximity to the rest of Manhattan and Brooklyn. Essex Crossing, the 1.9 million square foot mixed-use project containing residential, commercial and community space, will fuel the next stage of the ongoing revitalization of the neighborhood drawing a new wave of wealthy tenants and residents. The project will additionally feature unparalleled amenities including shops, restaurants, a movie theater, park space, and cultural attractions. The development of Essex Crossing is sure to position 118 Ridge Street as a highly coveted building in one of the most exciting up-and-coming areas of New York City. Furthermore, 118 Ridge Street benefits from easy accessibility to lower Manhattan and Brooklyn. The entrance to the Williamsburg Bridge is located three blocks away from the property, providing quick and easy access to Brooklyn via car, bicycle, and foot. Additionally, the F, J, M, and Z trains located within close proximity to the subject property offer immediate access throughout Manhattan, Brooklyn, and Queens and serve over 8.22 million riders annually. This fully renovated and completely fair market property offers a tremendous investment opportunity footsteps away from one of Manhattans most anticipated mega developments in the highly desirable Lower East Side neighborhood.
* Listing courtesy of Massey Knakal Realty Services.
Lower East Side Living
|Neighborhood:||Lower East Side|