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99 Suffolk Street, New York, NY 10002

  • $26,000,000 
  • 0 Bed 0 Beds
  • 0 Bath 0 Baths
  • 29,600Approx. Sq. Ft.
  • Style
  • Townhouse
  • Open House 
  • NEWLY PRICED
  • Pending
  • New Listing 02/04/2015
  • CONTRACT SIGNED
  • Sold
  • Rental
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An 8 story, mixed-use, elevator building on the west side of Suffolk between Delancey and Rivington Streets. Built in 2003, the property sits on a 75? x 100? lot within the R7A zone. The building has approximately 29,600 gross square feet with a combined 40 units of which 35 are temporarily Rent Stabilized units (421-a) and 5 are ground floor community facility units leased to the LES Montessori School (C of O reads Day Care Center and Day Nursery). Of the 35 residential units, there are a total of (3) studio, (30) 1-bedroom and (2) 2-bedroom apartments. All residential units are oversized considering the studios average 410 SF, 1-bedrooms average 540 SF and 2-Bedrooms average 900 SF. Tenants benefit from a laundry facility in the basement in which there is also a supers apartment, although it isn?t listed on the C of O. The building benefits from a 421-a tax abatement program until June 2015. In addition to the Rent Guidelines Board allowable increase, the 421-a program allows the landlord an additional 2.2% rent increase per unit. However, the abatement is set to expire in June 2015 (20% of the tax increases are abated until June 2015). The average residential rent is currently performing at approximately $55/SF in a market that commands approximately $80/SF. The building is next to Essex Crossing, a recently approved mixed-use development along the Delancey Street corridor. Plans call for a 1.65M SF mixed-use project, which would bring approximately 900,000 SF of new apartments and 600,000 SF of shops and community facilities to the LES. In addition, the property is two blocks NE from the Delancey-Essex subway stop which is serviced by the F,J,M,Z trains. Recent comparable sales for Lower East Side multifamily buildings have been in the $800/sf range for regulated buildings and over $1,100 for free market buildings. Renovated elevator buildings in the LES are a rare commodity. The building is relatively new and enjoys tremendous upside potential in the rents in the near term. Furthermore, a conversion to condominium is possible as well.Please Note: The property offers assumable financing which the seller prefers a buyer assumes.

Listing courtesy of: Michael F. DeCheser , MKRS - Massey Knakal Realty
  • 99 Suffolk Street, New York, NY 10002
  •  
  • $26,000,000
  • Townhouse 
  •  
  • Lower East Side 
  • 0 Bedroom 0 Bedrooms
  • 0 Bathroom 0 Bathrooms
  • Approximate Square Footage : 29,600 
  • Exterior Square Footage :  
  • Maintenance / Common Charges : $0 
  • Monthly Taxes : $365,735 
  •  
  •  

Features

  • Private Roof

Building Features

  • Building Type :
  • Building Roof Garden

Area Map


 

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