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245-247 East 10th Street, M...

@DaveanHoldings Acquires Mixed-Use Property On East 10th Street For $10.4M
SOLDMixed-use

@DaveanHoldings Acquires Mixed-Use Property On East 10th Street For $10.4M

245-247 East 10th Street, Manhattan, New York, NY, USA

$10,400,000

$1,014/SF

Building Size

10,250 SF

Asset Type

Mixed-use

Closing

Oct 1, 2021

AI

The mixed-use property located at 245-247 East 10th Street, also known as 164 1st Ave in East Village, Manhattan, was sold in a recent transaction. The property is zoned as R7A with C1-5 commercial zoning and falls under tax class 2B. Spanning over 10,250 square feet, the property offers a mix of residential and commercial spaces.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: $10,400,000
  • Address: 245-247 East 10th Street (AKA 164 1st Ave.)
  • Market: East Village, Manhattan
  • Zoning: R7A, C1-5
  • Tax Class: 2B

The buyer of the property was Davean Holdings, represented by Sean Lefkovits and David Lloyd. The seller was Louise Pfister. Brandon Polakoff from Avison Young served as the broker for the transaction.

Notably, the property was acquired off-market from long-term ownership. The residential portion of the property is free market and presents significant upside potential due to its location as a corner unit, providing extra light and air. The corner commercial portion accommodates three under-market retail tenants and generates additional income from a cell tower on the roof. Situated on the northeast corner of 10th Street and First Avenue, the property boasts a highly desirable location, just steps away from Union Square, Astor Place, and Thompson Square Park.

Players

Brandon Polakoff

Avison Young

Broker

$1.8B

vol

124 deals

Broker
Sean Lefkovits

Sean Lefkovits

Davean Holdings

Buyer

$295.5M

vol

34 deals

Buyer

Louise Pfister

Seller

$17.9M

vol

3 deals

Seller

New York Mixed-use Market Snapshot

Boundary boundary · Mixed-use · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.53%

Cash-on-Cash

-0.44%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93