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

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.