Multifamily Property at 239 Elizabeth Street in New York

Marketing description

The New York Multifamily team is pleased to offer the following opportunity located in the booming NoLIta neighborhood. 239 Elizabeth Street is located on the West side of Elizabeth Street between Prince & East Houston Streets. The property boasts a gross square footage of 7,670, is zoned C6-2 / R8, and is built 20 ft x 75 ft on a 20 ft x 90.25 ft lot (Block: 508; Lot: 42).

Investment highlights

• Building Overview: 239 Elizabeth Street is a meticulously maintained, mixed-use trophy asset spanning a total of 7,670 square feet. Falling into the highly desirable tax class 2B protected status, assessed values can increase by no more than 8% annually, and by no more than 30% over any given 5-year period. The asset comprises 11 residential units over ground-floor retail, with a diverse mix of studio, one, and two-bedroom apartments. Additionally, two rent-stabilized apartments will be delivered vacant upon sale, providing flexibility for future ownership to house friends & family members.
• Finished Product Turnkey Asset: 239 Elizabeth Street recently underwent a significant, top-to-bottom renovation since acquisition. The free market residential units offer brand new high-end finishes that rival condominium-level quality. Features include hardwood flooring, custom kitchen cabinetry, stainless steel appliances, and modern bathroom fixtures. All free-market units have been updated with luxury-grade materials to appeal to discerning renters seeking premium living spaces in NoLIta. Asking a 6.5% CAP rate, any investor can capitalize on a strong existing stream of cash flow while capturing the increase in demand for both retail and residential in Manhattan’s most premier submarket.
• Unrivaled Location: World-renowned as one of the best blocks in NoLIta, let alone New York City, 239 Elizabeth Street is nestled on the prime retail corridor between Prince & East Houston Streets, where retail rents command over $300/sf and residential rents continue to boom. Strategically & conveniently located steps from SoHo, Little Italy, the Elizabeth Street Garden, New York University, Washington Square Park, and internationally-acclaimed bars & restaurants, any purchaser or investor will benefit from this location for generations to come. Additionally, given its immediate and central proximity to incredible transportation, restaurants, and other amenities in the NoLIta neighborhood, high-profile renters are eager to pay a premium for all this location has to offer.