MultiFamily Property at 248 Elizabeth Street in New York

Marketing description

The New York Multifamily team is pleased to offer the following opportunity located in the booming NoLItaneighborhood. 248 Elizabeth Street is located on the East side of Elizabeth Street between Prince & East Houston Streets. Theproperty boasts a gross square footage of 7,500, is zoned C6-2 / R8, and is built 24 ft x 59 ft on a 24.25 ft x 81.67 ft lot (Block: 507;Lot: 12

Investment highlights

• Building Overview: 248 Elizabeth Street is a meticulously maintained, mixed-use trophy asset spanning a total of 7,500 squarefeet. Falling into the highly-desirable tax class 2B protected status, taxes can increase by no more than 8% annually, and by nomore than 30% over any given 5-year period. The asset comprises 7 residential units, with a diverse mix of one, two, and four-bedroom apartments, and two ground floor retail spaces. 71% of the units are free market, providing strong future incomepotential. Additionally, the majority of the free-market units fall above the luxury threshold for Good Cause Eviction, providingany investor with the ability to dictate rents and capitalize on the rental growth in the booming NoLIta submarket.

• Finished Product Turnkey Asset with Retail Upside: 248 Elizabeth Street recently underwent significant, top to bottomrenovation since acquisition. The 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 inNoLIta. Additionally, both retail spaces are currently rented below market. Similar spaces on the block consistently commandover $300/sf, providing considerable upside while capitalizing on a strong existing stream of cash flow.

• Unrivaled Location: World renown as one of the best blocks in NoLIta, let alone New York City, 248 Elizabeth Street is nestledon the prime retail corridor between Prince & East Houston Streets where retail rents command over $300/sf and residentialrents continue to boom. Strategically & conveniently located steps from SoHo, Little Italy, the Elizabeth Street Garden, New YorkUniversity, Washington Square Park, and internationally-acclaimed bars & restaurants, any purchaser or investor will benefitfrom 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 locationhas to offer.