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|Property Type||Living / Multi-housing,Multi-housing / PRS|
JLL has been retained on an exclusive basis to market for sale 444 East 13th Street (herein referred to as the “Property.”) Located in Manhattan’s East Village neighborhood, the Property is a six-story, 17-unit mixed-use walk-up building totaling 12,384 square feet. Of the 16 residential units, eight are Free Market (50%), while the remaining eight (50%) are Rent Stabilized. The units consist of a mix between, one-bedrooms (4), two-bedrooms (9), three-bedrooms (3). The commercial space is currently vacant and is approximately 812 square feet with a full basement space featuring 8.5’ ceiling heights. The property is currently in the Alternative Enforcement Program (AEP), and ownership is actively working towards performing the necessary work to remove the building from this program.
The Property has recently undergone extensive renovations to the residential portions of the building. Among the residential renovations in the Free Market apartments are new stainless appliances, granite countertops, custom cabinetry, marble bathrooms clad with sleek subway tile finishes. Paired with the exposed brick and ample natural light, the recent high end renovations will allow investors to achieve top of the market rents. In addition to the recent boom in residential rents throughout the East Village and downtown Manhattan, an investor will also have the opportunity to lease the retail space, or, potentially, convert it into more residential apartments, per the Property’s R8B zoning.
This northern portion of the East Village has experienced an immensely positive transformation in recent years, illustrated by the multitude of luxury condominium and rental developments that have been built in the vicinity, such as EVGB, Steiner East Village, and the Nathaniel. The neighborhood boasts high-end restaurants and lively nightlife, with the likes of Momofuku, Hearth, Solas, and The Blind Barber becoming staples of the East Village social scene.
In terms of connectivity, the Property is situated in an ideal location with immediate access to the L train one block away and a very short walk to major train lines (4, 5, 6, N, Q, R, W) at the Union Square and Astor Place subway stations.
444 East 13th Street offers the opportunity to obtain a recently renovated mixed-use property in a popular rental neighborhood with a history of low vacancy.
- High-End Residential Renovations
- Walking Distance to Union Square and Astor Place
- Diverse Unit Mix
- Convenient Access to Public Transportation (4, 5, 6, N, Q, R, W, L Train Lines)