The Reel

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A blog for breaking sales and neighborhood real estate news.

A mixed-use building at 51 Hester Street, located between Essex and Ludlow Streets on Manhattan’s Lower East Side, was sold in an all cash transaction valued at $2,200,000.

The seven-story elevatored building is approximately 5,462 square feet and sits on a 22’ x 46’ lot.  The building is fully occupied with a store on the ground floor and five one-bedroom apartments above. The building was gut renovated in 2007, complete with a new elevator, mechanics, a two-story addition and a roof terrace. The sale price equates to approximately $402 per square foot and a capitalization rate of 4.5%.

“We were able to identify a group who intends to run their business out of the store,” said Massey Knakal Director of Sales Michael DeCheser who exclusively handled this transaction. “Our multilingual marketing efforts produced a premium for the seller,” added DeCheser.

Click here for press release

Neighborhoods: Lower East Side/ Agents: Michael DeCheser