A 58-unit, 12-story elevator apartment building at 200 East 11th Street, located on the corner of East 11th Street and Third Avenue in Manhattan’s East Village, was sold in an all-cash transaction valued at $57,000,000. The building contains 55 free market units and three ground floor retail units.
The 12-story elevator building currently stretches 105.5’ along East 11th Street and 129’ along Third Avenue. The apartments above are almost all oversized one bedroom units. All apartments have ample light and air as a result of the building being set back on all sides and being located on a corner. Currently, the retail is occupied by M2M, a grocery store, The Smith, a popular downtown restaurant and bar, and a copy shop. All retail spaces have useable lower levels. Since the building was built the area has been up zoned, meaning that there is potential to expand the ground floor retail and potentially expand the residential above.
The property was purchased by Jordan Vogel & Aaron Feldman, principals of Benchmark Real Estate Group, LLC a full service real estate company focused on acquiring and improving multifamily properties in New York City. Benchmark's in-house property management division improves assets through their hands-on technique, leasing, and construction, resulting in superior management efficiencies.
"When we began marketing, we weren’t sure if the building would stay rental or go condo. There is great potential for both. Rarely does a property come up that is all fair market with so much upside. Ultimately, Benchmark, which has a proven track record of improving rental buildings, will benefit by expanding the retail and upgrading the quality of the apartments above,” said Massey Knakal’s James P. Nelson, who handled this transaction along with Mitchell Levine and Matthew Nickerson. Century Realty Investors also advised the seller on the transaction. The property was sold by 200 Eleventh Associates.
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Neighborhoods: East Village