Cushman & Wakefield has been retained on an exclusive basis to sell a mixed-use building at 99 Suffolk Street. The property is located between Delancey and Rivington Streets on Manhattan’s Lower East Side. The asking price is $26,000,000.
The eight-story, elevator-serviced building contains approximately 29,600 square feet and sits on a 75.17’ x 100.19’ lot. Built in 2003, it consist of 40 units, of which 35 are rent stabilized (421-a) and five are ground floor community facility units leased to the Lower East Side Montessori School. The 35 residential units are all oversized, and the unit mix consists of three studios, 30 one-bedroom, and two two-bedroom apartments. The building benefits from a 421-a tax abatement program until June 2015.
The property is next to Essex Crossing, a recently approved mixed-use project, which would bring approximately 900,000 square feet of new apartments and 600,000 square feet of shops and community facilities to the Lower East Side. Additionally, the property is two blocks from the Delancey-Essex subway stop which is serviced by the F, J, M, and Z trains.
“Renovated apartment buildings in the Lower East Side are a rare commodity,” said Cushman & Wakefield’s Michael DeCheser, who is exclusively marketing this property. “The building is relatively new and enjoys tremendous upside potential in rents in the near term. Furthermore, a conversion to condominium is possible as well,” DeCheser continued.
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Neighborhoods: Lower East Side/ Agents: Michael DeCheser