Three buildings at 118 and 120-22 East 4th Street, located between First and Second Avenues in Manhattan’s East Village, were sold in an all cash transaction valued at $11,500,000.
The buildings were situated on two lots, with a combined 75’ of frontage, and approximately 26,000 gross square feet. The properties consist of 69 residential apartments with a unit mix of 24 one-bedroom apartments and 45 studios. With the tenant mix consisting of 40 rent stabilized and 29 free market apartments. The properties are well kept with new brass plumbing, updated and rewired electric, two new gas burners, a newly installed laundry room and many renovated apartments. The sale price reflects a 5.78% “in-place” cap rate, 10.67 gross rent multiple and $442 per square foot.
The Seller was Bruce Miltenberg of Bread & Butter Realty, LLC.
“This sale demonstrates the strength of investor appetite for the multifamily rental marketplace that the East Village offers. We have found investors are extremely attracted to the low turnover rate of the tenants and the ease with which it takes to re-rent the apartments that do become vacant. In these buildings in particular it, is uncommon to have a vacancy for more the 2-3 days,” said Massey Knakal Vice Chairman and Partner John Ciraulo who exclusively handled this transaction with Massey Knakal First Vice President of Sales Joe Sitt and Director of Sales Craig Waggner.
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Neighborhoods: East Village/ Agents: John Ciraulo