A mixed-use building at 221 First Avenue, located between East 13th and East 14th Streets in Manhattan’s East Village, was sold in an all cash transaction valued at $4,400,000.
The four-story property is approximately 3,954 square feet and sits on a 22’ x 56’ lot. There are three fully renovated three-bedroom apartments that are free market. The 1,050 square foot retail unit on the ground floor is currently leased to Señor Pollo, a Latin American chicken and sandwich bistro. The 3 floor-through apartments which rent on average for $4,900 per month benefit from fireplaces, exposed brick, and either a private roof deck or large terrace. The property also benefits from its close proximity to transportation, shopping, dinning and parks. The sale price equates to $1,112.80 per square foot, a 6.40% capitalization rate and 13.35 Gross Rent Multiple.
“This sale represents the highest price per square foot ever paid for a mixed-use investment property in the East Village,” said Massey Knakal Vice Chairman John F. Ciraulo who exclusively represented the seller with Director of Sales Craig M. Waggner.
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Neighborhoods: East Village/ Agents: John Ciraulo