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A blog for breaking sales and neighborhood real estate news.

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.

Click here for press release

Neighborhoods: East Village/ Agents: John Ciraulo