199 Second Avenue

Located at the nexus of New York City’s most dynamic neighborhoods – East Village, Greenwich Village, Gramercy, and Union Square – this high traffic property makes sense for users or investors offering numerous opportunities to utilize or re-work the space. The buildings charming pre-war façade offers an old world classic New York feel in one of the most vibrant and lively sections of downtown Manhattan. The building is close to all major subways, along with some of the best restaurants, bars, and shopping the city has to offer. This property offers a tremendous opportunity with great upside and has not been on the market for over 40 plus years.

Meticulously maintained, this mixed-use 5 story townhouse building is comprised of 4 authentic floor-through income producing lofts with soaring ceilings and timeless detail. In addition, a quaint yet expansive retail space allows for maximum exposure and could prove fruitful for any type of business. The extra large dry basement with 8 foot ceilings, coupled with street and interior access can also serve as storage for both the residential units as well as the commercial space. The building just had its roof, mechanicals, boiler, and electric updated. The max allowed FAR is 4, and the FAR as built is currently 3.78, and is being sold with no rent stabilized tenants in place. Current rent rolls are substantially below market value, bring your architect!

Increasing values of rents in the area make this an investment with great upside and steady profits. The building is 21 ft. × 73 ft. with an overall sq. ft. of 7,140 (approx) with 5,712 of residential sq. ft. (approx 1,428 per floor) and 1,428 sq. ft. of retail/commercial (approx) a basement for storage, along with 400 sq. ft. of air rights. Each unit is separately metered for gas and electric. Please inquire for the full financials, operating costs, annual and projected income.
View full listing information on waldrealestate.com/portfolio