Massey Knakal broker Joseph Sitt, the exclusive agent on the sale, tells GlobeSt.com that the seller, Emmut Properties hopes to attract multifamily operators, but he did not disclose any reasons for selling. The paint is still drying, Sitt says, noting that the building, located between avenues A and B, is a new construction.
The building, located three blocks from the subway, was built energy efficient in 2008. The units are broken down into 13 studios, seven one-bedrooms, five two-bedrooms, one three-bedroom and seven community facility units. The property contains approximately 32,870 sf.
Sitt notes that potential buyers will be attracted to the fact that the building is energy efficient "with individual PTAC [Packaged Terminal Air Conditioner] units, and will be virtually maintenance free."
Sitt continues that "elevator apartment buildings rarely trade in the East Village, and no others are on the market that I'm aware of right now," he says. "Asking price of $528 per sf is inline with other building classes currently on the market in the area, but most of those were built circa 1900s. This was built high end in 2008 with an elevator, and is ADA compliant."
No bid date has been set as of yet. Sitt says that "despite poor market conditions, buyers have shown significant interest."
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