NEW YORK CITY—Three contiguous mixed-use apartment buildings on Ridge Street on the Lower East Side are on the market for sale with an asking price of $59 million for the portfolio.
The properties at 198-200 Rivington St., also known as 106-108 Ridge Street, 110-114 Ridge St. and 118 Ridge St., contain 61 rental housing units that have asking rents well under market for the area, according to Eastern Consolidated, which has been retained as the exclusive leasing agent for the portfolio. The buildings have been owned by the same ownership for more than 30 years.
The 61 rental units include many large, uniquely laid-out loft-style apartments, many containing more than one bedroom and outdoor spaces. The portfolio also features three occupied retail stores and a newly-rented community facility space of more than 6,000 square feet.
The properties are located just north of Essex Crossing (in the Seward Park Urban Renewal Area), the planned and soon to be constructed one million-square-foot mixed-use development site.
"This portfolio presents a rare opportunity for an investor to acquire a well-positioned, sizeable asset in one of Manhattan's hottest neighborhoods," says Deborah Gutoff, Esq., a senior director and principal with Eastern Consolidated. Gutoff, Senior Director and Principal Ronda Rogovin and Senior Director Benjamin Tapper exclusively represent the seller. "Vivid nightlife and a seemingly unlimited supply of new restaurants, bars and trendy shops make the Lower East Side a popular destination for New York's professional millennial generation," Gutoff adds.
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