534 East 14th Street

Located on the south side of the street between Avenue A and Avenue B, 534 East 14th Street contains a gross square footage of 7,246. The property is built 25 feet by 68 feet deep and sits on a 25 foot by 103 foot lot (Block:00407 Lot:0025). The property is zoned C1-6A and contains approximately 3,078 square feet of unused air rights. The subject property is a 5-story, mixed-use, walk-up building containing 15 residential units, 2 ground floor retail units and a cell tower. Of the 15 apartments, there are 14 studios and one 1-bedroom. All of the apartments are rent stabilized and contain an average legal rent of approximately $2,400. With an actual average rent of approximately $1,769 per month, this provides an investor significant immediate rental upside. The property contains two retail tenants: ABC East 14 Cleaners, which occupies 800 square feet with a month-to-month lease and New Tasty King, which occupies 800 square feet and is also on a month-to-month lease. The two tenants are paying an approximate average of $109 per square foot. The property is located adjacent to Extell’s new development which will have over 30,000 square feet of retail asking $250 per square foot. Further retail upside can be recognized by building out the retail space using the property’s additional air rights. The property also features a cell tower on the roof, which pays $750 per month and has a lease expiring on June 30, 2019. This offering represents a rare opportunity to acquire a mixed-use building with tremendous rental and retail upside in the East Village neighborhood. The property is located four blocks away from both Union Square and Thompkins Square Park. The property is also located adjacent to Extell’s new development that will feature 150 units and approximately 30,000 square feet of brand new retail space.