111 East 12th Street

111 East 12th Street represents a great investment, development, or live/ work opportunity located on a prime street in the dynamic Union Square neighborhood. Union Square Park and all major commercial corridors are steps away. A new 740 unit NYU dormitory being built directly across the street will add to the strong consumer demand for local retail and service businesses. 111 East 12th Street can be bought as a package deal with 113 East 12th Street for a combined street frontage of 50’ and approx. 32,000 sq. ft. of usable floor area. The combined income for 111 East 12th Street and 113 East 12th Street is $1,165,500. 111 East 12th Street is an 8,322 sq. ft., six-story elevator townhouse on a 25 x 106.5’ lot with two commercial units and eight residential units. The property has 7,483 sq. ft. of unused air rights and the property is not landmarked or located within a historic district.. The retail space is approximately 4,400 sq. ft. and is comprised of a 2,200 ground-level floor-through open loft space and 2,200 sq. ft. of renovated sub-grade floor area that has elevator access and 9.5’ ceilings. There is a 10 year lease in place for the retail space. The office space is approximately 2,200 sq. ft. and is comprised of a second floor, floor-through loft space. The office space is leased until 12/31/2008. Floors three through six each have two beautifully renovated alcove studios for a total of eight alcove studios. One of the 3rd floor alcove studios has a large (approx 300 sq. ft.) outdoor terrace. All of the residential units are free-market and fully occupied. All residential leases expire within one year. All utilities have been recently updated and the building has a sprinkler system that complies with current code. The total net income for 111 E 12th Street is approximately $438, 332. Call William today at (646) 206-8080 for more details and to arrange your own private showing.