94 Saint Marks Place

JLL has been retained on an exclusive basis to arrange for the sale of 94 St Marks Place, a six-story mixed use property (including theater space) located in Manhattan’s East Village neighborhood. The 7,200 gross square foot building contains seven residential units, two retail units and a unique theater space in the basement which serves as the long-time home to the iconic Under St Marks Theater. The theater space is an exceptional component reflecting the artistic pedigree of the neighborhood and nearly impossible to duplicate elsewhere. Currently, of the seven apartments, six are fully renovated and free market and one is rent stabilized. Renovations are nearly complete to create a full-floor, 5- bedroom, 2-bath unit on the 3rd floor which will allow the conversion to the coveted Tax-Class 2B designation. 61% of the property’s income is derived from the residential component and 39% from the commercial space. The 7 residential apartments are averaging $72 per square foot and the retail component is achieving $112 per square foot in rental income. The lower-level theater is approximately 1,000 square feet and currently rents for $66 per square foot. This rarely available location on St Marks Place is in the heart of an area that has experienced an immense transformation in recent years. This is illustrated by the number of luxury condominium and rental developments that have been built in the vicinity, as well as high-end restaurants and nightlife. The theater showcases original plays, improv groups, and musical performances and is currently featured in scenes from the hit show The Marvelous Mrs. Maisel. The theater has been a fixture of East Village culture since the 1970s and is extremely popular with a wide range of theater artists. It is truly unique to have the ability to own such an exclusive piece of New York history.