Updated 6 years ago
Sold
49 Essex Street
Chinatown, Manhattan | Hester Street & Grand Street
10,925 Square FeetRental Property
$4,450,000
floors / apts6 / 15
Lot Size25'x87'
Built Size25' wide
ZoneC6-2
Building TypeLow-Rise
Price Per SF
$407
Building Amenities
- Voice Intercom
Property Description for 49 Essex Street
> 49 Essex Street is a 6 story mixed-use building located on the west side of Essex Street between Grand and Hester.
> The lot is 25’ x 87’ (approx.) for a total footprint of 2,188 SF.
> The building is approximately 10,925 SF (above grade) plus a 1,750 SF cellar.
> There are 15 apartments (2 rent controlled, 4 free market, and 9 rent stabilized) and 2 stores.
> The building is currently fully occupied.
> There are approximately 2,247 SF of air rights.
>
The current gross rents total $276,829 per year.
> Expenses are approximately $85,829 per year for a Net Operating Income of $191,000.
> This is an excellent opportunity for an investor to take advantage of.
> The average apartment rent is $23.50 per SF (less than 50% of market value).
>
Listing History for 49 Essex Street
Now
04/12/2010
$4,450,000
Sold and Closed by Michael F. DeCheser
Cushman & Wakefield
2010
Building Details for 49 Essex Street
OwnershipRental Property
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Floors/Apts6/15
Transit and Citi Bike
Subway
Delancey St-Essex St
0.16 miles
East Broadway
0.2 miles
Grand St
0.26 miles
Bowery
0.35 miles
2 Av
0.48 miles
Citi Bike
Orchard St & Grand St
0.08 miles
Norfolk St & Broome St
0.09 miles
Chinatown | Manhattan
Quick Profile
The roots of Chinatown are said to go back as far as 1858, with the arrival of Cantonese businessman, Ah Ken. Ah Ken made his fortune selling cigars and is thought to have set up the first boarding houses for Chinese immigrants.
Vibrant and bustling, in New York City’s Chinatown, you’ll find the biggest population of Chinese people in the Western Hemisphere. Although Chinatown was established mostly by Cantonese speakers, due to an influx of Fuzhounese speaking Chinese immigrants and Mandarin being the official language of China and Taiwan, Mandarin has become vital to the dynamic tableau that is Chinatown.
Centered around Chatham Square and Columbia Park, Chinatown is transportive yet quintessential New York. Traveling the cozy corridors of Chinatown, bask in the varied languages and cultural diaspora, uniquely American and yet universal. Witness the roots of a place where a community was allowed to grow within a community, a world within a world. See it in the statues, architecture, and signage throughout Chinatown. Smell it seeping out from the multitude of dim sum restaurants, noodle houses, and speakeasies that reside here. Pick up a bao and wander the markets for deals and explore the sometimes brutal historic sites.
Chinatown is developing. Much of the lower-income housing once available in the area are being refurbished and sold. As a result, the community and its demographic makeup are diversifying.
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 26744TH
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