175-179 MacDougal Street

Two block and lots which combine for an L shaped parcel with 75’ of frontage on MacDougal and almost 45’ of frontage on West 8th Street. Between the buildings, there are a total of 9 stores and 10 rent regulated apartments.
175-177 MacDougal Street, which was built in 1837 in the Greek revival style, consists of two mixed-use buildings overlooking the historic MacDougal Alley and steps from Washington Square Park. The buildings consist of 10 apartments with average rents of $1,562/month or $17/NSF, which are 25% of market. There are also two retail spaces and two commercial spaces with $45/SF average rents which are also below market. 177 MacDougal Street has a C of O for store use group 10 on floors Cellar-2nd and three apartments above. Heat and hot water is supplied by 175 MacDougal Street.
40-42 West 8th Street (AKA 179 MacDougal Street) consists of a one story building with 5 retail tenants with average rents of $77/SF. Two of the stores encroach onto 175-77 MacDougal’s backyard. This property makes an L with 25’ of frontage on MacDougal and almost 45’ on West 8th Street. There is a lower level cabaret C of O for 210 people which runs the entire lower level of the property. The club was originally known as Bon Soir where Barbara Streisand performed. Retail stores have tremendous upside, as national tenants like Dallas BBQ and Le Pain Quotidien have come to the block.