118-122 East 4th Street

Massey Knakal Realty Services has been retained on an exclusive basis to arrange for the sale of three adjacent walk-up apartment buildings; one 6-story, one 5-story and one 4-story that includes newly added bulkheads to private terraces. The buildings are on two lots with 75’ of frontage, approximately 26,000 gross square feet and 69 units. Located just east of Broadway and the Bowery in one of New York City’s most famous and desirable neighborhoods, the East Village is known for its diverse community, vibrant nightlife, retail diversity, restaurant density, artistic sensibility, and recent gentrification. The buildings feature 69 apartments split between 47 fair market and 22 rent stabilized units of which there are 31 studios, 34 one-bedrooms, 3 two-bedrooms, and 1 three-bedroom. The fair market apartments have been fully gut renovated and feature beautiful dark hardwood floors, dark cabinetry, stainless steel appliances, granite countertops, marble bathrooms, new moldings, and high-end light fixtures. Current ownership has also completely renovated all of the building’s common areas, installed a coin-operated laundry room, upgraded the electric, repointed the facade wherever necessary, re-paved the courtyard, which has beautiful decorative stone that includes a bike rack as well as installed a new intercom system, private roof decks, and private backyards in the 118 building. These improvements have dramatically increased the amount of upside to be realized with the building’s 22 remaining regulated units. With still more upside, 118 & 120-22 East 4th Street currently has gross income of approximately $1.68 million and poses a unique investment opportunity in a great neighborhood.