235-237 East 14th Street

The subject property is a 52' wide, 7-story plus basement, approximately 22,254 gross square foot apartment building with an elevator located in the Union Square / East Village neighborhoods. The property, situated on the north side of East 14th Street between Second and Third Avenues, contains 17 low income housing units and a retail space. The building, erected in 1988, has approximately 4,300 square feet of retail space on the ground floor and approximately 18,019 square feet of residential floor area on floors 2 through 7. The retail store is leased to IHOP Restaurant for 20 years with two 10-year options. The stores current rent is $45,833 per month or $550,000 per annum with rent increases of 10% every 5 years. This IHOP location is one of the top performing in the country.