104 Suffolk Street

Massey Knakal Realty Services has been retained to sell 104 Suffolk Street. The subject property is a five-story walk up building, located on the east side of Suffolk Street between Rivington & Delancey Streets. There are 20 residential units of which 14 are Free Market and 6 are Rent Stabilized. There are 18 one bedroom apartments and 2 duplexes. Recent renovations include the entrance, common areas and roof. In addition, a dual fuel burner was installed in October. The property poses significant upside potential in the rents, as the free market one bedroom units average approximately $2,000 per month, and the RS units averaging approximately $791 per month. The gross annual revenue is approximately $430,000 and the estimated expenses are approximately $155,000. With a vacancy and credit loss, the Net Operating Income is approximately $267,000. The building is steps from a number of new developments, including the Seward Park Urban Renewal Area (SPURA). Community Board 3 recently approved the city’s land use application for a 1.65 million square foot mixed-use project, which would bring approximately 900,000 square feet of new apartments and 600,000 square feet of shops and community facilities to the Lower East Side. Neighbors include The Lower East Side Tenement Museum, a new hotel to the south on Delancey Street, The Blue Building and more. In addition, the property is one block east from the Delancey Street-Essex Street subway stop which is serviced by the F,J,M,Z trains.