53-55 First Ave

Massey Knakal Realty Services has been retained on an exclusive basis to arrange for the sale of 53-55 First Avenue, two adjacent, mixed-use buildings located in the coveted East Village neighborhood of Manhattan. The two 5 story buildings are situated on the west side of First Avenue between East 3rd and East 4th Streets. Combined, the buildings total approximately 18,240 gross square feet and contain 22 residential apartments and 1 commercial unit. Of the residential units, 9 are currently fair market, 12 are rent stabilized and 1 is rent controlled, ranging in size between studios through 2 bedrooms. By achieving market levels through renovations, vacancy turnovers and deregulation of units, future ownership has the opportunity to substantially increase their bottom line and realize the building's full potential. Additionally, the single commercial space is owner occupied by H. Brickman & Sons and encompasses the ground floor of both buildings totaling approximately 3,840 rentable square feet. Current ownership is requiring a lease-back of the commercial space with a 30 year term starting at $20,000 per month with 2% annual increases during the first 20 years. In year 21, the monthly rent will automatically increase by an additional $10,000 over the previous year’s rent with 3% annual escalations for the final 10 years. H Brickman and Sons will also be responsible for 25% of the increase in real estate taxes over the base year (2014-2015). The company's origin dates back to the 1930’s when it first opened at 53-55 First Avenue. Since then, Brickman & Sons has expanded with two additional locations in Manhattan illustrating its long-lasting success and providing prospective investors with long-term commitment to their space. 53-55 First Avenue greatly benefits from its prime location in the East Village, arguably one of Manhattan's most desirable residential neighborhoods. Known for its abundant selection of eateries, galleries, clubs, retailers, and nightlife options, the neighborhood attracts a diverse group of residents, further contributing to the continuously high demand for the area. Additionally, the property's close proximity to the B, D, F, M and 6 subway stations provide its residents convenient and accessible transportation options connecting them with all corners of New York City. Overall, the offering presents an outstanding opportunity for investors to purchase an asset within Manhattan's highly sought after submarket featuring robust in-place cash flow with potential to substantially increase its gross revenue both near term and over time, unlocking the building’s full potential.