Updated 10 years ago
Sold
43,520 Square FeetRental Property
$31,500,000
floors / apts6 / 48
Lot Size99'x105'
Built Size99'x89'
ZoneR8B
Building TypeLow-Rise
Price Per SF
$724
This property was sold for $16,700,000 on 02/28/26.
Building Amenities
- Video Intercom
- Bike Storage
- Elevator
- Laundry Room
- Storage
Property Description for 176 East 3rd Street
176 East 3rd Street is located between Avenues A and B and features almost 100' of frontage along East 3rd. Standing six stories tall, the building encompasses a total of 43,520 gross square feet and currently contains 48 residential units, 1 commercial unit and 1 professional unit. Currently, 27 units are rent regulated, 21 are free market, and one free market unit is occupied by the building's super. The building possesses substantial upside potential as it is still approximately 56% rent stabilized. Currently, the building is renting at an average of $39.00 per net square foot with the RS units averaging approximately $19.00 per net square foot. These figures illustrate that there is still a tremendous amount of additional revenue available to capture. Over time new ownership should have the opportunity to turn over some or all of the remaining stabilized units, convert them to free market apartments and increase their annual gross revenue by over $1,000,000. The property is part of The East Side Elevator Portfolio, a five building multifamily portfolio available for purchase.
Listing History for 176 East 3rd Street
Now
11/18/2014
$31,500,000
Sold and Closed by Robert Knakal
Cushman & Wakefield
09/04/2014
Contract Out by Robert Knakal
Cushman & Wakefield
Building Details for 176 East 3rd Street
OwnershipRental Property
Building TypeLow-Rise
Service LevelVideo Intercom
AgePre-War
AccessElevator
Year Built1931
Floors/Apts6/48
Transit and Citi Bike
Subway
2 Av
0.3 miles
Delancey St-Essex St
0.37 miles
Citi Bike
E 2 St & Ave B
0.07 miles
E 4 St & Ave B
0.08 miles
East Village | Manhattan
Quick Profile
The East Village has two distinct moods. By day, it is quiet and peaceful. Everyone is out and about, either working or relaxing at Tompkins Square Park, strolling or jogging along the East River, or hanging out in one of the subsets of cultural activity, such as St. Mark’s Place.
But then night falls, and the East Village comes to life, keeping the entertainment and nightlife going long after the other neighborhoods have called it quits for the night. People from all five boroughs flock to the dive bars and speakeasies, head for their favorite cafes and restaurants, or drop in to a music venue to listen to hot tunes or cool jazz and dance the night away. Don’t worry, you don’t have to “know somebody” to gain admittance to even the most popular venues. You won’t find velvet ropes, bouncers, or and a waiting list at the door of most places. Just walk right in and enjoy yourself.
Be prepared for the increased population during fall through spring, when NYU is in session. College students will be everywhere, contributing to the youthful essense of the neighborhood.
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 53108TH
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