150 East Broadway

The subject property is a 5-story mixed-use building located on the north side of East Broadway, between Rutgers and Pike Streets. The 6,250 SF building consists of 2 ground floor retail units and 7 residential units. The retail units have 10.4’ ceiling heights and run the full depth of the building. Of the 2 retail units, 1 is vacant and the other is occupied until July of 2015. The entire 2nd floor consists of 1 apartment which is owner occupied and will be delivered vacant. The remaining 6 apartments are Rent Stabilized and located on floors 3 through 5 (2 per floor). The building received recent improvements including a new gas boiler along with new gas meters and a water heating system (2 years old). The estimated Gross Rent Roll (if fully occupied) is over $285,000 with an estimated NOI of $211,000. There offering provides excellent upside potential considering the RS units are average $1,500 a month. East Broadway serves as the neighborhoods major retail corridor in Chinatown. 150 East Broadway is located one block away form Seward Park and steps form the F train station. Furthermore, there are many exciting developments nearby including the Jarmulowsky Bank Building at 54-56 Canal Street which is being converted into a 105-room boutique hotel. In addition, Essex Crossing (aka Seward Park Urban Renewal Area) is right around the corner and will feature 1.9 million square feet of residential, commercial, and community space situated on six acres. In addition to office space and 1,000 residential units, Essex Crossing will feature unparalleled amenities including shops, restaurants, a movie theater, park space, and cultural attractions.