$11,500,000
Updated 11 years ago
Off Market

197 Madison Street

Lower East Side, Manhattan | Pike Street & Rutgers Street

11,321 Square FeetIncome Property

$11,500,000
floors / apts6 / 20
Lot Size25'x84'
Built Size25'x79'
ZoneR7-2
Building TypeLow-Rise
RE Taxes$39,857
Price Per SF
$1,016

Building Amenities

  • Voice Intercom

Property Description for 197 Madison Street

A 6-story, mixed-use, walk up building located at the northwest corner of Rutgers Street and Madison Street. The property consists of 4 ground floor retail units with 20 residential units above. 15 of the residential units are free market and 5 are subject to rent stabilization. 12 of the units are newly renovated and 3 are currently being renovated. The common areas have been gut renovated and a new gas boiler was installed in 2013. The property sits on top of the F train entrance giving it great retail appeal and excellent commuter access. The retail units also benefit from over 84’ of frontage on Madison Street and 25’ of frontage on Rutgers Street. It is within close proximity to the Seward Park Urban Renewal Area which will drive foot traffic and long term value growth in the neighborhood. There is an assumable mortgage on the property of up to $8 Million at 3.375% APY.

Listing History for 197 Madison Street

Now
11/19/2015
POM by James P. Nelson
Cushman & Wakefield
06/11/2015
$11,500,000 [-$7,500,000] [39.5%]
Price Drop by James P. Nelson
Cushman & Wakefield

Building Details for 197 Madison Street

OwnershipIncome Property
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1901
Floors/Apts6/20
Learn More About the Building

Transit and Citi Bike

Subway

East Broadway
0.07 miles
Delancey St-Essex St
0.41 miles
Grand St
0.42 miles

Citi Bike

Rutgers St & Henry St
0.04 miles
Canal St & Rutgers St
0.11 miles

Contact Agents

Contact Agents

James Nelson
Cushman & Wakefield
Mitchell Levine
Cushman & Wakefield
Michael DeCheser
Cushman & Wakefield

Lower East Side | Manhattan

Quick Profile

Bursting with energy at every turn, the Lower East Side is one of the most historic neighborhoods in all of Manhattan. Rooted in immigrant history, the bulk of European and Eastern European migration that occurred in the late nineteenth through the early twentieth century took place here, where the Tenement Museum remains one of the best ways to become acquainted with how early residents of the neighborhood lived.

The unique and eclectic mix of building styles--ranging from low- and high-rises to luxury and historic buildings--begins immediately upon entering the area via the Manhattan or Brooklyn Bridge, known as Two Bridges, itself a neighborhood that has also long been known for its immigrant population. With its historic district placed in the National Register of Historic Places, many of its oldest churches, such as Mariners Temple and St. James Church remain a preserved part of the district’s storied past. 

While the LES has long been a hub for aspiring musicians and artists, the area has increasingly transformed its demographic as it welcomes a more affluent sect of residents with the advent of condos and luxury spaces.

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: 57322TH