44 Carmine Street

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a four-story, mixed-use, walk-up building located on the south side of Carmine Street between Bedford and Bleecker Streets. The building has been owned and operated by current ownership for 20 years. It consists of a retail space on the ground floor and cellar with four residential units. The 530 SF retail unit, renovated in 2015, is leased to Heirloom Woods, a purveyor of high end wood, through October 2025. The tenant pays $85,200/Year ($161/SF) and reimburses for 25% of the real estate taxes over base year 2016/2017. All of the residential units are FM one of which is currently owner-occupied. There is a Studio unit on the ground floor and three floor-through 1-bedroom units above all of which have exclusive access to outdoor space. The Studio was gut renovated in 2015 and features large windows overlooking a private garden, oak floors, stainless steel appliances, and ample storage. The 2nd-4th floor units were gut renovated in 2008 and feature washer and dryers and stone countertops. Along with a balcony the 4th floor unit has a 16' cathedral ceiling, gas fireplace, and a loft space currently being used as a 2nd bedroom. The property is located on the same block as highly-trafficked neighborhood spots such as Sweetgreen, The Grey Dog, Market Table, Jack's Wife Freda, Joe's Pizza, and Dos Toros. It is also steps from 35 Downing Street, where Emmy Squared, a Brooklyn hot spot, will open their first Manhattan location and further solidify the South Village as a top food destination. Additionally, it is two blocks south of the West 4th Street Subway stop serving the A, C, E, B, D, F, and M trains and equidistant from the Houston Street 1 train stop. This is a great opportunity to acquire an investment property with strong in-place cash flow and future upside in the retail and residential rents as well as a rare user deal in the heart of the Village.