New York, NY 10009
- Sq. Ft: 7,535
- PRICE PER SQ. FT: $730
- Apartments: 10
- Commercial Units: 2
Marcus & Millichap is the exclusive sales broker for 411 East 9th Street, a mixed-use property between First Avenue and Avenue A in the East Village.
The subject property comprises two buildings and sits on a 25 foot by 92.25-foot R8B-zoned lot (max F.A.R. is 4.0). The five-story front building measures approximately 25 feet by 54 feet totaling approximately 6,723 square feet and the two-story back building measures approximately 25 feet by 15.02 feet totaling approximately 750 square feet. The property has approximately 1,683 square feet of remaining developable rights and is not landmarked nor in an historic district.
The subject property contains ten two-bedroom apartments which include two apartments located in the rear building. The apartments consist of five free-market and five rent stabilized units. Over the current ownership period, fifty percent of the apartments have been upgraded and modernized including new bathrooms, kitchens, windows and floors. The two commercial spaces total approximately 1,110 square feet and are occupied by Kappadigital, a marketing agency, and Maria Mok Salon, a boutique hair salon.
The building sits next to Performance Space New York which hosts more than two dozen monthly art and theater productions. Tompkins Square Park and St. Mark’s Place, the East Village’s main cultural street, are one block away. The subject property will allow new ownership to own within the East Village sub-market, a core Manhattan neighborhood with historically low vacancy, steady residential and commercial rent growth and that is in high demand by students and younger residents for its affordability and extensive retail options.