New York, NY 10009
- Sq. Ft: 6,955
- Residential Units: 14
- Price per Sq. Ft: $790
John J. Stewart & Associates of Marcus & Millichap is the exclusive sales broker for 520 East 5th Street, a five-story walk-up mixed-use building between First Avenue and Avenue A in the East Village.
The subject property measures approximately 25 feet by 54 feet totaling approximately 6,955 square feet and sits on a 25 foot by 96-foot R7B-zoned lot. The property has minimal remaining developable rights and is not landmarked nor in an historic district.
The subject property contains four one-bedroom and twelve studio apartments. The apartments consist of two free-market apartments, thirteen rent stabilized and one rent controlled. Over the ownership period, approximately 40 percent of the apartments have been upgraded and modernized including new bathrooms, kitchens, windows and floors.
The building sits near Tompkins Square Park and St. Mark’s Place, one of the East Village’s main commercial street. The subject property will allow new ownership to expand within or enter into the East Village, 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.