The Tri-State Investment Sales Group for Avison Young is exclusively marketing the sale of a renovated five-story, 24-unit, and 11,400-square-foot apartment building located at 332 East 9th Street in the East Village neighborhood of Manhattan. The asking price is $10,500,000.
An Avison Young team comprised of Senior Director Brandon Polakoff, Director Mitchell Levine, Associate Directors Sam Schertz and Eric Karmitz and Associate Jeremy Stenberg is marketing the asset on behalf of ownership.
332 East 9th Street is comprised of 13 free market units and 9 rent stabilized units. The property presents an exceptional opportunity for an investor to acquire an irreplaceable asset with tremendous value-add potential in the extremely desirable East Village neighborhood.
“The building is a true value-add building in a neighborhood that remains one of the most popular districts in Manhattan for both residents and retailers,” notes Brandon Polakoff. “We’re expecting strong interest in this property from numerous investors.”
An investor can unlock value by expanding the bathrooms and closets as well as improving the finishes in the free market units. The common areas such as hallways and entrance could also be significantly enhanced with cosmetic renovations and the addition of a virtual doorman. Furthermore, the curb appeal of the building could be improved with a façade restoration.
The property, situated between 1st and 2nd avenues, offers an excellent location in the emerging East Village neighborhood, which is home to upscale amenities, cultural institutions, shops and eateries and is considered a haven for the city’s many artists and students.
A short walk to the 6 train at the Astor Place station, 332 East 9th Street also is in close proximity to the L, Q, N, R and W trains, uptown, downtown and cross-town bus service and water taxi service at Stuyvesant Cove. In addition, the building provides easy access to the FDR Drive and Williamsburg Bridge.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, and multi-family and hospitality sectors.
