Eastern Consolidated Selected as Exclusive Agent to Market Lower East Side Mixed-Use Building
NEW YORK, NY – December 11, 2015 –Eastern Consolidated has been selected as the exclusive broker to market a ±11,825-square-foot mixed-use apartment building on the Lower East Side at 125 Rivington Street, one block from the 1.9 million-square-foot Essex Crossing residential and commercial development. The asking price is $12 million.
The five-story walk-up, which has had the same ownership for 35 years, offers 12-foot ceiling heights throughout the building; a 2,500-square-foot ground floor retail store with basement space; and four, 2,200-plus-square-foot, loft-style residential units, of which three will be delivered vacant. Additionally, every floor has individually metered heating and hot water systems.
Deborah Gutoff, Senior Director and Principal of Eastern Consolidated, and Ronda Rogovin, Senior Director and Principal, are serving as the exclusive brokers marketing the building. Wade Hazelton is the financial analyst for the deal.
“This property presents an ideal opportunity for a user, owner-operator, or investor to reposition the property by renovating the vacant units and attracting an upscale retailer as well as millennials seeking to share a sought after loft apartment in the heart of the Lower East Side,” Gutoff said. “The building is only one block from Essex Crossing, the massive 1.9 million-square-foot residential, retail, entertainment, office, and community complex now under development, which will bring an influx of new residents, office workers, and visitors to the neighborhood.”
Rogovin noted, “The increased foot traffic Essex Crossing is expected to bring is already being factored into the area’s retail rents, which are well over $100 per square foot, a threshold rarely seen in the Lower East Side. In the very near future, Essex Crossing will serve as a magnet for New Yorkers and tourists who will flock to this area that was once viewed primarily as a weekend and nighttime destination for hip bars and restaurants.”
Construction has already started on Phase 1 of Essex Crossing, which will be comprised of nine sites on six acres and include 1,000 new apartments expected to come online in 2017; 250,000 square feet of office space; a 60,000-square-foot Regal Cinema movie theater; a 35,000-square-foot grocery store; a bowling alley; and an expanded Essex Market. The project is being developed by Taconic Investment Partners, L+M Development Partners, and BFC Partners.
Conveniently located nearly the F train at Delancey Street and J, M, and Z trains at Essex Street, 125 Rivington Street is within short walking distance to the New Museum and numerous contemporary art galleries, restaurants, and popular late night venues.
Founded in 1981, New York City-based Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms, offering services in three core divisions — Investment Sales, Capital Advisory, and Retail Leasing — that generate up to $4 billion in annual sales. Powered by a highly skilled team of over 75 brokers with a fluency in 15 languages, Eastern serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types throughout the city’s five boroughs. For more information, visit www.easternconsolidated.com and follow us on Twitter @EasternConsol.
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