Description

Division Street, which is a 26′ wide three story mixed-use building. The property has a restaurant on the ground floor  and has two floor-through apartments above.


The properties location faces three streets, Orchard, Canal and Ludlow Streets. The store portion will always do well because it has traffic from all three streets, also the F train is located down the block. The property will get more traffic since it’s near from the Jarmulowsky Bank Building which is being converted into a hotel.


Both apartments are spacious and a little over 1,400 square feet, the top unit has access to the roof, the second floor unit has access to the back yard. The restaurant has access to the basement. The property has a beautiful golden facade along with the 5,623 square feet of air rights which can be used to add three more floors. All these factors makes the property a prime investment and development opportunity that will increase in value in the future.


MIXED-USE BUILDING FOR SALE
PRIME INVESTMENT/DEVELOPMENT OPPORTUNITY
CAN DELIVER VACANT
DIVISION STREET
NEW YORK, NEW YORK


Location: South side of Division Street between Rutgers and Pike Streets.


Lot Size (Built): 26′.4” x 63′ (55′)
Stories: Three (3) Plus Basement
Square Footage: 4,356
Zoning: (FAR): C6-2 (6.0) R8 Equivalent (6.02)
Total Buildable: 9,979 Height Limit 120′
Available Air Rights: 5,623
Assessment: $420,660
Real Estate Taxes: $44,324.96 (19/20)


A 26’ wide 3-story mixed-use building with a restaurant on the ground floor and two floor through loft units above. The restaurant  is paying $11,139 per month with a 3% increase per year. They pay 40% of the real estate tax increase. Their lease expires in 10/26.


The second floor is a commercial loft unit, which can be used for live work. It has two bedrooms in the rear; a full kitchen in the middle, the front of the unit can be used as an office or living area. It comes with a full bathroom, a foyer and 12’ tiled ceilings. There is also a visual intercom system. This unit is rented for $4,000.00 per month and the lease expires on 11/30/20


The third floor is a beautiful floor through one-bedroom loft apartment with nice architectural details. It has a big living area in the front, a full kitchen in the rear. The unit has a full bathroom, a foyer, a dinning area and extra storage space. Current tenant is paying $6,050.00 per month, occupies it and their lease expires in 7/31/21. Both units are in good condition.


The property has a beautiful brick façade, and is an excellent investment or development opportunity. The property is getting great income from the restaurant which has a lease that expires in 2026 also great income from the second and third floors which is always rented with increases every year. The property is also a great development opportunity, the residential air rights can be developed into nice floor-through loft apartments. The second and third floors can be duplexed which would make a nice artist studio or used as a three-bedroom live/work space. The building was built in 1910 and has excellent commercial & residential exposure on Division Street.


ASKING PRICE: $5,950,000


 


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