Aaron of Horvath & Tremblay sells
10-unit mixed-use property for $2.76 million

Manhattan, NY Robert Aaron of Horvath & Tremblay completed the sale of 29 Essex St., a 10-unit building, for $2.76 million.

Situated in the Lower East Side neighborhood, 29 Essex St. is a five-story brick mixed-use investment property. The building contains two commercial units on the ground floor and eight, one-bedroom/one-bathroom residential units in 5,500 s/f on a 0.03-acre parcel. The property features four free market residential units and four rent-stabilized units; the in-place rents for the free-market units are below market and offer the opportunity to increase the revenue of the property by raising rents to market rates.

29 Essex St. is positioned in between Hester St. and Grand St. and is across the street from Seward Park and near Essex Crossing, a multi-property neighborhood development located at the intersection of Delancey St. and Essex St. The property has access to the MTA bus line, several subway stations, the Manhattan and Williamsburg Bridges, and the city’s highways. The property is 500 ft. from Canal St. and 0.2-miles from Delancey St., two of the area’s primary commercial corridors, and has access to area amenities including restaurants, retailers, businesses, and service tenants.

The property is close to several area parks and schools and is one-mile from the Brooklyn Bridge, 1.2-miles from New York University (NYU), and near neighborhoods including Bowery, SOHO, NOLITA, Financial District, and Greenwich Village.