Gutoff and Solarz of Eastern Consolidated selected as exclusive broker of 207 Madision Street

New York, NY Eastern Consolidated has been selected as the exclusive broker to market a 13,910 s/f mixed-use apartment building at 207 Madison St. on the Lower East Side. The six-story property offers one retail store and 22 apartments, of which over two-thirds are free market units. The residential mix consists of 18 two bedrooms and four three bedrooms with all apartments benefiting from abundant light and air. The ground floor retail space is currently leased to popular neighborhood restaurant El Castillo de Madison. Deborah Gutoff, senior director and principal of Eastern Consolidated, and Ron Solarz, executive managing director and principal, are serving as the exclusive brokers marketing the building. Chris Matousek, director, financial services, is the financial analyst for the deal. “This 100 percent occupied, turnkey property is being offered at a going in cap rate of more than 4.4%, which is rare in Manhattan today,” Gutoff said. “The current owners renovated all of the free-market apartments and lobby and built out a “hip” lower level co-working space that includes a lounge, game room, bike storage, Wi-Fi, and full dining room; amenities that are particularly appealing to the millennials who are flocking to the Lower East Side.” Solarz said, “This mixed-use building is ideal for a 1031 exchange. It’s renovated, exceptionally well-maintained, and offers cash flow with significant future upside potential. The property also benefits from its location in the heart of the new upscale residential projects that are being developed in the southern end of the Lower East Side.” Extell Development is currently planning an 80-story luxury condominium at 250 South St., and JDS and SHoP Architects are planning a 77-story, mixed-use residential tower with 600 apartments at 247 Cherry St. A few blocks away, L+M Development Partners, Taconic Investment Partners, and BFC Partners are currently under construction on Essex Crossing, which will bring 1.9 million square feet of brand new residential, retail, office, and community space to the area. The Lower East Side features an abundance of trendy restaurants, cafes, and bars including Fat Radish, Apotheke, Yopparai, Bacaro, Mission Chinese, Pies and Thighs, Dimes, and Clandestino within in the immediate area. The area also offers convenient access to the Manhattan and Williamsburg Bridges, the FDR, and F, Z, M, and J subway lines.