Eastern Consolidated markets 64,000 s/f Lower East Side Corner mixed-use portfolio for $59 million

Eastern Consolidated has been retained by 30+ year ownership as the exclusive agent to market for sale three contiguous mixed-use apartment buildings with 175 feet of continuous frontage on Ridge Street, 64,000 s/f, 61 apartments and four retail/commercial spaces on the Lower East Side's newest up-and-coming neighborhood. The asking price for the portfolio is $59 million. The three buildings are located at 198-200 Rivington Street, also known as 106-108 Ridge Street, 110-114 Ridge Street and 118 Ridge Street. The 61 rental units include many large, uniquely laid-out loft-style apartments, many containing more than one bedroom and outdoor spaces. The current residential rents are well under market for the area, at an average of only $54 per rentable s/f. In addition, the portfolio features three occupied retail stores, including the corner, and a newly-rented community facility space of over 6,000 s/f. The properties are located just north of Essex Crossing (in Seward Park Urban Renewal Area), the planned and soon to be constructed one million-square-foot mixed-use development site which will radically transform the neighborhood. The properties are conveniently located near, and easily accessible to, the F, J, and M subway lines at Essex and Delancey Street, the Williamsburg Bridge and East River Drive. "This portfolio presents a rare opportunity for an investor to acquire a well-positioned, sizeable asset in one of Manhattan's hottest neighborhoods," said Deborah Gutoff, Esq., a senior director and principal with Eastern Consolidated, who along with senior director and principal Ronda Rogovin and senior director Benjamin Tapper exclusively represent the seller. "Vivid nightlife and a seemingly unlimited supply of new restaurants, bars and trendy shops make the Lower East Side a popular destination for New York's professional millennial generation." Rogovin said "The portfolio offers investors a solid initial return with the opportunity to grow the rents and potentially convert the properties in the future."