285 - 287 W 12th Street, New York, NY

Property Description: Multi Family - 13 Units

Sale Notes:
Originally built as two separate buildings in 1841 and combined in 1928, this 4 story plus lower level walk-up building is located on West 12th Street between Hudson and West 4th Streets. The building is configured with a restaurant on the lower level and 12 apartments above, of which 5 are rent stabilized and 7 are fair market. The average monthly rent for the rent stabilized apartments is only $1,525/month, and the average monthly rent for the fair market apartments is $1,982/month.

A new 10 year lease was just signed for $13,250/month or $125/NSF. According to Eater, Graydon Carter is a minority partner in the 90 seat comfort food restaurant. The name is still to be determined. This is an excellent opportunity for an investor who is looking for strong in-place cash flow with long term upside potential from the below market rent stabilized rents. Massey Knakal is also selling on behalf of ownership 143-145 West 4th Street and 121 West 92nd Street for $11,950,000 and $4,500,000 respectively.