OVERVIEW

Cushman & Wakefield has been retained on an exclusive basis to arrange the sale of 116 Suffolk St, in the Lower East Side of NY. The property is a 9,150SF, 9 unit mixed-use building located on the E side of Suffolk between Rivington and Delancey. The building consists of eight large apartments over 1 store. The retail space enjoys soaring ceiling height (16’) and is occupied by specialty bookstore. Of the 8 residential units, two are deregulated, three are renovated Rent Stabilized units with “first rents”, one Rent Stabilized unit, and two Rent Controlled tenants. The store has a lease until 2030, with 3% annual increases and 25% of tax increases over base year 20/21 (base taxes are $20,782.28). The heat is electric and is separately metered. Hot water (oil fired) and is supplied by the landlord. The building is in the 2B protected tax class. Taxes are only $26,240. The building is across the street from The Clemente, which is a restored art and performance space (www.theclementecenter.org), and 1 ½ blocks from Essex Crossing Development on Delancey. Approximately 850SF of air rights are intact.