Magnificent, impeccably maintained side-by-side townhouses are resplendent with original details, restored cornices and beautiful red brick. Located on East Broadway, a tree-lined double-wide street, in one of the most exciting and vibrant areas of the Lower East Side, these lovely buildings were built around 1900-1910 but have been completely upgraded within the past 10 years (including the custom-built boiler that services both buildings and two new roofs).
251 is approximately 6700 SF, 23 feet wide, 5 stories with 11 units, and 253 is approximately 6200 SF, 23 feet wide, 4 stories with 10 units (including 1 commercial space), totaling 12,900 square feet before expansion (which should be another approximately 250 SF). The opportunity for expansion increases the value in all facets of future use, including conversion to a condominium or to a gorgeous single family home 46 feet wide, as well as simply increasing the rental income with additional units (some upside currently exists in several apartments - detailed rent roll and information can be provided upon request).
At present the buildings are income-earning properties that yield a combined NOI of approximately $240,000 per year with 13 of the total 20 residential apartments either rent-stabilized or rent-controlled, so based on even conservative projected estimates the NOI has the potential to be at least $300,000 per annum. The interior of these very special properties impress with a combination of charming original Prewar details and modern upgrades, although some apartment interiors need total renovation. Blessed with high ceilings, a mix of refinished hardwood, engineered wood and porcelain tile floors, new windows and excellent light, many of the units boast exposed brick, upgraded stainless steel appliances, granite countertops and updated cabinets and hardware. The current unit mix is almost all one bedrooms with a couple of two bedrooms and the ground floor commercial space (vacant at present).
Noted historical value aside, there is significant worth in these rarely available properties due to their location in one of the most prime parts of this constantly evolving area ? just a few blocks from the multi-billion dollar Essex Crossing complex, which includes a Trader Joe's, Target, 14-screen movie theater, NYU school of medicine, the Market Line, and international center of photography, in addition to incredible restaurants, unique boutiques, exciting nightlife, and a variety of parks and playgrounds, as well as the Delancey Street F and J/M/Z trains and multiple Citibike docks. And there is the potential for up to three adjacent buildings, including the corner, to be available in the near future (more details can be shared if interested).
Courtesy of: Douglas Elliman 774 Broadway
Office Phone: 212.995.5357
Listing Agent: Tracie Hamersley
Updated: 17th June, 2019 10:33 AM.
251-253 East Broadway New York, NY