April 9, 2024 – Robert Aaron of Horvath & Tremblay has successfully completed the sale of 177 Chrystie Street, a twenty-one-unit mixed-use building in New York, New York. The desirable asset sold for $4,500,000.
Situated in an incredible Lower East Side neighborhood of Manhattan, 177 Chrystie Street is a twenty-one (21) unit mixed-use investment property located in New York, New York. 177 Chrystie Street is a six-story brick building that contains one commercial unit on the ground floor and twenty (20) residential units comprised of ten (10), 1-Bedroom/1-Bathroom units and ten (10), 2-Bedroom/1-Bathroom units in 13,635 square feet on a 0.06-acre parcel. Of the twenty (20) residential units, five (5) are “free market” units and fifteen (15) are “rent regulated” units. The in-place rents are well below market and offer the opportunity to significantly increase the revenue of the Property by raising rents to market rates. The commercial lease features attractive annual rent increases throughout the primary lease term. Additionally, the Property has approximately 5,073 square feet of Air Rights. The Property is situated in an incredible urban infill location in the Lower East Side neighborhood of Manhattan. 177 Chrystie Street is positioned at the signalized intersection of Chrystie Street and Rivington Street and is across from Sara D Roosevelt Park. The Property enjoys convenient access to the MTA bus line, several subway stations, the Williamsburg and Manhattan Bridges, and the city’s highways. The Property is 0.2-miles from Houston Street, one of the area’s primary commercial corridors, and enjoys convenient access to area amenities including countless restaurants, retailers, businesses, and service tenants. The Property is close to several area parks and schools and is 0.75-miles from New York University (NYU), 1-mile from the Brooklyn Bridge, and just a short walk from popular neighborhoods including Bowery, SOHO, Tribeca, and Greenwich Village.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties, and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.