COMPASS has been retained on an exclusive basis to arrange for the sale of a five-story, mixed-use, walk-up apartment building located on the east side of Ludlow Street between Grand and Hester Streets. The subject property has 25 frontage, is built 7,350 square feet and consists of two ground floor retail spaces with sixteen apartments above.
All of the residential units are subject to rent stabilization providing tremendous upside. There are a selection of units that have been renovated with finishes that include wood floors, tiled bathrooms, new wood kitchen cabinetry and stainless steel appliances.
The retail spaces are currently occupied by Jin Shu Sun wholesale restaurant and the Goethe-Institut art gallery. There is additional income provided from the storage spaces in the south basement and rear of the building as well.
The roof and frontage of the building have been updated recently and all of the utilities are separately metered for gas and electric, paid by tenants providing great cost savings for the future owner.
Located in the Lower East Side, 38 Ludlow Street is situated across from P.S. 042 Benjamin Altman Elementary School, one block from Seward Park, and only a few blocks from the F train at East Broadway, the J, M Z trains at Essex/Delancey, and the B, D trains at Grand Street.
The property is in the heart of the $1.1 billion mixed-use development project Essex Crossing that is currently transforming the area into the next center of commerce and tourism, making it the most exciting up-and-coming area to invest in lower Manhattan.
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reflect all real estate activity in the market.
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