102 - 104 NORFOLK STREET

For Sale - Manhattan - Lower East Side

$16,250,000

Net Operating Income: $721,284

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Key Details

Property Type
Mixed Use
Neighborhood
Lower East Side
Property Dimensions
38.0 x 97.0
Property Area
15,038 sq.ft.
Total Units:
27
Stories:
6
NOI
$721,284
Price
$16,250,000

Listing Description

Avison Young, the exclusive agent, is pleased to offer for sale 102 Norfolk Street, a mixed-use building in the Lower East Side neighborhood of Manhattan. The 19,904± gross square foot Property consists of 25 residential units and two retail units on the east side of Norfolk Street between Rivington Street and Delancey Street. Located a block north of the Essex Crossing Development, the Property benefits from the culture and amenities found in the Lower East Side.

The Property consists of 18 free-market units and seven rent-stabilized units spanning the top five stories of the Property, with two retail units on the ground floor and rentable lower level. Occupied through 2020 and 2024, the retail tenants are The Back Room, a historic speakeasy, and La Contenta, a popular Mexican restaurant. A historic bar, The Back Room is one of the only speakeasies from the Prohibition that is still in operation today. Notorious for being a hot spot to actors and gangster such as Meyer Lansky and Lucky Luciano in the 20s and 30s, the Back Room remains a must visit Manhattan bar. Additionally, the retail rents are below market, providing future upside in rent growth.

102 Norfolk Street offers a potential investor the opportunity to acquire an irreplaceable building with strong cash flow and upside in the one-of-a-kind neighborhood of the Lower East Side. The Property’s proximity to Essex Crossing, along with its accessibility to transportation, makes it one of a kind.

· 72% free market, providing strong in-place cash flow
· Less than 1 block away from the new Essex Crossing Development
· 400,000 SF of office space and 450,000 SF of Essex Crossing will add 1,000 new residences, retail spaces to the area
· 38 feet of frontage on Norfolk Street
· 1 block from the F, M, J, Z trains at Delancey Street Station
· Below market retail rent provides future upside
· Strong retail tenants, The Back Room is a historic speakeasy

Property Details

Block/Lot:
353/49
Lot Dimensions
37.58 x 100.17
Lot Area
3,772 sq.ft
Zoning:
R7A
FAR as Built:
3.99
Max FAR:
4.0
Eric KarmitzAvison Young
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Sales & Transactions

AddressSale PriceSale DateProperty Type
150 EAST BROADWAY$6,350,00006/15/2018Mixed Use
38 CANAL STREET$5,250,00005/30/2018Mixed Use
38 LUDLOW STREET$7,100,00005/09/2018Mixed Use
185 EAST BROADWAY$6,100,00003/28/2018Mixed Use
168 SUFFOLK STREET$12,820,00003/09/2018Mixed Use
175 LUDLOW STREET$10,000,00002/09/2018Mixed Use
138-140 LUDLOW STREET$18,900,00001/16/2018Mixed Use
51 ORCHARD STREET$5,300,00001/12/2018Mixed Use
15 ORCHARD STREET$5,250,00012/22/2016Mixed Use
349 GRAND STREET$3,600,00010/14/2016Mixed Use