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June 30, 2020 Comments Off on East Village Value-Add Hits the Sales Block Views: 493 Downtown New York, New York News

East Village Value-Add Hits the Sales Block

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Avison Young’s Tri-State Investment Sales Group is marketing for sale a renovated five-story, 24-unit apartment building at 332 E. 9th St. in the East Village. The asking price is $10,500,000.
 
An Avison Young team comprised of senior director Brandon Polakoff, director Mitchell Levine, associate directors Sam Schertz and Eric Karmitz and associate Jeremy Stenberg is marketing the asset on behalf of ownership.
 
“The building is a true value-add building in a neighborhood that remains one of the most popular districts in Manhattan for both residents and retailers,” said Polakoff. “We’re expecting strong interest in this property from numerous investors.”

An investor could unlock value by expanding the bathrooms and closets as well as improving the finishes in the property’s 13 free market units, according to Avison Young. The common areas such as hallways and entrance could also be significantly enhanced with cosmetic renovations and the addition of a virtual doorman.

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