The Real Deal New York

LES apartment building owner tries for quick profit

Property on sale for $4.5 million more than purchase price earlier this year

December 05, 2013 03:28PM

281 Grand Street

281 Grand St.

Keller Williams Realty Empire, based in Brooklyn, is marketing a five-story building on the bustling Lower East Side for $13 million.

The 281 Grand Street property, purchased by Flushing-based LLC Jacob Re earlier this year for $8.5 million, includes eight large loft-style apartments ranging between 12,000 and 16,000 square feet, according to the listing. Ground-level retail totaling 23,000 square feet is also on offer, and the property includes basement storage.

The building neighbors 283-285 Grand Street, which was demolished following a fire that ripped through the building. [Lo Down]Julie Strickland

  • checkyanumbers

    Apartments ranging between 12-16k SF…yikes?

  • mark

    believe they meant 1,200-1,600

  • NYC123

    Been in this building. I guess a fresh paint on the steps gets you 4.5 million dollars more. Or at least gives you a reason to try.

  • Anston_Miles

    53% appreciation for doing nothing to the property and no accretive leasing or improvements like a AAA Credit retail tenant with 25 year lease.. Ya ok.

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