The Real Deal New York

Lower East Side portfolio hits market for $59M

Properties hold 61 apartment units and four retail spaces
May 14, 2014 04:55PM

A contiguous trio of mixed-use properties are on the market on the Lower East Side for just under $60 million.

The properties, located north of Essex Crossing, are at 198-200 Rivington Street, also known as 106-108 Ridge Street, 110-114 Ridge Street and 118 Ridge Street. They span 64,000 square feet in total, and consist of 61 apartment units and four retail spaces, according to a release from commercial brokerage Eastern Consolidated, which is exclusively marketing the sale.

The three buildings have 175 feet of continuous frontage on Ridge Street and feature three occupied retail stores. A community facility space of more than 6,000 feet has also been rented.

“This portfolio presents a rare opportunity for an investor to acquire a well-positioned, sizeable asset in one of Manhattan’s hottest neighborhoods,” Deborah Gutoff, a senior director and principal with Eastern Consolidated, said in a press release. Gutoff, together with Ronda Rogovin and Benjamin Tapper, represent the seller.

“The portfolio offers investors a solid initial return with the opportunity to grow the rents and potentially convert the properties in the future,” Rogovin said in the release.  — Claire Moses