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247 Broome StNew York, NY 10002
247 Broome Street
Asset ClassMixed Use, Multifamily
Broome Street
Overview
Marcus & Millichap is pleased to exclusively offer 247 Broome Street, a 6-story, mixed-use rental building situated on the south side of Broome Street, between Orchard Street and Ludlow Street, in the heart of Manhattan’s Lower East Side. The prewar property boasts approximately 8,704 square feet with 25’ of frontage. The asset is built 25’ X 76’ and sits on a 25’ x 87.5’ lot (Block: 408; Lot: 13). The property is zoned C4-4A.
Investment Highlights
- Unit Mix. The Property Consists of 21 Total Units, Including 20 Residential Apartments and 1 Ground-Floor Retail Space. Of the Residential Units, 8 Are Free-Market Apartments, While 12 Remain Rent-Stabilized. The Residential Layout is Composed of 20 Two-Bedroom Apartments, Making it Highly Desirable to the Neighborhood’s Targeted Shared Tenant Base. The Retail Component is Occupied by The Ten Bells Wine Bar, a Long-Established and Well-Known Neighborhood Staple.
- Strong In-Place Retail with Immediate Free Market Rental Upside. The Property Benefits from Strong In-Place Retail Income With a Long-Term Tenant, The Ten Bells, Providing Stability to the Asset. The Ten Bells has Occupied the Space Since March of 2021 with a Lease Expiration of February, 2031. Additionally, The Retail Tenant has 3% Annual Increases, Pays for 100% of Their Own Water Consumption, and Is Responsible For 30% Of The Tax Increases Over The 2021/22 Base Year, Providing A Strong Hedge Against any Future Property Tax Increases. The Residential Component Presents Immediate Free-Market Rental Upside, as Current Market Conditions Support Higher Rents Without Requiring any Additional Renovations.
- Immaculately Maintained with Condo-Level Finishes. Since Acquisition, Ownership has Undertaken Significant Capital Improvements to Modernize and Enhance 247 Broome Street. Major Renovations Include a New Roof with New Parapets, New Apartment Doors, Upgraded Plumbing and Gas Lines, a New Boiler, A Restored Façade, a Newly Poured Basement Concrete Slab, and a Full Hallway and Lobby Renovation. Additionally, 8 Apartments Have Been Fully Renovated With High-End Finishes, Including Stainless Steel Appliances, Marble Countertops, Strip-Wood Flooring, and Modern Fixtures.
- Location & Transportation. Ideally Positioned in The Heart of The Lower East Side, 247 Broome Street is Surrounded by a Thriving Mix Of Restaurants, Nightlife, and Cultural Staples. The Neighborhood is Home to Renowned Dining Establishments Such as Katz's Delicatessen, Beauty & Essex, and Russ & Daughters, as well as Boutique Shopping and Entertainment Venues. The Property is within Walking Distance to Multiple Subway Lines, Including the F, M, J, And Z Trains.
Photo Gallery
247 Broome StNew York, NY 10002
Deal Team
Listing provided by LightBox Revere