JLL Capital Markets announced the sale of 175-177 East 3rd St., two contiguous, five-story, walk-up buildings located between avenues A and B in Manhattan’s East Village neighborhood. The primarily free-market properties were sold for $10,800,000, or $802 per square foot.
JLL represented the seller, a long-term private investor who had owned the properties for more than 30 years. The buyer was Lockhill Properties.
Comprised of 13,461 square feet of above grade space, the buildings are currently configured as 20 one-bedrooms, two of which have been duplexed with the basement. The apartments benefit from quality light due to low-lying buildings to the south and open space to the north, which is controlled by the neighbouring Church of the Most Holy Redeemer. There is also a sun-drenched rear yard.
The properties are situated in one of the city’s most desirable neighborhoods, a few blocks from multiple subway lines and surrounded by popular New York establishments, such as Katz’s Delicatessen, Little Frankie’s, Supper and Mr. Purple. Development of the nearby Essex Crossing has added new entertainment venues, cultural experiences and a variety of shopping options, such as Target and Trader Joe’s to the mix.
The JLL team that arranged the transaction was led by Managing Directors Hall Oster, Teddy Galligan and Guthrie Garvin.
“175-177 East 3rd St. has been well cared for by long-term ownership and presents the new owners with ample opportunity to add value,” said Oster. “In a challenging market, this was a great deal for both parties.”
