New Asking Price For 221 East Broadway: $12,250,000
We like to keep tabs on the latest happenings at 221 East Broadway, the 1907 Beaux Arts building that’s been on the market for several years. Among the ground floor retail tenants here: Pushcart Coffee, Malt & Mold and (coming soon) a new bar that’s causing a bit of controversy with the neighbors.
Two years ago, we reported that David Slaven’s Red Brick Properties had put the building at East Broadway and Clinton streets up for sale, asking $9.75 million. Now a new brokerage firm, Massey Knakal, has taken over the listing, and the prospectus includes some interesting new details. For starters, the asking price has now increased to $12,250,000, in part due to numerous capital improvements (and presumably a strengthening real estate market). The smallest commercial spaces rent for around $3,000/month. The document indicates the new bar will be paying $8,000/month for a 1300 square foot space.
Two years ago, 23 out of 26 apartments were rent regulated. According to Massey Knakal, 16 units are rent regulated today; 10 are market rate apartments. The residential rents range from $5400/month to as low as $153/month. The building’s net operating income is reported to be about $685,000.
The prospectus notes, “221-223 East Broadway is located one block from the proposed Seward Park Mixed-Use Development Project.”