Bankruptcy Sale

Details

Bankruptcy Sale:

The subject property is a 7-story, mixed-use, walk-up building located on the corner of Clinton and Rivington Streets. The 15,472 Sq. Ft. building consists of two ground floor retail units and 22 residential units, and additional income from a wall sign on the Rivington side of the building.

The residential layout is made up of two units on the 2^nd floor and four units on the 3^rd through 7^th floors. Of the 22 apartments, 16 are free market and 6 are rent stabilized. Note that building Certificate of Occupancy has record of 21 apartments, recording the 2^nd floor units as one unit, however they’re currently bifurcated by a shut door. The two apartments on the 2^nd floor are 3-bedroom units and approximately 1,100 Sq. Ft. The remaining floors each consist of four 2-bedroom units. The corner retail unit is currently being built-out to be utilized as a restaurant and is approximately 1,000 Sq. Ft with a lease expiration in 2025. The Clinton side retail is tenanted by Seoul Chicken and has a lease expiration in 2020.