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269 East Houston Hits Market for $9.95 Million
Constant roadwork and headaches be damned, the current owners of 269 East Houston are looking to sell right now. Massey Knakal is repping the six-story walkup property, which currently carries a price tag of $9.95 million. This is the joint that houses Local 269 and L’Oubli on the ground level (historic location of both Meow Mix and Vasmay Lounge).
Of the fifteen total apartments, five are rent regulated at less than 40% market rate, offering “substantial upside” (read: kick out tenants). There is also 1,556 square-feet of additional air rights that can be developed, possibly to “expand the top floor apartments.” Note the building houses a revenue-generating cell tower on the roof, but can be relocated in the event of expansion.
Herewith, some excerpts from the listing:
The subject property is a 6-story mixed-use walk-up apartment building featuring 15 residential units and 2 retail stores. The corner commercial unit is leased out through December 2013 to a bar: The Local 269. The rear commercial unit on Suffolk Street is leased out to popular neighborhood tapas restaurant, L’oubli, through April of 2021. The building also receives revenue from signage and a cell tower on the roof. Five of the units are currently rent stabilized while the remaining 10 are fair market, with each of these fair market units having been renovated.
The current apartment breakdown consists of three (3) three-bedroom apartments, seven (7) two-bedroom apartments, and five (5) one-bedroom apartments. The rent regulated units are renting for less than 40% of market or a mere $24 per square foot approximately, creating substantial upside within these units.
Furthermore, the property features approximately 1,556 square feet of additional air-rights that could be used to expand the top floor apartments 5A / 5B which are both free market. Additionally, the cell phone lease contains a relocation clause for this purpose.
Of course, what isn’t mentioned is the stalled out eyesore of a project site just across the street.