125 Rivington Pitched as Prime Re-development Opportunity for $12M
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Nothing permanent has really taken to 125 Rivington Street since Rivington Guitars bolted from its namesake location in 2008 and settled in the East Village. Only a series of pop-up shops. The closest was a bar called “The Carolinas,” which tried to take over two years ago, but ultimately failed.
So, when we saw the orange Eastern Consolidated broker banner affixed to the facade of 125 Rivington, we initially figured it for commercial purposes. Not so much. The walk-up tenement, with loft-style apartments, is actually for sale. Positioned as a perfect “re-development” opportunity for a mere $12 million.
Terms of sale include delivery of the whole building as vacant (11,825 square-feet), except the fourth floor. There are apparently rent stabilized tenants living there. Buy it and market to millenials!!!!
“This property presents an ideal opportunity for a user, owner-operator, or investor to reposition the property by renovating the vacant units and attracting an upscale retailer as well as millennials seeking to share a sought after loft apartment in the heart of the Lower East Side,” broker Deborah Gutoff said. “The building is only one block from Essex Crossing, the massive 1.9 million-square-foot residential, retail, entertainment, office, and community complex now under development, which will bring an influx of new residents, office workers, and visitors to the neighborhood.”
Here’s more detail on 125 Rivington Street…
The entire building, aside from the fourth floor, will be delivered vacant, providing a purchaser with a unique opportunity to renovate and configure the apartments and retail to his or her specifications. A portion of the ground floor and cellar is currently zoned to be used as a music studio. This space could continue to be utilized as such or converted to more retail space – there are two legal means of egress staircases, one located in the front and one in the rear of the building.
The second floor apartment contains 1 full bathroom as well as a half bathroom and a large skylight towards the rear of the floor. The property features 12+ foot ceiling heights on every floor. Each floor also contains its own heating and hot water systems that are individually sub metered and all tenants will be responsible for paying these utilities.