Five Months After Debut, Luxury Rentals Development ‘The Jones’ is for Sale

Posted on: May 13th, 2016 at 5:09 am by
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In keeping up with the Jones, we discover that not all is great at 331 East Houston Street.

Barely five months after its inauguration, that newfangled thirteen-story luxury residential building is looking for a sugar daddy. The Jones, as the development is dubbed, is currently on the market for an undisclosed sum.

Apartments in this residential tower range in price from $3,900 (1BR) to $9,400 (3BR). Below is the official broker babble. Note the potential for condo conversion.

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of The Jones L.E.S., newly developed, luxury rental building located on an L-shaped lot fronting East Houston and Ridge Streets on the border of the East Village and Lower East Side. The 13-story, 78-unit building features a hotel-style lobby attended 24-hours a day, library, fitness center, private garden, and landscaped roof deck. The unit mix consists of 24 studios, 40 1-bedrooms, 13 two-bedrooms, and a single three-bedroom unit featuring a balcony on the 13th floor. All residences feature oversized casement style windows with solar shades, oak flooring, custom Italian satin cabinetry, Ceasarstone countertops, stainless steel appliances, modern designed bathrooms, and washers and dryers.

Of the 78 units, 62 can be rented at market rates and 16 are designated affordable. The property is located within short walking distance of the F train stop and East River Park. There is future upside as a potential condo conversion in an area that will be bolstered by Essex Crossing, a 1.9 million square foot development located only three blocks south.

The Jones sprouted, at least partially, from the ashes of a one-story laundromat near the corner of Ridge Street, demolished three years ago. It sits on an L-shaped parcel.

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331 East Houston, July 2014

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