54-56 East Broadway Chinatown, NYC
54 & 56 East Broadway
Asset Type: Residential
Square Feet: 16713
54-56 East Broadway
Besen Partners, as exclusive agent for Ownership, is pleased to offer for sale 54 & 56 East Broadway (the “Property” or “Properties”); two contiguous six-story walkup buildings located in the Chinatown neighborhood of New York City. The buildings are comprised of 19 residential units and two ground floor retail spaces, totaling 16,713± square feet.
Both buildings have been well-maintained by long-term ownership and there is significant upside in the below-market rents. Tax Class 2B preserves a low and stable expense ratio, as well as capping increases in assessed values.
The renovated buildings are located in the heart of Chinatown along East Broadway between Market Street and Catherine Street, offering tremendous foot traffic, shops & restaurants. 13 of the rent-stabilized are substantially below-market, resulting in a lower capitalization rate. However, the buildings are in excellent physical condition and have been very well maintained, evidenced by their continuous high occupancy.
Located in one of Manhattan’s most desirable submarkets, the Property offers an opportunity for an investor to purchase a cash-flowing asset with the ability to reposition the tenancy and capture the significant upside potential.