54-56 East Broadway Chinatown, NYC

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.