-- Five-story property at 125 Rivington Street traded for $9.8 million --
Eastern Consolidated has arranged the sale of a ±11,825-square-foot mixed-use retail and residential apartment building on the Lower East Side located at 125 Rivington Street, one block from the 1.9 million-square-foot Essex Crossing residential and commercial development. The building traded for $9.8 million, or approximately $830 per square foot.
Exclusive agents Deborah Gutoff, Senior Director and Principal of Eastern Consolidated, and Ronda Rogovin, Senior Director and Principal, represented the seller, 125 Riv LLC, a long-time owner. Rogovin and Matt Sparks, Senior Director and Principal, procured the buyer, a real estate investment group.
The five-story walk-up, which has had the same ownership for 35 plus years, offers high ceilings throughout the building; a 2,500-square-foot ground floor retail store with additional lower level space; and four, 2,200-plus-square-foot, loft-style residential units.
“This was an ideal opportunity for the buyer 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,” Gutoff said.
Sparks added, “Buildings on the Lower East Side that are mostly vacant and ready for immediate renovation are rare. This is a one-of-a-kind opportunity in one of the hippest neighborhoods in Manhattan.”
Rogovin noted, “The property is located 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. The new threshold for retail rents in the area is well over $100 per square foot.”
In addition to 1,000 new apartments and 250,000 square feet of office space, Essex Crossing will include a 60,000-square-foot Regal Cinema movie theater; a 35,000-square-foot grocery store; a bowling alley; and an expanded Essex Market. The project is being developed by Taconic Investment Partners, L+M Development Partners, and BFC Partners. More information is available at essexcrossingnyc.com.
Conveniently located nearly the F train at Delancey Street and J, M, and Z trains at Essex Street, 125 Rivington Street is within short walking distance to the New Museum and numerous contemporary art galleries, restaurants, and popular late night venues.
Eastern Consolidated
Powered by a highly skilled team of over 80 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.
