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JLL has been retained on an exclusive basis to arrange for the sale of the “Lower East Side Portfolio” (177 Ludlow Street, 99 Allen Street, and 102 Norfolk Street), a collection of 3 walk-up mixed-use properties in the Lower East Side neighborhood of Manhattan. Across all five properties there is a total of 56 residential units, of which 46 are Free Market (82%) and 10 units are Rent Stabilized (18%). In addition to the residential portion, there are 5 commercial units across the portfolio. The commercial tenants within the portfolio feature popular restaurants such as La Contenta and the Eastern District. The Lower East Side Portfolio offers an excellent opportunity to acquire a collection of stabilized buildings in a strong rental market with significant in-place cash flow as well as tremendous upside from the surging rental market in Manhattan.
Located in the northern section of the Lower East Side neighborhood of Manhattan, the Lower East Side Portfolio benefits from being situated in one of the most culturally diverse and historic neighborhoods in New York City. LES, as it is colloquially referred to, is bounded on the west by the Bowery, on the south by the Williamsburg Bridge and Delancey Street, on the east by the East River Park, and on the north by East Houston and the East Village. It features some of the most eclectic cuisine New York has to offer, as well as a lively night-life popular amongst young professionals and families alike.
In terms of connectivity, the entire portfolio sits within a three block radius of both the Delancey-Essex Street subway stop, servicing the J, Z, F, and M trains, as well as the Grand Street stop, which services the express B and D trains. Offering outstanding access to all of Manhattan and the five boroughs through the subway lines, the Lower East Side Portfolio is also in short walking distance to extremely desirable neighborhoods such as SoHo, TriBeCa, the Bowery, City Hall and the East Village.
The Lower East Side Portfolio will appeal to an array of investors interested in acquiring a predominantly free market, cash flowing mixed-use portfolio with significant upside in an ideal, centralized Lower Manhattan location undergoing significant development and displaying a recent surge in rent growth.
The collection of properties can be purchased individually or as a portfolio
on an as-is, where-is, basis.
- Can be Sold as a Portfolio or One-off Sales
- 82% Free Market Residential Portion
- Post-COVID Rental Rebound
- Excellent Access to Public Transportation