Ridge Street Portfolio of 3 Buildings Asking $54 Million

Posted on: May 12th, 2014 at 5:23 am by
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The Lower East Side gold rush knows no bounds. Every property is ostensibly for sale. Whole swaths of territory are being packaged and doled to the highest bidder. Remember the Bowery portfolio that fetched $62 million last year? Well, a much smaller portfolio is attracting a smilar price. Let’s now take a gander at the eastern fringe of Rivington Street at its intersection with Ridge.

Eastern Consolidated dubs this particular spot as “an emerging corner of the burgeoning Lower East Side.” Code for – let’s continue the manifest destiny of gentrifcation here. The broker-babble cameos in a monster real estate listing for three contiguous mixed-use buildings on the northeast corner of Ridge and Rivington. The portfolio is pegged at $54 million.

Here are the pertinents:

The Ridge Street Portfolio is a three building, mixed-use portfolio consisting of 61 unique residential units, 3 street level retail stores and 1 community facility space. The three contiguous buildings located at 198-200 Rivington Street (aka 106-108 Ridge Street), 110-114 Ridge Street and 118 Ridge Street offer 175 feet of contiguous frontage on Ridge Street and are located on an emerging corner of the burgeoning Lower East Side. One building (110-114 Ridge Street) is a newly constructed elevator building built in 2003, and the other two are mixed-use non-stabilized walk-ups.

This portfolio presents a rare opportunity for an investor to acquire a well-positioned, sizeable asset in one of Manhattan’s hottest neighborhoods, the Lower East Side.

This address might sound familiar; it’s the new home to Rothstein’s Hardware, which relocated from 56 Clinton Street last month.

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