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|Number of units||78|
Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis for the sale of the residential portion of Arabella 101 located at 101 Avenue D (the “Property”), a 12-story 421A multifamily property consisting of 78 residential units across 45,142 rentable square feet between East 7th and East 8th Street in the East Village. The Property offers a rare opportunity to invest in a class A '50/30/20' mixed-income multifamily asset in a burgeoning neighborhood with a history of strong rent growth and low vacancy.
- 421A TAX ABATEMENT - The Property is currently under the 421A tax abatement program whereby 16 units are designated as Low Income, 23 units are designated as Middle Income, and the remaining 39 units are classified as Free Market. As a result, the property receives a 20-Year tax abatement that has 10.8 years remaining on it as of June 2021.
- ATTRACTIVE EXISTING FINANCING - The property benefits from extremely accretive financing through the Affordable Housing Plan Regulatory Agreement made between the Seller and the Housing Development Corporation. Both the bond financing and the subordinate loan are assumable for a potential investor who meet the appropriate credit criteria, which will generate strong levered cash flows.
- THOUGHTFUL AMENITIES - The Property features a virtual doorman, large landscaped roof deck with sweeping city views, laundry facility on-site, bicycle room, a package room, a game room, and a state-of-the-art fitness center.
- HIGH-END FINISHES - Each unit offers eight to nine-foot ceilings, bamboo wood flooring, stainless steel appliances, air conditioning, a video intercom system, and Caesarstone countertops. Approximately 30% of the units offer an outdoor terrace or balcony.
- UNOBSTRUCTED VIEWS - Many of the units feature unobstructed views of the surrounding areas and the New York City skyline. Large windows capture abundant amounts of natural light and air flow.