The subject property is a 10 story mixed-use building located on the west side of Avenue C between East 12th and East 11th Street. The 40,162 SF newly developed luxury building is ?L? shaped and has 39? of frontage on Avenue C and 16? of frontage on East 12th Street. The building consists of a 2,225 SF (approx.) commercial unit on the ground floor, a 627 SF (approx.) community facility unit on the ground floor towards the East 12th Street entrance and 35 luxury apartments on the upper floors consisting of 37,310 SF (approx). Of the 35 apartments, 5 are studios, 13 are 1-bedrooms, 9 are 2-bedrooms and 8 are 3-bedrooms of which 2 have terraces. The building benefits from 2 elevators, a usable rooftop for the tenants, a fully functioning gym, 24/7 security and washer/dryer units in each apartment. The building has a temporary certificate of 421-a. Therefore, the units are all Rent Stabilized and renting at less than 70% of market. The building?s projected gross annual income is approximately $1,585,000 with a projected Net Operating Income of approximately $1,291,000. Ownership is in the process of appealing the property taxes. The building was initially assessed based upon 53,152 SF. In May 2014 this error was corrected by Dept. of Finance to reflect 40,162 SF on the final assessment roll. Owner is petitioning to reduce the assessment based on the corrected SF.
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