153 NORFOLK ST New York NY 10002-2331

Ariel Property Advisors has been retained on an exclusive basis to arrange the sale of 153 Norfolk Street, a 6-story, 22,500 gross square foot elevator multifamily building located between Stanton Street and Rivington Street in Manhattan’s Lower East Side.

The subject property contains 47 apartment units, of which 37 are free market and 10 are rent-stabilized. The unit mix consists of 27 1-bedroom units, 4 2-bedroom units, and 16 flex 2-bedroom units, providing investors with the ability to increase revenue by optimizing layouts. The private rear setback provides additional potential value that can be realized by incorporating patios into the rear units. Investors can further maximize revenues by renovating the below-grade space, which is directly accessible via the elevator and features standard ceiling heights. This sizable space can generate income through renting the existing professional office space that accounts for only a portion of the area, as well as repurposing the space to provide amenities such as a laundry facility or storage lockers. The building also features a spacious, co-op style lobby area with arched passageways and exceptional ceiling heights that can be renovated.

Multiple building upgrades have recently been completed, including the installation of a new, high-performance dual fuel boiler that currently runs on #2 oil. Ownership also installed new gas lines throughout the basement, and upgraded the elevator machinery. The floors and hallway areas have also been re-done.

153 Norfolk Street is ideally situated in the heart of the Lower East Side, one of Manhattan’s most dynamic, “”live-work-play”” neighborhoods. The subject property’s immediate vicinty has undergone a major overhaul in recent years, as the Essex Crossing mega development has brought over 1,000 new residences, 350,000 square feet of office space, and 300,000 square feet of retail space to the neighborhood. Nearby attractions include Essex Market, The Tenement Museum, Sara D. Roosevelt Park, and a wide variety of bars, cocktail lounges, and world-class restaurants. The F/M/J/Z trains at the Delancey St / Essex St station are located just 2 blocks south of the subject property, while the Williamsburg Bridge and FDR Drive provide multiple commuting options.

Featuring stable cash flow, upside in rents, and significant scale, 153 Norfolk Street provides investors with a truly rare opportunity to acquire a well-maintained, multifamily elevator building in a premier Lower East Side location. For more information please contact the exclusive sales agents listed below.