Overview

This is a rare opportunity to own a premium mixed use building on St. Marks Place. Located between 1st and 2nd Avenues, and home to the famous Holiday Cocktail Lounge, 75 St. Marks Place stands out as an excellent and flexible financial investment.The building has been owned by one family since 1973, meticulously cared for and in excellent condition. It contains the Holiday Cocktail Lounge on the ground floor (scene of innumerable TV and film shoots), 4 free market, 1250 square-foot apartments, one of which was completely renovated this year. The remaining three residential units are 2 bedroom + home office, one bathroom apartments, and are substantially below market rent, offering significant upside potential. All are very attractive, with soaring ceilings, Southern exposure, and large enough to feel like a home to any occupant. Two apartments are month-to-month, with the third lease expiring early 2012 so the rent roll is poised to increase substantially. The commercial lease is controlled by the owner, so it can be delivered vacant or the Holiday Cocktail Lounge continued. It is a long-run financial success made all the more valuable by considerable additional income as a film location. In addition, with a 4.0 FAR, there are ample air rights to expand in the event of a condo conversion, a great alternative given the paucity of condos in the area. Based on actual income and expenses, the NOI is $230,000. Call or email for a complete setup.