230 East 53rd St. MIXED-USE

Bidding date: February 1, 2011, 1:30pm
Starting bid: $1
The subject property (230 East 53rd St.) is a 5-story mixed use floor is currently leased to a video store who pays a portion of the real estate taxes and has a monthly rent which increases to $17,940/month by 2012. The location is key to their operation as they have permission to operate in an area which otherwise bans similar business. The second floor is a karate gym which has done extensive renovations and has a lease with yearly escalations of 5%. The remaining two units are FM residential tenants. The top floor is duplexed into a 5th floor ‘pop-up’ and benefits from two roof decks. The building also benefits from a recently repaired roof, a new curbside valve and piping, and separate meters.