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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to
the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or
future performance of the property.
BRAX REALTY GROUP LLC
10 Times Square | Suite 6064
New York, NY 10018
646.668.4803
www.BraxRealty.com
For more information please contact Exclusive Broker:
Michael J. Ferrara | Managing PrincipalOffice: 646-668-4803 | Cell: 516-375-0036
Email: [email protected] | www.braxrealty.com
EXCLUSIVE - MIXED USE – 21 Apartments + 3 Retail
85 Pitt StreetLower East Side, New York
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to
the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or
future performance of the property.
BRAX REALTY GROUP LLC
10 Times Square | Suite 6064
New York, NY 10018
646.668.4803
www.BraxRealty.com
P r o p e r t y I n f o r m a t i o n
Cross StreetsBetween Stanton Street &
Rivington Street
Block / Lot 344/68
Lot Dimensions 50.5’ x 60’
Lot Size (SF) 3,030
Building Dimensions 51’ x 42’
Building Size (SF) 14,280 SF
Stories 6
Units 21 Apts + 3 Retail Stores
Zoning R7A
FAR (Floor Area Ratio) 4 (As Built: 4.02)
Total Buildable (SF) Overbuilt
Tax Class 2
Real Estate Taxes (18’/19’) $171,827
Asking Price: $12,950,000
Brax Realty has been exclusively retained to offer 85 Pitt Street
for sale in the Lower East Side of Manhattan. The 51’ wide 6
story walkup is located on Pitt Street between Rivington Street
and Stanton Street and is just an 8 minute walk to the F, M, J
& Z subway at the corner of Essex Street and Delancey
Street. The property consists of +/-14,280 SF with 21
apartments and 3 retail stores.
85 Pitt Street has over $800,000 in capital improvements that
have been completed over the last few years that upgraded
and modernized the entire building including: new commercial
all glass storefronts and signage, a new intercom system
installed in each apartment, a laundry room and communal
backyard patio with mural was added, new boiler gas
conversion and security system has been installed, the building
façade has been completely refaced & the lobby and interior
hallways were gut renovated along with all the free market
apartments. Out of the 21 apartments, three are rent stabilized
providing future upside for an investor if they could be
converted to free market units and renovated. There is also a
large roof with great views that can be converted into a
communal roof deck as an added amenity to the tenants.
85 Pitt Street is only a 6 minute walk to “Essex Crossing”
which is a collection of apartments, 400,000 SF of office
space and 450,000 square feet of retail space that will enhance
the culture and unique flavor of New York City's Lower East
Side. Essex Crossing will be connected by a new park, bike
paths and green spaces above ground and by a world-class
150,000 SF bazaar-like marketplace below ground called The
Market Line.. The property falls into the Opportunity Zone
which was created by the Tax Cuts and Jobs Act of 2017 to
incentivize long-term private investment in designated
communities and is located in a safe neighborhood
surrounded by 4 schools and located 1 block north of
NYPD’s 7th Precinct and FDNY Ladder 18 on the corner of
Pitt & Delancey.
Metrics:4.56% Cap Rate
15.78 x RR
$906/SF
E x e c u t i v e S u m m a r y :
F i n a n c i a l s :
EXCLUSIVE - MIXED USE – 21 Apartments + 3 Retail
85 Pitt StreetLower East Side, New York
Income:
Apartments: $ 685,815
Retail: $ 115,161
Laundry “SEBCO” $ 3,600
Cell Tower: $ 12,000
Restaurant Water Reimbursement $ 3,856
Total: $ 820,432
Operating Expenses:
Real Estate Taxes: $ 171,827
Water & Sewer: $ 23,680
Electric: $ 5,000
Fuel (Gas): $ 12,000
Payroll: $ 4,800
Repairs & Maintenance: $ 5,000
Insurance: $ 8,000
Total: $ 230,307
Net Operating Income: $ 590,125
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to
the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or
future performance of the property.
EXCLUSIVE - MIXED USE – 21 Apartments + 3 Retail
85 Pitt StreetLower East Side, New York
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to
the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or
future performance of the property.
M a p
U n i t M i x A p a r t m e n t S t a t u s B r e a k d o w n
14%
86%
Rent Stabilized Free Market
3 18
29%
62%
9%
1 Bedrooms 2 Bedrooms 3 Bedrooms
EXCLUSIVE - MIXED USE – 21 Apartments + 3 Retail
85 Pitt StreetLower East Side, New York
6 13 2
7th Precinct & FDNY
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to
the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or
future performance of the property.
EXCLUSIVE - MIXED USE – 21 Apartments + 3 Retail
85 Pitt StreetLower East Side, New York
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to
the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or
future performance of the property.
EXCLUSIVE - MIXED USE – 21 Apartments + 3 Retail
85 Pitt StreetLower East Side, New York
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to
the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or
future performance of the property.
EXCLUSIVE - MIXED USE – 21 Apartments + 3 Retail
85 Pitt StreetLower East Side, New York
F l o o r P l a n
Pitt Street
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to
the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or
future performance of the property.
A e r i a l M a p s
Hamilton Fish
Park
EXCLUSIVE - MIXED USE – 21 Apartments + 3 Retail
85 Pitt StreetLower East Side, New York
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to
the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or
future performance of the property.
EXCLUSIVE - MIXED USE – 21 Apartments + 3 Retail
85 Pitt StreetLower East Side, New York
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to
the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or
future performance of the property.
O p p o r t u n i t y Z o n e
Subject Property
85 Pitt Street falls into the Opportunity Zone which was created by the Tax Cuts and Jobs Act of 2017 to incentivize long-term
private investment in designated communities.
T a x M a p
EXCLUSIVE - MIXED USE – 21 Apartments + 3 Retail
85 Pitt StreetLower East Side, New York
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to
the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or
future performance of the property.
EXCLUSIVE - MIXED USE – 21 Apartments + 3 Retail
85 Pitt StreetLower East Side, New York
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to
the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or
future performance of the property.
EXCLUSIVE - MIXED USE – 21 Apartments + 3 Retail
85 Pitt StreetLower East Side, New York
For more information please contact Exclusive Broker:
Michael J. Ferrara | Managing PrincipalOffice: 646-668-4803 | Cell: 516-375-0036
Email: [email protected] | www.braxrealty.com
