East Village Walk-Up on the Market for $6.7M



Eastern Consolidated is marketing a 6,486-square-foot walk-up building at 234 East 7th Street in the East Village, Commercial Observer has learned. The asking price for the property is $6.7 million.

Located off of Avenue C, the five-story building boasts 20 apartment units, half of which are rent stabilized. There are currently five apartments available for rent in the building, according to StreetEasy, with rents ranging between $1,650 and $1,695 per month. The property’s fair market units are still priced 10 to 15 percent below market rates, according to the listing broker. 

234 East 7th Street. (Credit: PropertyShark)
234 East 7th Street. (Credit: PropertyShark)

“This building is in excellent condition, so you don’t need to do any work to command the higher rents, its been immaculately well maintained,” said Marion Jones, a director with Eastern Consolidated. 

With rental rates continually appreciating in the East Village, the building’s owner, Robles & Lewis Enterprises, has recognized an opportunity to capitalize on increasing investor demand, Ms. Jones noted. 

After Hurricane Sandy hit in November 2012, ownership invested over $60,000 in the property. Upgrades included a new electrical system, a rebuilt boiler and the addition of a gas burner. The owner also offered a preferential rate to the rent-stabilized tenants in the building following the storm. Those short-term concessions have since expired.

Ms. Jones is marketing the property alongside Stewart Davis, an associate director with Eastern Consolidated.