Summary:
- BKREA completed the $28 million sale of 81 East 3rd Street, a 13-story, 41-unit residential building in Manhattan’s East Village, exclusively representing the seller. The property includes 28 student housing units and 13 free-market apartments across approximately 36,047 square feet.
- The asset’s grandfathered density, with a Floor Area Ratio of about 7.5—nearly double current zoning limits—makes it effectively irreplaceable under today’s R8B zoning, underscoring its unique value in a supply-constrained Manhattan market.
- Positioned near NYU and major transit options, the building offers immediate income potential and operational flexibility, attracting strong investor interest for its combination of stable cash flow and long-term appreciation prospects.
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