The Coda, a 29-unit, seven-story newly constructed apartment building, located on Manhattan's burgeoning and vibrant Lower East Side is in the market for sale through Eastern Consolidated, at an all-cash asking price of $18.75 million.
Eastern Consolidated's Peter Hauspurg, Chairman and CEO, together with Senior Directors Ronda Rogovin and Deborah Gutoff are spearheading the marketing initiative.
Since the property was recently constructed in 2003, it enjoys the benefits of the City's 421-A program including substantial tax savings for another seven and a half years. The Coda, whose exact address is 110-114 Ridge Street, also offers one 1,000 s/f street level retail space.
The Coda offers a net operating income of approximately $970,000. The property will be delivered free and clear of debt.
"The Lower East Side is transforming into a trendy, much sought-after residential neighborhood," said Mr. Rogovin, "and this sale represents an excellent opportunity to buy a foothold in the area."
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