Invictus Property Advisors successfully closed the sale of 274 East 10th Street, a partially vacant mixed-use building located in the heart of the East Village.
The property sold for $3.575 million, representing approximately $550 per square foot on the existing structure and $298,000 per unit.
The asset presented a compelling value-add opportunity, with several of the units requiring renovation and modernization. During the contract period, Invictus worked closely with both the purchaser and seller to facilitate tenant move-outs, allowing the buyer to begin work immediately upon closing. This added certainty helped support the strongest possible pricing.
Located just three doors down from the world-famous Russian & Turkish Baths and less than a block from Tompkins Square Park, the property benefits from a prime East Village location with strong long-term rental demand and enduring neighborhood appeal.
Through a targeted and discreet marketing process, we engaged a select group of highly qualified investors active in Manhattan. Ultimately, we identified a well-capitalized repeat buyer with whom we have successfully closed multiple transactions — a group that immediately recognized both the near-term repositioning opportunity and the long-term upside in one of Manhattan’s most sought-after rental submarkets.
