116 Saint Marks Pl

Marcus & Millichap proudly presents 116 Saint Mark's Place, a remarkable investment opportunity in the heart of the East Village. Positioned on a pristine block located between 1st Avenue and Avenue A, this building boasts 7 units and spans an approximate area of 5,500 square feet. The building is 20’ x 72’ and sits on a 20’ x 97.5’ lot (Block: 435, Lot: 22). The property is zoned R8B.
Tax Class Protection
This property boasts a classification of utmost significance – Tax Class 2B. Under the Tax Class 2B classification, this property benefits from a highly advantageous tax structure. Specifically, the property's tax obligations are safeguarded by a stringent framework that restricts annual tax escalations to a maximum of 8%. Furthermore, this protection extends over a five-year span, ensuring that tax increments do not surpass 30% within any given 5-year period. This prudent taxation strategy serves as a formidable shield against substantial tax liability expansion, offering a sense of stability and financial assurance to property owners.
Diverse Unit Mix
This five-story, pre-war, mixed-use building contains 6 residential units and 1 commercial unit. There are 2 one-bedroom apartments, 2 two-bedroom apartments and 2 four-bedroom apartments. All 4 free-market units offer long-term upside given the unparalleled demand for renters in this area.
High-End Finishes
Elevating the stature of this property are its newly renovated interiors. All 4 free-market units within the building are adorned with Hardwood Floors, Recessed Lighting, Dishwashers, Newly Renovated Kitchen with Stainless Steel Appliances, In-Unit Laundry, a Virtual Doorman, Beautiful Exposed Brick and Amazing Light Throughout.
Location & Transportation
Located in the Heart of the East Village, 116 St Mark's Place has a Natural Strong Demand Given its Centralized Location just steps from Tompkins Square Park and Access to all the Neighborhood has to Offer. This creates a strong demand of renters and tenants given endless supply of restaurants, nightlife, parks, shopping, and transportation. The property’s nearby attractions include Tompkins Square Park, Astor Place, Union Square, NYU, Whole Foods and more. Top restaurants nearby include Cafe Mogador, The Bao, Oiji, Emmy Squared, Cacio E Pepe, Lavagna, Nowon, Buenos Aires and too many more to name. Just a short walk from Astor Place Subway stations, around the corner from the M15 Bus Service and minutes to the 6, N, R, L, F subway lines.