Old industrial building with underutilized potential.
Pros
Nice industrial warehouse features. Beautiful high ceilings, classic exposed sprinkler system, large windows and wide iron stairwell. Close to subway and centrally located in Tribeca.
Cons
Subpar maintenance and renovation. Old kitchens and appliances. Old and basic bathrooms. Old and loud window airco units. No kitchen vent system. Holes in walls of cabinets and closets. Ancient doorbell and intercom. Very old laundry machines in laundry room. Management can be very slow and tough to reach. Pity because the building has great classic features.
Advice to the owners
The current strategy seems to be to rent out at highest possible price without investing in renovation of the property. Perhaps management could agree multi year leases under condition of kitchen and bathroom upgrades.
/-74.007052,40.715693,14/640x640@2x?access_token=pk.eyJ1Ijoib3BlbmlnbG9vIiwiYSI6ImNsYjNmMjVwdzBjeHgzd21wYmJmZDB0eGYifQ.XZvZCOh51yXuDBE-I3Bg0A)
/-73.997279,40.722542,14/640x640@2x?access_token=pk.eyJ1Ijoib3BlbmlnbG9vIiwiYSI6ImNsYjNmMjVwdzBjeHgzd21wYmJmZDB0eGYifQ.XZvZCOh51yXuDBE-I3Bg0A)