114 East 1st Street, New York, NY 10009

Investment Highlights:

Meridian Investment Sales is pleased to present 114 East 1st Street, a six-story, 17,610-square-foot mixed-use building located in the heart of the East Village, one of Manhattan’s most supply-constrained and high-demand neighborhoods. The property features 30 residential units and two fully occupied ground-floor retail spaces, generating $975,864 in potential gross revenue and a net operating income of $589,101 in place, with a proforma NOI of $705,173. The commercial tenants — Punjabi Grocery & Deli and 86 Bite & Sip — provide a blended WALT of 6.83 years with 3.5% average annual escalations and utility and tax recovery structures. Of the 30 residential units, 19 (63%) are free market, offering significant upside as leases turn over, while the property currently operates at 90% residential and 100% commercial occupancy.

Built in 1920 and sitting on a 3,970-square-foot lot between 1st Avenue and Avenue A, the property is zoned R8A/C2-5 with 6,289 square feet of unused air rights and 2025/2026 real estate taxes of $220,174. The East Village market context is compelling: vacancy sits at just 1.6%, rents have grown 8.1% year-over-year, and the under-construction pipeline represents only approximately 1.1% of existing inventory. With majority free-market residential exposure, long-term commercial tenancy, and a prime location steps from multiple subway lines, 114 East 1st Street is offered at an asking price of $9,000,000.