— This mixed-use walkup building in the East Village neighborhood of Manhattan was the former home of the Famous Crocodile Lounge.–
Adelaide Polsinelli, Vice Chairman of Compass, a publicly traded, technology-driven, real estate platform, along with Susan Wires, also of Compass, have been exclusively retained to market for sale a mixed-use building located at 325 East 14th Street. The building is ideally located on 14th Street, between First and Second Avenues, just steps away from the 14th Street subway hubs. The property sits at the crossroads of where the East Village and Gramercy neighborhoods converge.
This mixed-use property consists of four, free-market, apartments, and one retail space, which was the former home of the lively “Crocodile Lounge”, known for Skee-Ball and free pizza. The entire retail space, including the basement, will be delivered vacant. The apartments consist of full floor, free market, two bedroom units, graced with dramatic ceiling heights and old world charm. The property also benefit from the availability of air rights for future development or to increase the residential component
“This opportunity is a blank canvass for a user or business, hoping to capitalize on the vibrant neighborhood and solid foot traffic” commented Polsinelli.
The property is ideally located along 14th Streets robust retail corridor with a multitude of shopping, and dining options. The street boasts a high volume of foot and vehicular traffic. The area has been booming with new condominium development and an influx of medical and educational tenants. The new office development at One Irving has been a magnet for drawing in new tech tenants. Strong local demand can be seen in the surrounding area’s tight vacancy rate. Rents in the area have exceeded their pre-pandemic rates. The population of new renters has grown significantly. Residents love the 24/7 vibe, specialty stores, eateries, bakeries, and quick and easy transportation to all neighborhoods.
“Consistent demand for free-market, multi-family assets with low real estate taxes makes this deal the perfect candidate for any user hoping to capitalize on this once in a cycle opportunity to own their real estate.The ability to lease or take over the vacant retail and even live upstairs, as well as upgrade or add square-footage to the building offers a powerful opportunity for any business looking for long term stability,” noted Polsinelli.
This property has a rich NYC history. It was originally built in 1910 as a private family home for James McCreery’s, one of the city’s wealthiest businessman. It was later converted and run for 4 decades as a “theatrical boarding house”. Boarders included actors, writers, opera singers and vaudeville acrobats famous in their time when 14th Street was Manhattan’s theater district. Other famous occupants were the outlaws Sundance Kid and his wife Etta Place.
From 1932, it was renovated to apts and the ground floor became a well-known Italian family restaurant called Lido Dell’ East and then Il Faro. The parlor floor was used as the restaurant’s banquet space. For over two generations this restaurant hosted many famous guests such as Edward Koch, Andy Warhol, Carrol Burnett, Woody Allen, Craig Claibrone, Fannie Hurst and even the Mets.
“We are finally seeing signs of strong demand for real estate as more users are becoming investors and committing to ownership positions in Manhattan,” noted Polsinelli. “New York City was built on small businesses. Real estate ownership is the first step towardsa successful future,” concluded Polsinelli
About Polsinelli:
With over 30 years of experience, Polsinelli has sold over 1,500 properties, valued at over $40 billion in every asset class including multifamily, retail, office, development, note sales, air rights, partnership interests, unsold shares and retail condos. She has sold over $1.5 billion in the last few years, spanning NYC, Miami, Boston, Chicago and most of the northeast corridor. Prior to joining Compass, she was a Principal at the now defunct, Eastern Consolidated.
About Compass: is a technology-driven real estate platform dedicated to creating a seamless and intelligent buying, selling, and leasing experience. Combining the country’s top agents, proprietary market insights, and integrated mobile and web technologies, Compass is developing the future of real estate decision-making. With $1.95 Billion in revenue, and $77 Billion in sales volume, Compass has 238 offices with locations in 122 markets, including New York City, Washington DC, Boston, Miami, Los Angeles, Santa Barbara, the Hamptons, and Aspen. New funding fuels international expansion, enhanced technology developments for agents and consumers. Compass was founded by Ori Allon, who sold two previous companies to Google and Twitter, and business partner Robert Reffkin, a former White House Fellow and Chief of Staff to Goldman Sachs’ President & COO.
