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Intimate 8-unit HDFC co-op in prime East Village with strong financials and commercial income from ground-floor jazz venue. Characterful apartments feature loft-style layouts, soaring ceilings, iconic skyline views, and steps to Tompkins Square Park.
702 East 5th Street is an intimate 8 unit HDFC co-op nestled in the heart of the East Village, offering a rare combination of affordability and prime location. This self-managed building boasts excellent financials and benefits from additional income generated by two leased commercial spaces, including C5-Lounge, a hip jazz and poetry venue located downstairs. The walk up building provides practical amenities including stroller and bike storage, basement storage, and an unfinished rooftop with sweeping city vistas.
The apartments showcase remarkable flexibility and character, with units ranging from open loft configurations to spacious 2 and 3 bedroom layouts. Many residences feature multiple exposures with abundant windows that flood the spaces with natural light, while select units offer stunning views of iconic landmarks including the Empire State Building, Chrysler Building, and One World Trade Center. Several apartments also overlook El JardĂn del ParaĂso, the beloved community garden with its willow trees and tranquil pond. Common features include hardwood floors, tall ceilings (some reaching 8'8" with expansion potential), custom storage solutions, and modern conveniences like in-unit washers and dryers in select units.
As an HDFC co-op, the building maintains strict income restrictions with current limits around $138,186 for households of one to two people and $161,217 for larger households. The co-op offers a reasonable sublet policy allowing owners to rent their apartments for up to two years after three years of ownership, subject to board approval. Located just steps from Tompkins Square Park and multiple subway lines, residents enjoy easy access to the vibrant East Village dining scene, boutique shopping, and cultural attractions that define this historic neighborhood.
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For some co-ops, instead of price per square foot, we use an estimate of the number of rooms for each sold apartment to chart price changes over time. This is because many co-op listings do not include square footage information, and this makes it challenging to calculate accurate square-foot averages.
By displaying the price per estimated room count, we are able to provide a more reliable and consistent metric for comparing sales in the building. While we hope that this gives you a clearer sense of price trends in the building, all data should be independently verified. All data provided are only estimates and should not be used to make any purchase or sale decision.
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