5-Unit Retail Condo - 100% Leased
55,800 SF | 85% Leased | Office Building | New York, NY 10013 | $15,100,000 ($271/SF) | 7% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $15,100,000
- Property Type
-
Office, Restaurant
- Square Feet
- 55,800 SF
- Price / Square Foot
- $271
Listing Contacts
Scott Plasky
Verified Profile
- Property Info
Property Overview
The subject offering is a five-unit, 100% occupied retail condominium with 100 feet of retail frontage located on Mulberry Street, between Grand and Hester, directly in the heart of Manhattan’s Little Italy neighborhood. The property includes four vented restaurant spaces, including the legendary Umberto’s Clam House, which has been operating on Mulberry Street since 1972. All five tenants have annual increases.
This is the incredibly rare opportunity to acquire 100 linear feet of frontage on one the most famous streets in New York. The property sits below a 50,508, five-story residential condo building. The offering consists of five separate units, all individually metered for utilities, and with zero use restrictions from the condo board. This is a minimal management asset, and the rare multi-tenant retail condo deal on a street that benefits from millions of yearly tourists. The Feast of San Gennaro, an 11-day festival held on Mulberry Street, brings 1M visitors alone to the street for just those few days.
The total rentable square footage is 10,000 SF, with the largest storefront being 3,200 SF, and the four restaurant spaces averaging 1,700 SF each.
This is the incredibly rare opportunity to acquire 100 linear feet of frontage on one the most famous streets in New York. The property sits below a 50,508, five-story residential condo building. The offering consists of five separate units, all individually metered for utilities, and with zero use restrictions from the condo board. This is a minimal management asset, and the rare multi-tenant retail condo deal on a street that benefits from millions of yearly tourists. The Feast of San Gennaro, an 11-day festival held on Mulberry Street, brings 1M visitors alone to the street for just those few days.
The total rentable square footage is 10,000 SF, with the largest storefront being 3,200 SF, and the four restaurant spaces averaging 1,700 SF each.
Property Details
- Class
- B
- Year Built
- 1915
- Stories
- 6
- Property Subtype
- Loft/Creative Space, Freestanding, Storefront
- Lot Size (sq. ft)
- 11,326 SF
Highlights
- 10,000 SF 5-Unit Retail Condo
- 100% Occupied With Four Vented Restaurant Spaces
- The Strongest Block in Little Italy - 100 Feet of Continuous Retail Frontage
- Minimal Management Retail Asset - Outstanding Foot Traffic Location
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