Two restaurants with a long lease on the ground floor of a building in Lower Manhattan.
The property consists of two premises on the ground floor of a corner residential building.
The wraparound frontage is 30 m.
The cost of the property is $ 5,175,000.
Absolute annual income is $ 228,217.
The current yield of 4.4%.
The tenant of the first unit is an Italian restaurant and lounge.
The lease agreement is valid through August 2027.
The tenant of the second unit is a sushi-restaurant.
The lease agreement is valid through March 2025 and includes extension options for 1x5 years.
Both tenants reimburse taxes over their respective base years and are responsible for all other expenses including insurance, utilities and maintenance.
Location and nearby infrastructure
The property is located in the East Village area, which is home to many musical, artistic and literary movements. The public transport stops, shops, cafes and restaurants are situated in a walking distance from the property. The Tompkins Square Park, the Botanical Garden and the Farmer's Market are located nearby.