Mixed-use building in Manhattan.
Description
The property can be used for commercial, community facility, business premises and residential apartments.
The first, second and third floors of the building are not currently rented.
The façade of the building of about 20 m², faces the main pedestrian corridor between Union Square and Washington Square Park.
The annual rent will grow from the current $ 690,000 to almost $ 1.2 million in January 2020.
There is a possibility of reconstruction of the building with an increase of 17,000 m².
The cost of the facility is 40,000,000 $.
The absolute annual income is 690,000 $.
The current yield of 1,5%.
The contract provides indexation of rent.
By January 2020 the absolute annual income will be 1,200,000 $, and the yield — 3.5%.
Currently, the only tenant of the building is a family company, which specializes in selling Italian products of high quality. The business was founded in 1993 in the Upper East Side, the second enterprise was opened in Greenwich Village in 2012.
The lease agreement is valid until 2026.
The property is located in the famous Manhattan area — Greenwich Village (in the west of Lower Manhattan, 2nd district), with convenient access to the Union Square transport hub (4th busy metro station in New York).
Greenwich Village is a quarter attracting tourists. There are homes of many celebrities, such as Julianne Moore, Liv Tyler, Uma Thurman here.
In the center of the district is situated the famous park on Washington Square, around which the academic buildings of New York University are concentrated.
Among the attractions of the quarter there are The Stonewall Inn, where the gay rights struggle began in 1969, Washington Square Park, many non-Broadway theaters, jazz clubs, comedy clubs, the Greenwich Village Orchestra.
