Mixed-Use building, Manhattan, New York, USA

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Mixed-Use building, Manhattan, New York, USA

$15,950,000
$3,691 /m²
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  • Total area
    4,321 m²
  • Yield
    5.2%
Details
Property parameters
  • Land area: 826 m²
  • 6-floor building
Financial performance
  • Annual income: $761,384
Tenants
  • Occupancy: 40%

A mixed-use commercial building in Manhattan.

Description

6-storey multi-purpose building.

The property includes:

  • restaurant (on the ground and the 2nd floors)
  • offices (on the 3rd-6th floors)

Benefits

  • opportunity to significantly increase cash flow after the expiration of the current lease (in July 2020)
  • availability of the buildable space 10,835 m² for designing hotels, offices or condominiums (without height restrictions)

Financial performance

The cost of the property is 15,950,000 $.

The pojected absolute annual income is 828,248 $.

The projected yield is 5,2%.

Tenants

The lease agreement expires in July 2020.

Location and nearby infrastructure

The property is located in Midtown (or Midtown Manhattan). The building is conveniently located at the intersection of streets leading to 4 most popular places in New York: Bryant Park, Grand Central Terminal, Rockefeller Center and Times Square.

Midtown is a business and shopping district. There are many famous skyscrapers and complexes here: the Empire State Building, the Ford Foundation, the Chrysler Building, the UN complex. Midtown is the largest business center in New York and one of the most active real estate markets in the world.

The area has a significant number of tourist attractions, many of which are located in Times Square, Broadway and Fifth Avenue.

The district has good access to almost all New York metro lines: 4,5,6,7 in Grand Central, B, D, F, M in Bryant Park and N, Q, R, W, 1, 2, 3 in Times Square.

Transport accessibility:

John F. Kennedy Airport — 30 minutes by taxi without traffic jams

La Guardia Airport — 20 minutes by taxi without traffic jams

Times Square — located in Midtown

Wall Street/ Financial District — 22 minutes by subway

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