№ 1,754,996
Mixed-Use building, Manhattan, New York City, State of New York, USA
$40,000,000
$5,170 /m²
  • Total area 7,736 m²
  • Yield 1.5%
  • Lease term 2026
  • Constructed
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Anastasia Kostyukevich
Investment consultant in Manhattan
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    Key project parameters

    Total area
    7,736 m²
    Floors
    4

    Project description

    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.

    Tenants

    Agreement
    Yes
    End of lease
    2026

    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.

    Financial performance

    Yield
    1.5%

    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%.

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    Location and nearby infrastructure

    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.

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    annual yield
    From 10%
    exit period
    3 years
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    How we help investors

    Analysing the needs

    We use a methodology that enables us to formulate requests and find good deals in the market

    Developing a strategy

    We analyse all inputs and, with the help of local consultants, propose the optimal form of ownership, tax solutions, and exit strategy for the investment

    Providing transaction support

    We support the investor from the moment of project selection to the closing of the deal. We offer assistance at every stage, including helping to open a bank account

    Helping with management

    We can take over the management of your property or recommend a suitable management company

    Organising property viewings

    We will arrange a visit to the site to view one or more projects

    Saving time

    At the investor's request, we can arrange a remote purchase with the least possible visits to the country

    Not sure where to start? Book a consultation
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      Anna Vorobyeva
      Anna Vorobyeva,
      Head of Commercial Property Department
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      Mikhail Reyderman
      Mikhail Reyderman
      Commercial Real Estate Expert

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