Downtown Retail/Office Building For
For Sale
Contact for pricing
87 Greenwich St, New York, NY
Three-story retail/office building with outdoor seating in downtown New York.
Property Size5,332 SF
Lot Size0.03 Acres
Price / SF$2,484
Days on Market566
Property Features for 87 Greenwich St
General Information
Standard status
Active
Size
5,332 SF
Lot size
0.03 Acres
Property subtype
RETAIL
Listing Agency:
Helmsley Spear
(212) 396-8100
Listed By:
Richard Rosenthal
(917) 693-0831
Source:
Moodyscre
Added: Feb 28, 2025
Changed: Sep 4
Last Checked: Sep 16 at 9:10PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Helmsley Spear
Investment Insights
Based on property information with market context.
This three-story retail/office building offers 5,332 square feet of space in downtown New York. Located on the southeast corner of Greenwich and Rector Streets, the property is suitable for restaurant users and retailers. The building includes a full basement, the entire ground floor, the entire second floor, and the entire third floor. An outdoor area provides seating for up to 26 people. The location offers convenient access to the 1, 2, 3, 4, 5, R, and W subway lines, as well as major bus stops.
Key Highlights
- Prime downtown Manhattan location at the corner of Greenwich and Rector Streets
- 5,332 square foot retail/office building suitable for restaurant users and retailers**
- Includes a full basement, ground floor, second floor, and third floor
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$929,048
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.01%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$18,580,960
$18.6M
Cap Rate 7%
$13,272,114
$13.3M
Cap Rate 9%
$10,322,756
$10.3M
Market Conditions
NOI Build-Up for 5,332 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$1.41M $264.00/SF
− Vacancy
−$168.9K −$31.68/SF
EGI
$1.24M $232.32/SF
− OpEx
−$309.7K −$58.08/SF
NOI
$929.0K $174.24/SF
Area
New York, NY
Vacancy
12.00%
Lease Rate
$264.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$18,580,960
Cap Rate 7%
$13,272,114
Cap Rate 9%
$10,322,756
Alternative Uses
Best Use
Specialty Retail
$13.27M
$11.61M – $15.48M
NOI $929,048 @ 7.0% cap · market cap 7.01%
Second Best
Retail
$10.72M
$9.38M – $12.51M
NOI $750,343 @ 7.0% cap · market cap 5.66%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
30,992
Businesses Nearby
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Business Placement
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Retail space - Three-story retail/office building with outdoor seating in downtown New York.
Where is this retail space located?
The property is located at 87 Greenwich St New York, NY.
What is the asking price?
The asking price for this property is $13,250,000.
What are key features of this property?
This property features: Prime downtown Manhattan location at the corner of Greenwich and Rector Streets; 5,332 square foot retail/office building suitable for restaurant users and retailers**; Includes a full basement, ground floor, second floor, and third floor
