Renovated NNN Restaurant
For Sale
Contact for pricing
21 West 35th Street, New York, NY 10001
Leased dining and rooftop lounge uses occupy a fully modernized Midtown Manhattan building.
Property Size6,516 SF
Price / SF$2,041
Days on Market14
Property Features for 21 West 35th Street
General Information
Standard status
Active
Size
6,516 SF
Property subtype
Retail
Zoning
M1-6
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$1,080,000
Amenities
retractable roof
Building Details
Year Renovated
2024
Buildings
1
Stories
3
Units
2
Tenancy
Multi
Listing Agency:
PD Properties NYC
Listed By:
David Park · License #NY
Source:
Crexi
Added: Aug 19
Changed: Aug 31
Last Checked: Aug 31 at 10:03AM
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 PD Properties NYC
Investment Insights
Based on property information with market context.
Located at 21 West 35th Street in New York, this three-story retail building has been comprehensively renovated for restaurant and hospitality use. The ground and second floors are occupied by Niku X by Chubby Cattle, while BarChef NYC operates on the rooftop. Both spaces are subject to NNN leases.
A basement commercial kitchen is fully equipped, and the rooftop includes a retractable roof that supports seasonal operation. The property is zoned M1-6 and offers access to the N, Q, R, W, 1, 2, 3, B, D, F, and M subway lines. Herald Square, Koreatown, NoMad, and Penn Station are nearby, with surrounding dining, retail, and entertainment destinations contributing to a highly active pedestrian environment.
A basement commercial kitchen is fully equipped, and the rooftop includes a retractable roof that supports seasonal operation. The property is zoned M1-6 and offers access to the N, Q, R, W, 1, 2, 3, B, D, F, and M subway lines. Herald Square, Koreatown, NoMad, and Penn Station are nearby, with surrounding dining, retail, and entertainment destinations contributing to a highly active pedestrian environment.
Key Highlights
- Three‑story retail building at 21 West 35th Street, New York, NY 10001
- Ground and second floors leased to Niku X by Chubby Cattle
- Rooftop leased to BarChef NYC
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
$1,135,348
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
8.54%
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%
$22,706,960
$22.7M
Cap Rate 7%
$16,219,257
$16.2M
Cap Rate 9%
$12,614,978
$12.6M
Market Conditions
NOI Build-Up for 6,516 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
$1.72M $264.00/SF
− Vacancy
−$206.4K −$31.68/SF
EGI
$1.51M $232.32/SF
− OpEx
−$378.4K −$58.08/SF
NOI
$1.14M $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%
$22,706,960
Cap Rate 7%
$16,219,257
Cap Rate 9%
$12,614,978
Alternative Uses
Best Use
Specialty Retail
$16.22M
$14.19M – $18.92M
NOI $1,135,348 @ 7.0% cap · market cap 8.54%
Second Best
Industrial
$1.35M
$1.18M – $1.58M
NOI $94,655 @ 7.0% cap · market cap 0.71%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
95,867
Businesses Nearby
Explore this area
Business Placement
Demographics for 10001, NY
32,612
Population
17,554
Households
1.9
Avg Household Size
35
Median Age
72%
College-Educated
93%
High-School Grad
0.6 sq mi
ZIP Area
54,353
Density / Sq Mi
$123,393
Median Household Income
$97,848
Median Earnings
$3,024
Median Rent
$793,000
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Leased dining and rooftop lounge uses occupy a fully modernized Midtown Manhattan building.
Where is this nnn property located?
The property is located at 21 West 35th Street New York, NY.
What is the asking price?
The asking price for this property is $13,300,000.
What are key features of this property?
This property features: Three‑story retail building at 21 West 35th Street, New York, NY 10001; Ground and second floors leased to Niku X by Chubby Cattle; Rooftop leased to BarChef NYC
