Corner Retail
For Sale
Contact for pricing
83-85 First Avenue, New York, NY 10003
Two restaurant units offer cooking ventilation, established occupancy, and flexible use provisions within a residential cooperative building.
Property Size4,729 SF
Days on Market145
Property Features for 83-85 First Avenue
General Information
Standard status
Active
Size
4,729 SF
Property subtype
Retail
Occupancy
100%
Additional Details
Floor
Ground, Lower Level
Corner Location
Yes
Building Details
Tenancy
Multi
Listing Agency:
JSN Properties
Listed By:
Jeff Nissani · License #NY 10301209819
Source:
Crexi
Added: Apr 10
Changed: Aug 31
Last Checked: Aug 31 at 1:04AM
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 JSN Properties
Investment Insights
Based on property information with market context.
This two-unit retail condominium occupies the ground floor and lower level of a residential cooperative building at the northwest corner of First Avenue and East Fifth Street. The property contains ±2,615 square feet on the ground floor and ±2,114 square feet below, totaling ±4,729 square feet. Combined wraparound frontage exceeds ±100 feet, and both units are equipped with cooking ventilation. The condominium bylaws impose no use restrictions.
The corner unit at 83 First Avenue is occupied by Three of Cups, which has operated there since August 1992 and extended its lease through August 2027. The adjoining unit at 85 First Avenue is occupied by Shinbashi, a sushi restaurant, under a lease through March 2025 with one additional five-year option. Tenants reimburse a percentage of real estate taxes over their respective base years and cover virtually all other expenses, including insurance, utilities, and maintenance. The property is identified as 83-85 First Avenue, also known as 347 East Fifth Street, in Manhattan’s East Village.
The corner unit at 83 First Avenue is occupied by Three of Cups, which has operated there since August 1992 and extended its lease through August 2027. The adjoining unit at 85 First Avenue is occupied by Shinbashi, a sushi restaurant, under a lease through March 2025 with one additional five-year option. Tenants reimburse a percentage of real estate taxes over their respective base years and cover virtually all other expenses, including insurance, utilities, and maintenance. The property is identified as 83-85 First Avenue, also known as 347 East Fifth Street, in Manhattan’s East Village.
Key Highlights
- ±4,729 square feet across two retail condominium units
- ±2,615 square feet on the ground floor and ±2,114 square feet in the lower level
- More than ±100 feet of combined wraparound frontage
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
24,733
Businesses Nearby
Explore this area
Business Placement
Demographics for 10003, NY
57,076
Population
30,730
Households
1.9
Avg Household Size
32
Median Age
82%
College-Educated
96%
High-School Grad
0.6 sq mi
ZIP Area
95,127
Density / Sq Mi
$153,750
Median Household Income
$82,560
Median Earnings
$2,772
Median Rent
$1,137,000
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?
Retail space - Two restaurant units offer cooking ventilation, established occupancy, and flexible use provisions within a residential cooperative building.
Where is this retail space located?
The property is located at 83-85 First Avenue New York, NY.
What are key features of this property?
This property features: ±4,729 square feet across two retail condominium units; ±2,615 square feet on the ground floor and ±2,114 square feet in the lower level; More than ±100 feet of combined wraparound frontage
