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    2 Pike St New York, NY 10002

    Sponsored
    For Sale
    $8,000,000

    Prime Lower Manhattan location, 27,000 sq ft, $8M.

    Property size:
    27,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 27,000-square-foot, three-level basement condominium in Lower Manhattan presents a unique investment opportunity. Currently configured as a parking garage with 50 spaces, the property offers significant value-add potential. Located at the corner of East Broadway and Pike Street, in the heart of New York City's vibrant Chinatown, this 2019-built property boasts a 100% occupancy rate with a current lease expiring September 13, 2022. The property features a 12.5% cap rate and a $1,000,000 NOI. The asking price is $8,000,000, translating to $296.30 per square foot. The building itself is part of a larger 13-story structure, with elevator access to all three levels. The lot size is 10,000 square feet, valued at $375 per square foot. The property is zoned C6-1G, allowing for a variety of uses. While currently operating as a parking garage, preliminary architectural consultations suggest the space could be readily adapted for alternative uses, such as a food court, subject to necessary approvals. This presents a compelling opportunity for owner-users seeking a high-return investment in a prime Manhattan location. The property's strong financial performance and flexible zoning make it an attractive proposition for discerning investors.

    Property Features for 2 Pike St

    General Information

    Property type
    Individual retail properties
    Square Feet
    27,000 SF

    Building Details

    Year Built/Renovated
    2019/2019
    Buildings
    1
    Stories
    13
    Units
    1

    HighLights

    • 27,000 square foot, three‑level basement condominium in Lower Manhattan.
    • Currently configured as a 50‑space parking garage with a 100% occupancy rate; lease expires September 13, 2022.
    • Asking price: $8,000,000 ($296.30/SF); $1,000,000 NOI, 12.5% cap rate.
    • Located at East Broadway and Pike Street in Chinatown, within a larger 13‑story building with elevator access to all three levels.
    • 10,000 square foot lot ($375/SF); C6‑1G zoning allows for alternative uses, such as a food court (subject to approvals).
    Property Profile Location Intelligence

    Current Use by Public Records

    Second Salem Church Soup Kitchen

    Suggested Use

    Restaurant Realty agency Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Food Market Clothing Store Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9932085
    Latitude
    40.7140391

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    FAQs

    What type of property is this?
    Individual retail property - Prime Lower Manhattan location, 27,000 sq ft, $8M.
    Where is this individual retail property located?
    The property is located at 2 Pike St New York, NY.
    What is the asking price?
    The asking price for this property is $8,000,000.
    What are key features of this property?
    This property features: 27,000 square foot, three-level basement condominium in Lower Manhattan.; Currently configured as a 50-space parking garage with a 100% occupancy rate; lease expires September 13, 2022.; Asking price: $8,000,000 ($296.30/SF); $1,000,000 NOI, 12.5% cap rate.
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2 Pike St New York, NY 10002
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