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    387-401 Ave New York, NY 10014

    Sponsored
    For Sale
    $25,000,000

    Iconic Greenwich Village Location, High NOI

    Property size:
    25,517 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional mixed-use property at 387-401 Avenue of the Americas in New York City's vibrant Greenwich Village offers a compelling investment opportunity. The 25,517 square foot building boasts six units, including a restaurant, and sits on an 11,600 square foot lot with 150 feet of frontage. The property features a strong net operating income (NOI) of $1,603,603, resulting in a 6.40% capitalization rate. The asking price is $25,000,000, translating to $634 per square foot. Located in a highly desirable area with excellent access to multiple subway lines (A, B, C, D, E, F, 6, N, and R), the property benefits from the neighborhood's rich cultural heritage, lively atmosphere, and diverse population. The C4-5 zoning permits a variety of uses. An additional 13,923 square feet of air rights provide significant future development potential. This is a rare chance to acquire a substantial property in one of Manhattan's most iconic and sought-after neighborhoods, offering a blend of established income and significant upside. The property's location near landmarks like the Stonewall Inn and NYU's Tisch School of the Arts, coupled with its proximity to Washington Square Park and SoHo, ensures strong tenant demand and long-term value appreciation.

    Property Features for 387-401 Ave

    General Information

    Property type
    Restaurants
    Square Feet
    25,517 SF

    Building Details

    Units
    6

    HighLights

    • $25,000,000 asking price for a mixed‑use retail property.
    • 25,517 square feet with a $634 per square foot price.
    • 6.40% cap rate and $1,603,603 NOI.
    • Located at 387‑401 Avenue of the Americas, New York, NY 10014.
    • Six units on a 11,600 square foot lot with 13,923 square feet of air rights.
    • C4‑5 zoning.
    Property Profile Location Intelligence

    Current Use by Public Records

    Isalis Gift Shop Party City Party Store Skunk Funk Wholesaler Carl's Trading Co Hat Shop Bushka's Kitchen LLC Outdoor Clothing And Equipment Shop

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    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
    -74.0094471
    Latitude
    40.7366138

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    FAQs

    What type of property is this?
    Restaurant - Iconic Greenwich Village Location, High NOI
    Where is this restaurant located?
    The property is located at 387-401 Ave New York, NY.
    What is the asking price?
    The asking price for this property is $25,000,000.
    What are key features of this property?
    This property features: $25,000,000 asking price for a mixed-use retail property.; 25,517 square feet with a $634 per square foot price.; 6.40% cap rate and $1,603,603 NOI.
    Request Owner's contact information
    387-401 Ave New York, NY 10014
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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
    387-401 Ave New York, NY 10014
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