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    1516 Park Avenue New York, NY 10029

    Sponsored
    For Sale
    $6,900,000

    10,716 SF Grocery Store, Vacant, $6.9M

    Property size:
    10,716 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional retail condominium, located at 1516 Park Avenue in New York, NY 10029, presents a unique investment opportunity. The property boasts a substantial 10,716 square feet of space, ideally suited for a grocery store or similar retail use. The building, constructed in 2023, is a three-level structure with nearly 6,000 square feet on the ground floor, offering excellent street-level visibility and accessibility. Currently vacant, this property is primed for immediate occupancy and lease-up. A significant advantage is the absence of common charges, coupled with low fixed taxes, contributing to a strong potential return on investment. The asking price is $6,900,000, translating to $643.90 per square foot. This block-front retail space is situated within a brand-new luxury rental building on Park Avenue, ensuring high foot traffic and a desirable location. The property's prime location and modern construction make it an attractive proposition for discerning investors seeking a high-value retail asset in a prestigious New York City neighborhood. All offers are encouraged.

    Property Features for 1516 Park Avenue

    General Information

    Property type
    Individual retail properties
    Square Feet
    10,716 SF

    Building Details

    Year Built
    2023
    Buildings
    1

    HighLights

    • Park Avenue block‑front retail condominium in a new luxury rental building.
    • Three‑story, 10,716 square foot retail condo with approximately 6,000 square feet on the ground floor.
    • Currently vacant and available for lease; no common charges and low property taxes.
    • $6.9 million asking price; all offers will be considered.
    • Contact Josh at [email protected] for details.
    Property Profile Location Intelligence

    Current Use by Public Records

    Grocery and convenience stores

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market 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
    -73.9459054
    Latitude
    40.7961858

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    FAQs

    What type of property is this?
    Individual retail property - 10,716 SF Grocery Store, Vacant, $6.9M
    Where is this individual retail property located?
    The property is located at 1516 Park Avenue New York, NY.
    What is the asking price?
    The asking price for this property is $6,900,000.
    What are key features of this property?
    This property features: Park Avenue block-front retail condominium in a new luxury rental building.; Three-story, 10,716 square foot retail condo with approximately 6,000 square feet on the ground floor.; Currently vacant and available for lease; no common charges and low property taxes.
    Request Owner's contact information
    1516 Park Avenue New York, NY 10029
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    New York, NY 10029
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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
    1516 Park Avenue New York, NY 10029
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