15 Park Row New York, NY 10038

Property Details for 15 Park Row

Year built

1899

Property size

34,513 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional Class A retail and office condominium at 15 Park Row, New York, NY 10038 offers 34,513 square feet of space, including 19,327 square feet of vacant ground floor retail with 17-foot ceilings and a lower level, plus mezzanine space. The second floor comprises 15,186 square feet of office space, currently 100% leased to DBOX and J&R, generating approximately $700,000 in annual rental income through 2026. Located in the heart of the Financial District, this property boasts a prime location on City Hall Park, offering unparalleled visibility and access to the Fulton Transit Center. The asking price is $12,500,000, representing a pro-forma cap rate of 14.03% and a pro-forma NOI of $1,754,306. Built in 1899, this historic landmark building offers a unique opportunity for owner-users or investors seeking a value-add investment. The property benefits from a 99-year ground lease (95 years remaining) with a renewal option, and ground rent is a nominal $1.00 per year, plus pro-rata operating expenses. The property is offered unencumbered by debt on an "as-is" basis. This presents a rare chance to acquire a trophy asset in one of Manhattan's most vibrant submarkets, with significant potential for long-term lease growth and value appreciation. The combination of vacant retail space and a near-term office lease expiration provides flexibility for various uses, including owner-occupancy or repositioning for optimal returns.

Location Insight

City

New York

County

New York

State

New York

Longitude

-74.0078

Latitude

40.7113