2 Pike St New York, NY 10002
- Retail properties
- 27,000 SF
Current Use by Public Records
- Second Salem Church / Soup Kitchen
Property Details for 2 Pike St
- Year built
- 2019
- Property size
- 27,000 SF
- Property type
- Retail properties
- Property subtype
- Retail space
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- New York
- County
- New York
- State
- New York
- Longitude
- -73.9932
- Latitude
- 40.714
