387-401 Ave New York, NY 10014

Property Details for 387-401 Ave

Property size

25,517 SF

Property type

Retail properties

Property subtype

Restaurants

Description

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.

Location Insight

City

New York

County

New York

State

New York

Longitude

-74.0094

Latitude

40.7366