28 Forsyth St New York, NY 10002-6021

Property Details for 28 Forsyth St

Year built

1900

Lot size

0.07 lot acres

Property size

14,442 SF

Zone code

C61G

Property type

Retail residential properties

APN

00292-0010

APU

2920010

Description

This exceptional mixed-use property at 28 Forsyth Street, located in the vibrant Chinatown neighborhood of New York City, presents a compelling value-add investment opportunity. The six-story building boasts a total net rentable area of 14,442 square feet and sits on a 3,042 square foot lot with 30.42 feet of frontage. Currently operating at 100% occupancy, the property generates a substantial net operating income (NOI) of $562,736, yielding a 6.25% capitalization rate. The building comprises 24 units, including 22 apartments (11 free-market and 11 rent-stabilized) and two retail spaces, all currently leased, providing a stable and consistent cash flow. The apartments feature desirable amenities such as soundproof windows, exposed brick, and exposed original beam ceilings, enhancing their appeal to tenants. The building benefits from excellent natural light and air, overlooking Forsyth Plaza and offering stunning views of the Manhattan Bridge Arch and Colonnade. Its prime location at the intersection of Little Italy, the Lower East Side, and Two Bridges provides easy access to multiple subway lines (F, B, D, J, and Z), further enhancing its desirability. The property is zoned C6-1G, offering potential for future development or repositioning. The asking price for this remarkable investment opportunity is $9,000,000.

Location Insight

City

New York

County

New York

State

New York

Longitude

-73.9942

Latitude

40.7152

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments