205 Henry St New York, NY 10002

This exceptional mixed-use property at 205 Henry Street in New York, NY 10002 presents a compelling redevelopment opportunity. The existing three-story, 4,874 square foot building, built in 2022, sits on a 2,088 square foot lot and boasts approved plans for a six-story, 10-unit condo conversion. Currently vacant, the building features a first-floor community facility space and upper floors with two one-bedroom apartments per floor. The foundation and basement are already complete, and all necessary plans and permits are included in the sale, significantly reducing development time and costs. The property is zoned R7-2 (3.44) with a C1-5 Overlay (2.0), allowing for a mix of commercial and residential use, or a fully residential building. The asking price is $3,300,000, representing a compelling $677.06 per square foot and a projected Net Operating Income (NOI) of $315,336, yielding a 9.56% cap rate. Additional air rights of 3,936 square feet offer further development potential. This is an ideal investment for owner-users seeking a blend of commercial and residential space or developers looking for a streamlined path to a high-return condo project. The property's 24-foot width and central location in New York City add to its significant value.