Property profile

280 Park Ave 290 New York, NY 10017

OFF-MARKET
Office buildings
Property ID
US63-2847136
386,166 SF 0.57 ac lot Built 1962
Individually Owned 5-yr Hold Absentee Owner ~ Est. High Equity
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Property summary

AI-generated overview

This exceptional turnkey restaurant opportunity is located in the highly desirable Gramercy Park neighborhood of New York City, within the Flatiron submarket cluster. The property, situated at 280 Park Avenue South, zip code 10010, boasts a substantial 14,000 square feet of space, ideal for a variety of culinary and entertainment ventures. Currently configured as a single-tenant restaurant, the space is ready for immediate occupancy, eliminating the need for extensive renovations. Key features include high ceilings, contributing to a spacious and impressive atmosphere, and a fully vented kitchen, equipped to handle high-volume food preparation. The property's prime location in Gramercy Park ensures high visibility and foot traffic, attracting a diverse clientele. The monthly rent is $233,000. This is a rare chance to acquire a well-established, fully operational restaurant in one of Manhattan's most sought-after neighborhoods. The property's historic character adds to its unique appeal, offering a blend of classic charm and modern functionality. This turnkey operation presents a significant opportunity for an experienced restaurateur or investor seeking a profitable venture in a vibrant and dynamic location. The property is classified as a Restaurant and Special Purpose property.

Property profile

Verified
Property type Office buildings
Use group OFFICE BUILDING (MULTI-STORY)
Year built 1962
Total area 386,166 SF
Lot 0.57 ac (24,775 SF)
Zoning code C5-3
APN 01284-0033
UPID US63-2847136

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Real Estate Agency
  • Employment Agency
  • Marketing & Advertising
  • Law Firm
  • Bank

Location

280 Park Ave, Unit 290 New York, NY 10017-1274
New York metro Census 9400 NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$216.95M

Owner & transaction history

since 2021
7 recorded transactions
2021
Price N/A
2020
$33.1M
2020
$33.1M
2017
Price N/A
2016
Price N/A
2007
$1,279.8M
2007
Price N/A

Zoning & alternative use

C5-3 · New York, NY
Top alternative use upside
Warehouse, storage $315.6M +27.9%
Commercial (general) $279.8M +13.4%

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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