635 42nd Stgarge New York, NY 10036-1920

Property Details for 635 42nd Stgarge

Year built

2005

Property size

23,009 SF

Zone code

C6-4

Property type

Parking lots & garages

APN

01090-1004

APU

10901004

Description

This exceptional 15,050-square-foot retail condominium, located at 635 West 42nd Street in New York City's coveted Hudson Yards, presents a compelling investment opportunity. Currently 100% occupied by a high-profile event space tenant under a 5-year lease, the property boasts a strong net operating income (NOI) of $528,535.57, resulting in a 3.52% cap rate. The asking price is $15,000,000, translating to $996.68 per square foot. Situated at the base of a prestigious condominium building, this single-unit property offers unparalleled visibility and access to a high-traffic area. The tenant, a well-established event space company with additional locations, has a proven track record and provides a secure income stream. The space itself is a modern, luxurious, and technologically advanced venue, fully equipped to accommodate a wide range of events, from corporate functions to private celebrations, capable of hosting up to 800 guests. Features include a full catering kitchen, state-of-the-art audio-visual equipment, VIP green rooms, built-in bars, and 20-foot high ceilings with seamless projection mapping capabilities. The property is fully ADA accessible and compliant with all necessary commercial permits. This investment offers a blend of immediate income generation and significant long-term appreciation potential in one of Manhattan's most dynamic neighborhoods. The property's prime location and high-quality tenant make it an attractive proposition for discerning investors seeking a stable and lucrative return.