88 Greenwich St, Unit CU New York, NY 10006-2204

Property Details for 88 Greenwich St

Year built

1956

Property size

18,878 SF

Zone code

C6-9

Property type

Retail space

APN

00018-1001

APU

181001

Description

Exceptional opportunity to acquire a two-story, 50,183 square foot retail condominium portfolio in Manhattan's Financial District. This core-plus investment boasts a strong in-place cash flow, with 77% occupancy and a weighted average lease term of 12.9 years. The property comprises seven tenants, including investment-grade credits, across twelve units within one building. A significant portion (70%) of the net rentable area is leased to investment-grade tenants, providing a stable income stream. The property features over 450 feet of wraparound frontage on three streets, offering high visibility and foot traffic. Located at the base of the ultra-luxury Greenwich Club Residences, this prime corner location benefits from its proximity to the World Trade Center, Battery Park, and major transportation hubs. The property includes 11,390 square feet of vacant space, presenting a significant opportunity to increase occupancy and rental income. Two of the vacant spaces are former restaurant spaces, offering potential for diverse tenant mix. The current NOI is $1,951,760, with a pro-forma NOI of $2,780,783, reflecting the potential for significant value appreciation. The asking price is $38,000,000, representing a cap rate of 5.14% and a pro-forma cap rate of 7.32%. Attractive assumable financing is available, with a current balance of $18,718,004 maturing in November 2027 at a 2.5% interest rate. This is a rare opportunity to acquire a high-performing retail portfolio in one of Manhattan's most desirable locations.

Location Insight

City

New York

County

New York

State

New York

Longitude

-74.0141

Latitude

40.7079

CBSA code

35620

CBSA name

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

Property Tax & Assessments