88 Greenwich St, Unit CU New York, NY 10006-2204
Property profile & analytics
88 Greenwich St, Unit CU New York, NY 10006-2204
- Retail space
- 18,878 SF
Property ID
US63-2110941
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- Great Location Apartment / Bed & Breakfast / Restaurant
- TOWN Residential / Real Estate Agency
- 88 Greenwich Street / Apartment Building
- 7-Eleven Evolution Store / Grocery & Convenience Store
- Raise the Roost - Chicken and Biscuit / Restaurant
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.
Value Estimations
based on Realmo’s proprietary methodology
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
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Location Insight
- Map
- Local Demand
- 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
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$227,381
$148,330
$1,998,397
$2,146,727
-
$329,623
$4,557,713
$4,887,336
