212 Fifth Avenue, The Retail Condominium, New York, NY 10010

Chelsea, Gramercy Park, Flatiron, New York, New York 10010

$30,000,000  

Listing ID Number

25240

Property Description

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a prime retail condominium located at 212 Fifth Avenue (alt. address 1134 Broadway) in the coveted Flatiron / Madison Square Park North (“NoMad”) neighborhood of Manhattan and located at the ground floor of one of NYC’s best-selling luxury condominiums. Situated on the south side of West 26th Street between Fifth Avenue and Broadway, the approximate 4,620 square foot ground floor retail asset features tremendous 16’ ceiling heights, distinct visibility across from Madison Square Park, over 246’ of wraparound frontage and two prime corners along one of the area’s main retail arteries that receives an abundance of foot traffic.

The subject asset contains 2 commercial units, both of which benefit from their corner presence. The 212 Fifth Avenue space, situated on the southwest corner of West 26th Street and Fifth Avenue, is leased for 15 years and 10 months to Togas House of Textiles, a luxury textile boutique with 177 locations worldwide. The space encompasses 2,331 rentable square feet, with 57’ feet of frontage along Fifth Avenue and 64’ of frontage along West 26th Street. The 1134 Broadway space, situated on the southeast corner of West 26th Street and Broadway, is being subdivided into two spaces. Current ownership is far along in negotiations with a high-end retailer to lease the 1,230 rentable square foot corner space which has 31’ feet of frontage along Broadway and 64’ feet of frontage along West 26th Street. The in-line Broadway space is currently vacant and encompasses 1,059 rentable square feet with 30’ of frontage along Broadway between 25th and 26th Streets.

Overall, the offering presents an outstanding opportunity for investors to purchase an extremely rare retail condominium within Manhattan’s highly sought after Flatiron/NoMad submarket featuring robust in-place cash flow with the potential to substantially increase its gross revenue in the near term, unlocking the asset’s full stabilized potential.

Overview

Building Type:Commercial Buildings, Commercial Condo/Co-op
Location:West 26th Street between Fifth Avenue and Broadway
Block/Lot:827/1001
Lot Dimensions:56' x 156' Irr.
(Approx.)
Unit Sq Ft:4,620
(Approx.)
Commercial Units:1
Landmark Status:Yes
Madison Square Park North

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

John F. Ciraulo
Vice Chairman
(212) 660 7700
john.ciraulo@cushwake.com

Craig Waggner
Director
(212) 660 7744
craig.waggner@cushwake.com

Douglas Blankrot
Senior Associate
(212) 589 5157
douglas.blankrot@cushwake.com

Lou Magarelli

2123078167
Lou.Magarelli@cushwake.com


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The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.