387-401 AveNew York, NY 10014

For Sale
$25,000,000

Iconic Greenwich Village Location, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
97
This exceptional mixed-use property at 387-401 Avenue of the Americas in New York City's vibrant Greenwich Village offers a compelling investment opportunity. The 25,517 square foot building boasts six units, including a restaurant, and sits on an 11,600 square foot lot with 150 feet of frontage. The property features a strong net operating income (NOI) of $1,603,603, resulting in a 6.40% capitalization rate. The asking price is $25,000,000, translating to $634 per square foot. Located in a highly desirable area with excellent access to multiple subway lines (A, B, C, D, E, F, 6, N, and R), the property benefits from the neighborhood's rich cultural heritage, lively atmosphere, and diverse population. The C4-5 zoning permits a variety of uses. An additional 13,923 square feet of air rights provide significant future development potential. This is a rare chance to acquire a substantial property in one of Manhattan's most iconic and sought-after neighborhoods, offering a blend of established income and significant upside. The property's location near landmarks like the Stonewall Inn and NYU's Tisch School of the Arts, coupled with its proximity to Washington Square Park and SoHo, ensures strong tenant demand and long-term value appreciation.

Highlights

  • $25,000,000 asking price for a mixed-use retail property.
  • 25,517 square feet with a $634 per square foot price.
  • 6.40% cap rate and $1,603,603 NOI.
  • Located at 387-401 Avenue of the Americas, New York, NY 10014.
  • Six units on a 11,600 square foot lot with 13,923 square feet of air rights.
  • C4-5 zoning.

Property Details for 387-401 Ave

Property type
Other retail properties, Restaurants
Square Feet
25,517 SF
Units
6

Location Insight

City
New York
County
New York
State
New York
Latitude
40.7366138
Longitude
-74.0094471
387-401 Ave, New York, New York

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
387-401 Ave
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message