124 Seventh Ave
New York, NY 10011
Retail Property For Sale

Marcus & Millichap is pleased to present for sale Le Pain Quotidien located at 124 7th Avenue in the Chelsea neighborhood of Manhattan, NY. The subject property has 27 feet of frontage along Seventh Avenue, between West 17th Street and West 18th Street. Le Pain Quotidien occupies the entire 2,767 square-foot gross leasable area (GLA), uses the additional basement space for storage, and has been operating there on a 15-year NNN lease which expires in June 30th, 2021. It is likely that Le Pain Quotidien will not extend their lease. The air rights for the property have been previously sold. The one-story retail building is supremely located in the heart of Chelsea, one of the most sought after and dynamic neighborhoods in the city, both rich in culture and character, with over 200 art galleries, the much celebrated High-Line Park, and Chelsea Piers. It is also home to some of the best retail, restaurants, and companies in the city such as Barneys New York, Malin+Goetz, Printed Matter, Comme des Garons, Jeffrey New York, Del Posto, The Chelsea Market (home to famed eateries such as Miznon, Los Tacos No.1, and many others), Okuda, Old Homestead Steakhouse, Google, WeWork, and much more. Chelsea is surrounded by other prudent neighborhoods with Greenwich Village and the Meatpacking District to the South, Union Square to the East, and Hudson Yards to the North. Chelsea is also one of the city’s wealthiest neighborhoods with an average household income within a one-mile radius of 124 Seventh Ave of over $182,500 with a population of over 209,000 people. 124 Seventh Avenue is a tremendous opportunity for investors to acquire a perfectly positioned retail building in one of the most desirable neighborhoods in New York City, tenanted by a well-known franchise providing very healthy triple-net cash flow for almost two years.