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Gramercy Mixed Used w/ Air Rights 216 Third Ave 4,320 SF 100% Leased Retail Building New York, NY 10003 $5,250,000 ($1,215.28/SF) 5.72% Cap Rate
Investment Highlights
- Fully leased mixed-use investment property
- Valuable unused air rights for future development
- 100% occupied with established tenants
- Prime Third Avenue frontage in Gramercy
- Strong retail corridor with heavy pedestrian traffic
- Long-term value-add and redevelopment potential
Executive Summary
Rare opportunity to acquire a fully leased mixed-use investment property in the heart of Manhattan's highly desirable Gramercy neighborhood. Located on Third Avenue between East 17th and East 18th Streets, the property consists of approximately 4,320 square feet across three stories and is 100% occupied with established tenants. The building also benefits from valuable development potential through unused air rights, offering investors both stable in-place income and long-term upside. Surrounded by national retailers, restaurants, residential developments, and major transportation hubs, this asset presents a unique opportunity in one of New York City's most sought-after submarkets.
FOR ANY INQUIRIES - PLEASE CALL ARIE
FOR ANY INQUIRIES - PLEASE CALL ARIE
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$410,508
|
$95.03
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$410,508
|
$95.03
|
| Taxes |
$88,544
|
$20.50
|
| Operating Expenses |
$21,575
|
$4.99
|
| Total Expenses |
$110,119
|
$25.49
|
| Net Operating Income |
$300,389
|
$69.53
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $410,508 |
| Annual Per SF | $95.03 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $410,508 |
| Annual Per SF | $95.03 |
| Taxes | |
|---|---|
| Annual | $88,544 |
| Annual Per SF | $20.50 |
| Operating Expenses | |
|---|---|
| Annual | $21,575 |
| Annual Per SF | $4.99 |
| Total Expenses | |
|---|---|
| Annual | $110,119 |
| Annual Per SF | $25.49 |
| Net Operating Income | |
|---|---|
| Annual | $300,389 |
| Annual Per SF | $69.53 |
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
4,320 SF
Building Class
C
Year Built
1900
Price
$5,250,000
Price Per SF
$1,215.28
Cap Rate
5.72%
NOI
$300,300
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
4.96
Lot Size
0.02 AC
Zoning
C1-9A - C1-9A Commercial Overlay within a contextual district allowing a mix of retail and residential uses. Potential future development opportunity subject
Frontage
Amenities
- Bus Line
- Metro/Subway
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- A Spice Lane
- Retailer
- -
- $112.94
- Modified Gross
- Jul 2024
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| A Spice Lane | Retailer | - | $112.94 | Modified Gross | Jul 2024 |
Exceptionally walkable
100/100
Somewhat drivable
30/100
Exceptional public transit
100/100
Exceptionally bikeable
90/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 0874-0042 | Total Assessment | $768,774 |
| Land Assessment | $254,759 | Annual Taxes | $88,544 ($20.50/SF) |
| Improvements Assessment | $514,015 | Tax Year | 2026 |
Property Taxes
Parcel Number
0874-0042
Land Assessment
$254,759
Improvements Assessment
$514,015
Total Assessment
$768,774
Annual Taxes
$88,544 ($20.50/SF)
Tax Year
2026
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Gramercy Mixed Used w/ Air Rights | 216 Third Ave
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