24 1st Ave
New York, NY 10009
The 101 Condo · Multifamily Property For Sale · 1 Unit

FOR SALE ASKING PRICE $3,950,000 PRICE PER SQ. FT. $705 PROJECTED CAP RATE 5.6% Located in the heart of the dynamic East Village in NYC, the commercial condominium at 24 First Avenue presents an exceptional investment opportunity, being currently leased to a prestigious Michelin star restaurant. This property, nestled between East 1st and East 2nd Streets, is part of a newly constructed building that boasts a spacious ground floor area of approximately 5,000 square feet, complemented by a 600-square-foot basement. A unique feature of this property is its 600 square feet of convertible outdoor space, which adds to its allure, along with 50 feet of combined retail frontage that enhances its visibility. Crafted with modern aesthetics in mind, the building features state-of-the-art construction with 12-foot high ceilings, offering an expansive and inviting atmosphere. The property is positioned in a neighborhood known for its vibrant community and notable establishments, such as Katz’s Delicatessen and Whole Foods, enriching its surroundings with a blend of culinary excellence and retail convenience. Transportation connectivity is robust, with easy access to multiple subway lines including the B D F and M trains, ensuring smooth connectivity across the city. Recently, the property secured a new lease agreement with a renowned fine dining Indian restaurant, extending through 2033, with options for renewal. The lease terms include a monthly rent of $28,500, subject to 3% annual increases, in addition to Common Area Maintenance (CAM) charges of $2,800 per month, and annual property taxes of $79,500. This investment offers a lucrative opportunity for businesses to immerse themselves in the Lower East Side’s rich cultural tapestry and the broader Manhattan market. The East Village’s unique identity and supportive local business environment make this property a strategic asset for investors seeking to capitalize on the area’s thriving community and its established and growing gastronomic scene.