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High-Yield Retail Condo | STNL CVS Pharmacy 340 E 23rd St 13,250 SF Retail Condo Unit Online Auction Sale New York, NY 10010



Investment Highlights
- Unit 207 at Gramercy Park offers a NN retail condo investment that is fully occupied by CVS, an industry-leading pharmacy retailer.
- Long-term lease agreement with CVS running through 2033, with four five-year extension options and 10% planned escalations every five years.
- High-exposure location with prime visibility to over 16,000 daily vehicles and robust foot traffic on the 23rd Street commercial corridor.
- Delivers stable rental income with minimal landlord responsibilities, ensuring a consistent and high-yield acquisition for investors.
- Situated on the ground floor of a 207-unit luxury condominium community, providing a dependable, built-in audience of affluent customers.
- Near major medical institutions such as NYC Langone Medical Center, Bellevue Hospital, and the VA Medical Center, driving consistent retail demand.
Executive Summary
Avison Young, as exclusive agent, is pleased to offer for sale a premier retail condominium located at 340 East 23rd Street on the south side of East 23rd Street in the heart of Gramercy Park, one of Manhattan’s most historic and desirable neighborhoods. Positioned at the base of a luxury residential condominium developed in 2007, the property benefits from strong visibility with consistent foot and automobile traffic along a key east-west thoroughfare. The retail condominium at Unit 207 features 9,250 square feet on the ground floor and 4,000 square feet in the lower level, for a total footprint of 13,250 square feet. Unit 207 is 100% leased to CVS Pharmacy, a leading national drugstore chain, under a long-term NN lease structure. The tenant is responsible for all expenses except for the condominium common area maintenance (CAM) fees, ensuring minimal landlord obligations. CVS’s lease commenced on April 26, 2008, and runs through April 25, 2033, providing over seven years remaining on the initial term. The lease also includes four five-year extension options, which, if exercised, would extend tenancy through 2053, offering exceptional income stability and long-term security. The property’s strategic location is further enhanced by its proximity to major medical institutions, including NYU Langone Medical Center, Bellevue Hospital, and the VA Medical Center, which drive consistent demand and reinforce the value of a pharmacy tenant in this location.
Matterport 3D Tour
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Title and Insurance
Property Facts
| Total Building Size | 191,225 SF | Typical Floor Size | 11,100 SF |
| Property Type | Multifamily (Condo) | Year Built | 2007 |
| Property Subtype | Apartment | Lot Size | 0.39 AC |
| Building Class | A | Type of Ownership | Fee Simple |
| Floors | 21 | ||
| Zoning | C1-9A R8B | ||
| Total Building Size | 191,225 SF |
| Property Type | Multifamily (Condo) |
| Property Subtype | Apartment |
| Building Class | A |
| Floors | 21 |
| Typical Floor Size | 11,100 SF |
| Year Built | 2007 |
| Lot Size | 0.39 AC |
| Type of Ownership | Fee Simple |
| Zoning | C1-9A R8B |
Amenities
Site Amenities
- 24 Hour Access
- Fitness Center
- Laundry Facilities
- Property Manager on Site
- Cabana
- Doorman
- Gameroom
- Media Center/Movie Theatre
- Elevator
- Lounge
- Sundeck
1 Unit Available
Unit Retail
| Unit Size | 13,250 SF | Sale Type | Investment |
| Condo Use | Retail | APN/Parcel ID | 0928-1202 |
| Unit Size | 13,250 SF |
| Condo Use | Retail |
| Sale Type | Investment |
| APN/Parcel ID | 0928-1202 |
About the Architect
Other Properties in the Gerner Kronick + Valcarcel, Architects, PC Portfolio
Sale Advisors
Brent Glodowski, Director, Tri-State Investment Sales
Previously, Brent was a Senior Director of Sales at Kinsey Capital, where he was responsible for sourcing, underwriting and marketing investment grade real estate across all asset classes. He transitioned to the New York Retail Advisors team of Marcus & Millichap, where he focused on retail properties in the five boroughs. Throughout his five-year career, Brent has sold over $100 million of real estate.
Brent earned a Master’s Degree in Real Estate Development and Finance from Georgetown University, and a Bachelor’s Degree from American University. He is a member of the International Council of Shopping Centers and Real Estate Alumni Associations of Georgetown and American University.
James Nelson, Head of U.S. Investment Sales
Since joining Avison Young in 2018, James has been involved in over 225 sales valued at well above $3 billion dollars, resulting in his being named a top global top producer, a Commercial Observer’s Power 100, and a CoStar Power Broker. James has also been a recipient of REBNY’s prestigious Edward S. Gordan Deal of the Year award. Some noteworthy clients include The Archdiocese of New York, Breaking Ground, The Carlyle Group, JP Morgan Chase, Salvation Army and Vornado among others.
James builds unique sales platforms at Avison Young consisting of a unified, client-first sales group that is broken out by asset class and providing the best client experience. This approach aligns with Avison Young’s principally owned structure which allows principals to be personally invested in the long-term success of their clients.
Throughout his over 25-year career, James has been involved in the sale of approximately 500 property and loan sales for an aggregate value of over $5 billion dollars. Prior to joining Avison Young, James served as Vice Chairman of Cushman & Wakefield, where his team was ranked the number one Investment Sales broker nationwide in 2016. Previously, James was a partner and top producer for Massey Knakal for six of their last eight years and was named the company’s youngest partner in 2004.
James is passionate about real estate and helping others achieve success. With his Wall Street Journal bestselling book The Insider’s Edge To Real Estate Investing, podcast, videos, and weekly Forbes articles, he advises on how to navigate and stay on top of this ever-changing market. He enjoys guest lecturing at Columbia, Fordham, NYU, Wharton, and of course his alma mater Colgate. He often provides this real estate expertise to notable mainstream publications such as The Wall Street Journal, NY Times, and the NY Post.
James serves on the boards of REBNY, SparkYouth NYC, and USA Water Polo and is a former Chairman of YM/WREA. He is also a co-founder of the Real Estate Services Alliance (RESA) and the Colgate Real Estate Council. His greatest joy is spending time with his wife Allison and three sons Luke, Austin, and TJ either at home in Connecticut, up on the Cape, or travelling to their water polo tournaments on the West Coast. You can follow James on Instagram at @jamesnelsonnyc or visit jamesnelson.com for more information.
Eric Karmitz, Director
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High-Yield Retail Condo | STNL CVS Pharmacy | 340 E 23rd St
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