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446 W 14th St 22,285 SF Retail Building New York, NY 10014 $25,500,000 ($1,144.27/SF) 8.40% Cap Rate
Investment Highlights
- 100% Occupied by The Puttery
- Prime Retail Asset
- ˜ Nine Years Remaining on Lease
- Significant Capital Investment
- 50 Feet of Frontage
- Corporate Lease Guaranty from Drive Shack Inc.
Executive Summary
Avison Young is pleased to present the exclusive opportunity to acquire 446 West 14th Street, a fully leased, cash-flowing retail asset located in the heart of Manhattan’s iconic Meatpacking District. Positioned along one of New York City’s most vibrant and heavily trafficked retail corridors, the property offers investors a rare combination of long-term income security, high-profile tenancy, and institutional-quality real estate.
The three-story, 22,285-square-foot building features 50 feet of prime frontage along West 14th Street and includes a fully built-out lower level and an activated rooftop bar, maximizing functionality and revenue potential. The property is 100% leased to The Puttery, an upscale mini golf bar concept that has rapidly emerged as a leader in the experiential “eatertainment” space. Backed by Drive Shack Inc. (OTC: DSHK), a publicly traded leisure and entertainment operator, The Puttery benefits from a corporate lease guaranty and has approximately nine years of term remaining on a NNN lease, with the tenant responsible for 100% of real estate taxes.
The three-story, 22,285-square-foot building features 50 feet of prime frontage along West 14th Street and includes a fully built-out lower level and an activated rooftop bar, maximizing functionality and revenue potential. The property is 100% leased to The Puttery, an upscale mini golf bar concept that has rapidly emerged as a leader in the experiential “eatertainment” space. Backed by Drive Shack Inc. (OTC: DSHK), a publicly traded leisure and entertainment operator, The Puttery benefits from a corporate lease guaranty and has approximately nine years of term remaining on a NNN lease, with the tenant responsible for 100% of real estate taxes.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Building Size
22,285 SF
Building Class
B
Year Built
2022
Price
$25,500,000
Price Per SF
$1,144.27
Cap Rate
8.40%
NOI
$2,142,100
Tenancy
Single
Building Height
3 Stories
Building FAR
4.19
Lot Size
0.12 AC
Zoning
M1-5
Walk Score®
Walker's Paradise (100)
Transit Score®
Rider's Paradise (100)
Bike Score®
Biker's Paradise (96)
Nearby Major Retailers
Property Taxes
| Parcel Number | 0646-0014 | Improvements Assessment | $2,922,300 |
| Land Assessment | $675,000 | Total Assessment | $3,597,300 |
Property Taxes
Parcel Number
0646-0014
Land Assessment
$675,000
Improvements Assessment
$2,922,300
Total Assessment
$3,597,300
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446 W 14th St
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