48 Allen St
New York, NY 10002
Retail Property For Sale

"I N V E S T M E N T H I G H L I G H T S" — True block-through frontage — simultaneous street presence on Orchard Street and Allen Street, a configuration rarely available at this scale in Manhattan — Full condo ownership structure — no ground lease, no co-op approvals, no landlord above you; the asset is fully controlled and freely transferable — 100% occupied with $249,000 gross annual income; in-place NOI of $193,940 generating a 6.46% return at the $3M ask — Elevator-connected ADA-compliant cellar on the Allen Street side — 584 SF of below-grade selling or storage space with direct unit access — Both leases expire May 2027 simultaneously — a clean, defined runway to mark rents to market, reconfigure, or take owner-occupancy without staggered transitions — In-place rents of $124.81/SF sit below current LES market asking rents of $110–$160/SF, with clear upside at the 2027 rollover — F, M, J, Z trains within 5-minute walk; Williamsburg Bridge and FDR Drive provide immediate vehicular access — Surrounded by marquee neighbors: Katz's Delicatessen, Nine Orchard Hotel, Bode Fine Tailoring, Colbo, Supreme, Tenement Museum, The Ludlow Hotel" 49 Orchard Street and 48 Allen Street comprise a rare block-through retail condominium on the Lower East Side — one of the only properties of this scale with simultaneous frontage on both Orchard Street and Allen Street. The two units together offer 1,995 SF of ground-floor retail, with an additional 584 SF of elevator-connected, ADA-compliant cellar space on the Allen Street side. The property is 100% occupied under two leases expiring simultaneously in May 2027. At the current asking price of $3,000,000, the in-place cap rate is 6.46% — a strong current-income profile for a Manhattan retail condo in a corridor with near-zero vacancy and demonstrably rising rents. The 2027 lease expiration is the investment thesis. A buyer today secures in-place income at 6.46%, with a clear path to mark-to-market rents or owner-occupancy when both leases roll simultaneously." Asking Price $3,000,000 In-Place Cap Rate 6.46%