70 University Pl 10 Unit Apartment Building $8,750,000 ($875,000/Unit) 5.20% Cap Rate New York, NY 10003

New York Multifamily is pleased to offer the following opportunity located in the booming Greenwich Village/Union Square neighborhood. 70 University Place is located on the West side of University Place between East 10th & East 11th Streets and contains a gross square footage of 7,477. The property is zoned C1-7 and is built 24 ft x 84 ft on a 24 ft x 91.42 ft lot
THE OPPORTUNITY
• Rare Opportunity: 70 University Place is a 7,477 SF mixed-use building at the intersection of University Place and East 10th Street, offering investors the unrivaled opportunity to acquire a cash-flowing, value-add opportunity in one of the most supply-constrained neighborhoods in Manhattan. The property consists of nine residential units and one commercial space, all currently occupied, and is positioned just steps from Washington Square Park, Union Square, and NYU.
• Protected Tax Class 2B: The building benefits from a Tax Class 2B designation, limiting annual increases in assessed value and providing meaningful tax stability for long-term ownership. As such, taxes can increase by no more than 8% year over year, and by no more than 30% over any given 5-year period.
• Retail Repositioning & End User Potential: The ground-floor retail is leased to Reservoir through October 2025 with 3% annual increases, but is currently rented at a steep discount to market. Located in a high-foot-traffic corridor connecting NYU, Union Square, and Washington Square Park, the space offers a clear path to repositioning or re-tenanting at materially higher rents upon lease expiration. Additionally, with a short remaining term of the lease, 70 University presents potential end-user opportunity to own and occupy the 1,850 vented retail space while benefitting from a strong income stream. Reservoir features a full kitchen, a partial basement space, and a rare 2AM liquor license—making it an ideal layout for high-volume food and beverage and a clear value-add for future tenancy or ownership.
• Prime Greenwich Village Location Surrounded by Institutional Demand Drivers: Nestled at the nexus of University Place and East 10th Street, 70 University Place is positioned in the absolute core of Greenwich Village—one of the most desirable and supply-constrained neighborhoods in Manhattan. The property sits within a two-block radius of Washington Square Park, Union Square, and New York University, drawing consistent demand from students, faculty, professionals, and long-term residents alike. The surrounding corridor features a dynamic mix of neighborhood retail, high-end dining, and cultural institutions, while multiple nearby subway lines provide seamless access to the rest of the city. With a deep tenant pool, zero residential vacancy, and institutional ownership on nearly every block, the location offers long-term insulation from market volatility and enduring appeal across asset classes.