279 Church St - Storefront FOR SALE


New York, NY 10013- Tribeca
$9,250,000 USD
212-430-5147
279 Church St, New York, NY for Sale
$9,250,000 USD
Storefront - FOR SALE
1/30
null | 5.8% Cap Rate

279 Church St
New York, NY 10013
Tribeca


HIGHLIGHTS

  • 279 Church Street is a 6-unit, mixed-use walk-up building totaling approximately 8,971 square feet with 25 feetof frontage on Church Street
  • The building is currently 100% occupied. The full basement is currently occupied by a cateringcompany, London Catering
  • Strong Cash-Flow & No Deferred Maintenance
  • Located in the heart of Tribeca, 279 Church St sits at the intersection of one of DowntownManhattan's most coveted and and high-demand rental markets

OVERVIEW

The New York Multifamily team of Marcus and Millichap is pleased to exclusively offer for sale 279 Church Street, which is ideallylocated in the Tribeca neighborhood. Located on the East side of Church Street between Franklin Street and White Street, this 6-unit property is comprised of approximately 8,971 square feet with 25' of frontage. This property sits on a 25' x 75' lot (Block:175 Lot: 16) and is built 25' x 70'. The property is zoned C6-2A/R8A equivalent. There are 2,280 square feet of additional air rights. • Opportunity: 279 Church Street is a 6-unit, mixed-use walk-up building totaling approximately 8,971 square feet with 25 feet of frontage on Church Street. The building comprises four floor-through commercial units and two floor-through residential units. Of the two apartments upstairs, one is free market, and the other is currently an IMD tenant. • Tenant Mix & Finishes: The building is currently 100% occupied. The full basement is currently occupied by a catering company, London Catering. The space is roughly 2,000 square feet and has the necessary ventilation for full kitchen/restaurant use. The ground floor is a 2,000 square feet commercial space, which is currently vacant. Based on comparable spaces, we anticipate the retail space renting for $90/SF, or $15,000/month. The 2nd and 3rd floors (each about 1,750 square feet) are occupied by Ronin Athletics, a fitness center that provides weightlifting, running, and yoga. The 4th Floor is an immaculately renovated three-bedroom, free-market unit spanning 1,750 square feet. The unit features two bathrooms, a washer/dryer, hardwood floors, recessed lighting, central AC, stainless steel appliances, exposed brick, and a fully upgraded bathroom. The 5th floor is a 875-square-foot, two-bedroom apartment. • Strong Cash-Flow & No Deferred Maintenance: This opportunity presents any potential purchaser with immediate cash-flow day one. The building benefits from achieving strong above-grade commercial rents that rival the price per square foot of residential use units in the area. The commercial units are all commanding $60/SF or higher, while the free market residential unit is achieving $70/SF. Additionally, the landlord is not responsible for heat or electricity, creating a strong hedge against rising property expenses that keeps income stable. While the building has been fully upgraded over the years, the commercial use and free market status of the 5th floor create flexibility to allow the ultimate purchaser to operate the building as they truly see fit. • Location & Transportation: Located in the heart of Tribeca, 279 Church Street sits at the intersection of one of Downtown Manhattan's most coveted and high-demand rental markets. The building is positioned directly across the street from the Roxy Hotel, placing tenants steps from the neighborhood's celebrated dining, wine bars, and boutique retail scene. Tribeca is an elevated dining destination, representing decades-old institutions and casual neighborhood staples. This includes Mr.Chow, Beefbar, Au Cheval, Forgione, Osteria Carlina, and Bubby’s, to name a few. The area draws a discerning mix of creative professionals, finance/tech workers, and established families who prize Tribeca's rare combination of cobblestone charm, landmarked cast-iron architecture, and low-key exclusivity. Hudson River Park lies within the neighborhood, offering a waterside escape and direct access to the Hudson River Greenway stretching north to 59th Street. The property is well-served by transit within walking distance, including the 1, 2,3, A, C, E, J, Z, N, Q, R, W and 6 subway lines, along with the M20 and M22 bus routes, providing convenient crosstown and uptown access.

FOR SALE DETAILS

PRICE

$9,250,000 USD

PRICE/SF

$984 USD /SF

CAP RATE

5.8%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1910

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.06 AC

LAND SF

2,614 SF

ZONING

C6-2A

APN/PARCEL ID

0175-0016

ASK ABOUT THIS PROPERTY

Joseph KoicimMarcus & MillichapMore Info
212-430-5147

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Joseph KoicimMarcus & MillichapMore Info
212-430-5147

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.