335 First Ave - Apartments FOR SALE


New York, NY 10003- Gramercy Park
$3,200,000 USD
917-943-5222
335 First Ave, New York, NY for Sale
$3,200,000 USD
Apartments - FOR SALE
1/18
null | 8.05% Cap Rate

335 First Ave
New York, NY 10003
Gramercy Park


HIGHLIGHTS

  • Prime Manhattan Location: Situated on one of the city’s busiest corridors with excellent visibility and accessibility.
  • Versatile Opportunity: Ideal for end-users, investors, or owner-occupants seeking medical, wellness, office, or boutique retail space.
  • Built-In Value: Ground floor features a former medical build-out, offering turnkey potential or customization options.

OVERVIEW

Property Overview: An exceptional opportunity to acquire a mixed-use asset located along one of Manhattan's busiest commercial corridors. 335 1st Avenue is a four-story walk-up building offering an ideal opportunity for investors, owner-users, developers, or medical/professional office occupants seeking a highly visible location with both income and value-add potential. Property Highlights: * Ground-floor commercial space with an existing former medical office build-out, suitable for a variety of professional or retail uses. * Excellent opportunity for an owner-user or investor seeking stable income with future upside. * Real estate taxes are currently under formal grievance. Based on the pending appeal, ownership anticipates an annual tax reduction of approximately $35,000-$50,000 in September of this year. * Retail tenant is responsible for 30% of real estate tax increases, helping offset future operating expense growth. * Residential tenants pay their own heat, reducing landlord operating expenses. * One rent-stabilized apartment will be delivered vacant, providing flexibility for occupancy, renovation, or leasing (subject to applicable laws). * Three of the six residential units have been renovated, offering immediate rental upside while leaving additional value-add potential. * Strong foot traffic, highly visible frontage on 1st Avenue. The existing commercial layout, combined with the property's prime First Avenue frontage and excellent street visibility, makes this space well-suited for a wide range of commercial uses. It is particularly attractive for medical and dental practices, physical therapy, chiropractic, behavioral health, wellness and beauty operators, law or accounting firms, architecture or design studios, and boutique retail concepts. The flexible floor plan offers an excellent opportunity for an owner-user seeking a prominent Manhattan location or an investor looking to lease to high-quality commercial tenants in a well-established neighborhood with consistent pedestrian and vehicular traffic.

FOR SALE DETAILS

PRICE

$3,200,000 USD

PRICE/SF

$634 USD /SF

# OF UNITS

6

PRICE/UNIT

$533,333

CAP RATE

8.05%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1920

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.04 AC

LAND SF

1,742 SF

ZONING

C1-6A

APN/PARCEL ID

0925-0037

ASK ABOUT THIS PROPERTY

Tal GrafiGrafi RealtyMore Info
917-943-5222

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Tal GrafiGrafi RealtyMore Info
917-943-5222

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