Mixed use building on the border of Midtown South/ Flatiron. Prime location on 29th Street between Park Avenue and Lexington. Building includes large, popular restaurant and a bar/lounge with outdoor seating area in the backyard. Commercial lease expires in February 2017, and there is potential to substantially increase the rent. Currently they are paying $75 per square foot Comparable retail spaces in the area are currently renting at up to $200 per square foot, indicating rental income can be increased significantly in a year. There is limited inventory for restaurants in the neighborhood, which should further drive rent increases in the future. Restaurant totals 1800 SF of retail space and 1586 SF basement storage space. The residential units are all free market and occupied. There are 2 three-bedroom apartments and 1 two-bedroom apartment. Most apartments have washers and dryers within the units. They all pay for their own heat, with individual heating systems installed in each unit. Subway station is less than 500 feet away. Can be sold together with adjacent building 113 East 29th St. Together, there are more than 3,900 SF of air rights available and included. Call now to make an appointment!
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