Two adjacent mixed use buildings on the border of Midtown South/ Flatiron. Prime location on 29th street between Park Avenue and Lexington. The buildings include large, popular restaurants and a bar / lounge complete with outdoor seating area in the back yard. One of the commercial leases expires in the beginning of 2017, and there is potential to increase the rent dramatically. The residential units are all free market and occupied. There are five three-bedroom apartments and two two-bedroom apartments. 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. Together, there are more than 3,900 SF of air rights available and included. Buildings can be sold together or separately. There is an opportunity to raise the commercial rent at the termination of commercial lease on 2/28/17. 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. The restaurant on 111 East 29th comprises of 1800 SF retail space 1586 SF basement storage space. Currently they are paying $75 per square foot For the restaurant only (with the blended rate including the basement being drastically lower.) THIS IS SUBSTANTIALLY LOWER THAN MARKET VALUE! On top of that, there is limited inventory, especially for restaurants, in the neighborhood. Which should further drive rent increases. Please see the attached brochure for more details.
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