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Listing Courtesy of Douglas Elliman Real Estate
$ 3,000,000
Est. payment | /mo
100 Baths
1,995 SqFt
$ 3,000,000
Est. payment | /mo
100 Baths
1,995 SqFt
Key Details
Property Type Condo
Sub Type Condo
Listing Status Active
Purchase Type For Sale
Square Footage 1,995 sqft
Price per Sqft $1,503
Subdivision Lower East Side
MLS Listing ID RLS20098702
Full Baths 99
Half Baths 2
HOA Fees $100/mo
HOA Y/N Yes
Property Sub-Type Condo
Property Description
49 Orchard Street and 48 Allen Street comprise a rare block-throughretail condominium on the Lower East Side - one of the onlyproperties of this scale with simultaneous frontage on both OrchardStreet and Allen Street. The two units together offer 1,995 SF ofground-floor retail, with an additional 584 SF of elevator-connected,ADA-compliant cellar space on the Allen Street side.The property is 100% occupied by New Ealam under two leasesexpiring simultaneously in May 2027. At the current asking price of$3,000,000, the in-place cap rate is 6.46% - a strong current-incomeprofile for a Manhattan retail condo in a corridor with near-zerovacancy and demonstrably rising rents.The 2027 lease expiration is the investment thesis. A buyer todaysecures in-place income at 6.46%, with a clear path to mark-to-marketrents or owner-occupancy when both leases roll simultaneously.
Location
State NY
County New York
Rooms
Basement Other
Interior
Fireplace No
Appliance Washer Dryer Allowed
Laundry Building Other
Exterior
Exterior Feature Building Roof Deck
Pool Building None
View Y/N Yes
View Other
Porch None
Private Pool Yes
Building
Dwelling Type High Rise
Story 7
New Construction No
Others
Tax ID 0308-1102
Ownership Condominium
Monthly Total Fees $100
Special Listing Condition Standard
Pets Allowed Building Yes, No
RLS Data display by WJFNY