202 Eighth Avenue,
About this property
eighth (8) residential units and one (1) commercial tenant on the ground floor. The building consists of seven (7) one-bedroom units and one (1) studio, all of which are rent stabilized with legal rents well below market. The retail tenant has 3% annual escalations in its lease and pays 50% of taxes above the base year 2015/16. There is a personal guarantee from the restaurant owner which is backed by multiple restaurants he owns. Additionally, he has been in place for the past 27 years and has been paying on time every month.
The property is an opportunity for an investor to purchase a mixed-use asset with a tremendous amount of upside in the rents in the heart of Chelsea. 202 Eighth Avenue is surrounded by New York’s most well renowned galleries, restaurants, theaters and shopping. The location is walking distance away from both the Meatpacking District and the West Village with easy accessibility to the rest of The City on the C and E subway lines on West 23rd Street and Eighth Avenue and several bus routes that canvas the area.