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Type:
Mixed Use
Sq Ft:
6,072
Units:
Property Description
Investment Property Realty Group (IPRG) is excited to present 24 Greenwich Avenue, a 4-story, mixed-use building located between West 10th and 11th Streets in the vibrant heart of the Greenwich Village Historic District.
24 Greenwich Ave rises 4 stories and boasts 6,072 SF with 3 one-bedroom apartments and a ground floor commercial space. The building measures 23’ x 90’ on the ground and 23’ x 58 on the upper floors, with a C1-6 zoning and is in the 2A protected tax class.
The retail is occupied by Marians, a New American Restaurant with private dining and outdoor seating. The space measures approximately 2,000 SF on the ground floor with the addition of a full-height finished basement and office space. The tenant is midway through a 10-year lease with annual rent escalations.
The residential section of the building consists of 3 full floor, free market, one bedroom and one bath apartments with in-unit washer dryers. These units are on annual leases and offer significant rent growth by repositioning to two-bedroom apartments. The FAR provides an additional 1,100 SF of air rights that could be utilized to add another story to the building, or it could be duplexed with the top floor.
The property is within walking distance to all major subway lines and the Path, offering quick and easy access throughout Manhattan. This surrounding area offers the best of Greenwich Village, including upscale dining, destination shopping, and a dynamic nightlife scene.
24 Greenwich Ave offers prospective investors the exciting opportunity to acquire a well-maintained, cash flowing mixed building with robust rental growth and future upside in one of the most sought-after neighborhoods in New York City
HIGHLIGHTS:
- Fully Free Market Walk-up in Prime Greenwich Village
- Retail Occupied by Upscale Restaurant: Marian’s
- Cash Flowing Building with Immediate Rental Upside
- Residential Units Can be Upgraded to 2 Bedrooms
- 1,100 SF of Unused Air Rights to Add Additional Floor
- Protected Tax Class (2A) Caps Annual Increases
- 50-Year Private Family Ownership
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Block & Lot:
00606-0007
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Neighborhood:
Greenwich Village
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Cross Streets:
W 10th Street & W 11th Street
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Building Dimensions:
23 ft x 90 ft
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Lot Dimensions:
23.08 ft x 93.67 ft
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Units:
4
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Total Approx. SF:
6,072
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Zoning:
C1-6
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FAR:
3.44
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Tax Class:
2A
