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261 BroadwayNew York, NY 10007
261 Broadway
Asset ClassRetail
Retail SF14,262
Deal Size: $14 MAccess Data Room
overview of deal

Overview

Meridian Investment Sales is pleased to present the exclusive offering for the retail condominium at 261 Broadway. Perched on the busy corner of Broadway and Warren Street at the base of a luxury residential building, the retail condominium spans 14,262 SF with over 8,500 SF of grade level retail space directly across from Zuccotti Park and City Hall.

 

The asset is currently occupied by De Janeiro, an affordable women’s fashion brand, with over 3,000 SF. The tenant has another 3.5 years remaining on their lease with no extension options on their lease, providing a mark-to-market opportunity upon lease expiry in 2028.

 

Bank of America, who had been in this location since the early 2000s, recently vacated 5,500 SF on the tony corner with significant street level exposure. The property is not landmarked - providing savvy investors the ability to create store frontage along Warren Street and lease smaller, more efficient tenant spaces and to capture higher rents. In addition to this valuable corner lease-up opportunity, investors can collect additional cash flow through the leasing of the 5,750 SF of lower level space.

 

With 215’ of frontage along Broadway and Warren Street, the property benefits from significant foot traffic and excellent transit accessibility, mere steps away from the 1, 2, 3, 4, 5, 6, R, W, and J, Z subway lines and the Fulton Center Retail Complex. This high visibility location offers prospective purchasers an exceptional opportunity to own a retail asset holding untapped value in one of Manhattan’s most desirable sub markets.

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Investment Highlights

  • Value-Add Opportunity: 5,500 SF of premier corner retail on Broadway and Warren Street abd 5,725 SF of Lower Level space provides investors the opportunity through lease-up along this busy Broadway corridor.
  • Existing Cash Flow: Current tenant, De Janiero, provides immediate cashflow to investors with 3.5 years remaining on the lease and a mark-to-market opportunity upon lease expiry.
  • 215' of Wraparound Frontage: Situated on the SW corner of Broadway and Warren Street, across from the entrance of City Hall, the retail condo provides full frontage along Broadway with the ability to create an additional 100'+ store frontage along Warren.
  • Premier Location: Known for its upscale shopping and dining options, Zuccotti Park, Fulton Center, and the Tribeca Film Festival, TriBeCa is an essential destination in downtown Manhattan.
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261 BroadwayNew York, NY 10007

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Listing provided by Revere CRE