Commercial Details

• Total Units: 1 Ground Floor Retail, 4 Medical Office

• Occupancy: 100%

• Average Rent PSF (Blended): $55.63

• Rent Escalations: 3% annual increases in most leases

• Weighted Average Lease Term (WALT): 6.28 years

• Recovery Structures: base year stop real estate taxes, tenants pay their own electric

Market Advantages – Tribeca Office / Medical Submarket

• Improving Vacancy: Tribeca office vacancy stands at 12.3% as of Q1 2026, down 340 basis points year-over-year, driven by positive net absorption of approximately 39,000 SF.

• No Construction Pipeline: There is zero office space currently under construction in Tribeca, with no new office supply delivered over the past decade—providing strong protection against oversupply and supporting long-term fundamentals for medical and retail assets.

• Market Rents: Average asking rents are approximately $69/SF, exceeding the NYC metro average of $64/SF, with 1.5% year-over-year rent growth, outperforming the metro-wide average of 0.5%.