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Listing provided by LightBox Revere
5 Carmine St, New York, NY 10014301 6th Ave, New York, NY 10014
5 CARMINE STREET
Asset ClassMultifamily, Mixed Use, Retail
5 CARMINE STREET
Overview
The New York Multifamily team is pleased to offer the following opportunity located in the booming West/Greenwich Village neighborhood. 5 Carmine Street (aka 301 Sixth Avenue) is located on the Northwest corner of 6th Avenue and Carmine Street at the intersection of Bleecker, Carmine and 6th Avenue. The property boasts an approximate gross square footage of 10,260, is zoned R7-2, C1-5, and is built 73.25 ft X 51 ft on a 73.25 X 70 ft irregularly shaped lot (Block: 589; Lot: 43).
Investment Highlights
- Rare Offering & Building Overview: Offered to the market for the first time in nearly 40 years, 301 Avenue of the Americas presents the rare opportunity to acquire a corner, mixed-use trophy asset located in Manhattan’s most desirable submarket. Boasting over 70-feet of frontage, the property comprises 3 commercial units on long term leases with 5 residential apartments above. The apartments include a diverse mix of layouts and sizes, ranging from 1 to 2 bedrooms with large footprints between approximately 875 and 1,200 square feet. Additionally, the asset falls into the highly desirable Tax Class 2B designation. As such, property taxes can increase by no more than 8% year-over-year, and by no more than 30% in any given 5-year period.
- Strong In-Place Cash Flow with Untapped Potential: 301 Avenue of the Americas offers an exceptional blend of core-plus stability and value-add potential. With 80% of the upstairs apartments designated Free Market, any investor or user alike can benefit from a strong existing stream of cash flow with meaningful upside through future rent growth and unit turnover. Additionally, with light cosmetic upgrades, an investor can capitalize on even further rent growth, increasing residential rents by an average of approximately 40% across the board in the free market apartments.
- Unrivaled Village Location: Renowned as one of the most vibrant intersections in the Village, 301 Avenue of the Americas (corner of Carmine Street) sits at the crossroads of Greenwich Village and SoHo, surrounded by some of Manhattan’s most desirable retail, dining, and cultural destinations. Strategically positioned just steps from Bleecker Street, Father Demo Square, and Washington Square Park, the property benefits from unparalleled visibility, heavy foot traffic, and immediate access to the a, c, e, b, d, f, and m subway lines. Given its proximity to world-class restaurants, boutique shopping, and everyday neighborhood conveniences, high-profile renters and retailers alike are eager to pay a premium for all this location has to offer.
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5 Carmine StNew York, NY 100145 Carmine St, New York, NY 10014301 6th Ave, New York, NY 10014
Sales Team
Listing provided by LightBox Revere