158 East Broadway

The subject property is a five-story mixed-use building, located between Essex and Pike Streets and runs block through from East Broadway to Canal Street. The ground floor is built full on the lot and currently occupied by a hardware store paying $12,500/mo with 7 years remaining on their lease. The tenant reserves the right to cancel lease after 3 years. Furthermore, the retail tenant benefits from lower level storage with great ceiling heights. Floors 2 through 5 are separated by 25’ x 10’ courtyard. There are 16 apartments in total. 8 apartments are on the East Broadway side and 8 apartments are on the Canal Street side. 6 of the 16 apartments will be delivered vacant. The remaining 10 units are occupied and rent stabilized. East Broadway serves as the neighborhood’s major retail corridor in Chinatown. Canal Street (at Straus Square) is one of the trendiest spots in Lower Manhattan. The property overlooks Seward Park and is steps from the F train station. In addition, there are many exciting developments nearby including Essex Crossing (one block north), the Jarmulowsky Bank Building at 54-56 Canal Street which is currently undergoing a building-wide conversion, and the 1920’s styled Metrograph theater located at 7 Ludlow Street. There are also plenty of popular restaurants and cafes in the area, including Fat Radish, Dimes, 12 Corner Cafe, 169 Bar, Clandestino Bar, etc. This offering poses an excellent opportunity to acquire a cash flowing block through property with excellent short and intermediate term upside potential in both the retail and apartments. The air rights are intact.