94 Eighth Ave

Cushman & Wakefield has been exclusively retained to offer for sale the 100% fee simple interest in 94 8th Avenue, a three-story mixed-use walk up building in the heart of Manhattan’s Chelsea and Meatpacking neighborhoods. The Property is located on the east side of 8th Avenue, between West 14th Street and West 15th Street, ideally situated at the confluence of New York’s most sought-after neighborhoods. The offering presents a great opportunity for a long-term investor or user to acquire a well-maintained building with ground floor retail and residential upstairs. The Property spans 2,888 square feet above-grade and 3,621 gross square feet when including the basement. It also comes with 2,796 square feet of unused air rights. The ground floor retail is leased to PAYOMATIC with a lease expiration of November 30th, 2029. PAYOMATIC is one of the top consumer financial services retailers in New York with 148 stores through the greater metropolitan area. They provide check cashing services, money transfers, money orders, bill payments and a variety of other convenience services. The tenant’s lease at 94 8th Avenue comes with 3% annual rent increases and one five-year extension option. The second and third floors at the Property are divided into two units and are both leased to the same residential tenant on a market rate lease. The units are in impeccable condition and feature a fully built out backyard off the rear of the second floor. 94 8th Avenue presents an excellent value-add opportunity for purchasers looking to obtain secure cash flows in the near-term with significant long-term upside after the residential tenant’s lease expires. The current residential tenant’s rent is nearly 60% below market in a neighborhood that commands some of the highest rents in all of New York City. Additionally, an investor will benefit from the fully guaranteed cash flows of a strong retail tenant in PAYOMATIC. The Property also benefits from a tax class 1 designation, the most optimal tax class for investment properties in New York due to its cap on future real estate tax growth. 94 8th Avenue is ideally situated at the confluence of three of New York’s most highly sought-after neighborhoods in Chelsea, Greenwich Village and the Meatpacking District. Future buyers will be hard-pressed to find a Property with zero rent regulation exposure, excellent retail tenancy and inherently low Operating Expenses in as strong of a location as 94 8th Avenue.