2 Pike StNew York, NY 10002

Property Details for 2 Pike St

Year built

2019

Property size (Sq ft)

27,000 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional 27,000-square-foot, three-level basement condominium in Lower Manhattan presents a unique investment opportunity. Currently configured as a parking garage with 50 spaces, the property offers significant value-add potential. Located at the corner of East Broadway and Pike Street, in the heart of New York City's vibrant Chinatown, this 2019-built property boasts a 100% occupancy rate with a current lease expiring September 13, 2022. The property features a 12.5% cap rate and a $1,000,000 NOI. The asking price is $8,000,000, translating to $296.30 per square foot. The building itself is part of a larger 13-story structure, with elevator access to all three levels. The lot size is 10,000 square feet, valued at $375 per square foot. The property is zoned C6-1G, allowing for a variety of uses. While currently operating as a parking garage, preliminary architectural consultations suggest the space could be readily adapted for alternative uses, such as a food court, subject to necessary approvals. This presents a compelling opportunity for owner-users seeking a high-return investment in a prime Manhattan location. The property's strong financial performance and flexible zoning make it an attractive proposition for discerning investors.

Location Insight

City

New York

County

New York

State

New York

Latitude

40.714

Longitude

-73.9932

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