41 Elizabeth StNew York, NY 10013

Property Details for 41 Elizabeth St

Year built

1920

Lot size

0.16 AC

Property size (Sq ft)

45,700 SF

Zone code

C62G

Property type

Banks

APN

00204-0024

APU

2040024

Description

This remarkable seven-story, 56,080 square foot office building at 41 Elizabeth Street presents a unique investment opportunity in the heart of Lower Manhattan. Currently 85% occupied, this Class B property offers significant upside potential through redevelopment and lease-up. Built in 1920, the building boasts 7,200 square foot floor plates and a desirable multi-tenant occupancy with a modified lease structure. The property sits on a 7,053 square foot lot and is zoned C6-1G / C6-2G LI, allowing for diverse uses. Its prime location in Lower Manhattan places it within easy reach of Chinatown, Little Italy, SoHo, Tribeca, and the Lower East Side. The building's history includes over 70 years of ownership by the same family, ensuring meticulous care and a strong foundation for future growth. The asking price is $26,800,000, translating to $477.89 per square foot. This value-add, redevelopment opportunity offers substantial returns for the discerning investor seeking a multi-generational asset with significant user and conversion potential. The property's existing cash flow provides a solid base for future expansion and enhancement. This is a rare chance to acquire a well-maintained, historically significant building in one of New York City's most vibrant and sought-after neighborhoods.

• CAP approach

  CAP return

  Valuation

  6%

  $11,106,695

  6.5%

  $10,252,334

  7%

  $9,520,025

• Comparable approach

  Method

  Valuation

  Relative Method

  $15,047,328

  Geo Method

  $15,047,328

• Alternative Use

  Use

  Valuation

  Residential

  $8,648,227

  Hospitality

  $7,921,730

  Educational

  $6,590,786

  Medical

  $6,817,454

  Retail

  $10,252,334

Location Insight

City

New York

County

New York

State

New York

Latitude

40.717

Longitude

-73.997

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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