1516 Park AveNew York, NY 10029

Property Details for 1516 Park Ave

Year built

2020

Lot size

0.16 AC

Property size (Sq ft)

58,880 SF

Zone code

R8A

Property type

Retail residential properties

APN

01616-0036

APU

16160036

Description

1516 Park Avenue presents a unique opportunity for discerning businesses seeking prime retail space in the heart of New York City. This exceptional property, located at 1516 Park Avenue, New York, NY 10029, offers a total of 10,716 square feet of vacant retail space, ideal for a variety of commercial uses. Currently available are multiple units, with a minimum divisible space of 1,925 square feet and a maximum contiguous space of 5,775 square feet, providing flexibility for businesses of varying sizes. The property is categorized as a commercial supermarket, grocer, or grocery market, and is suitable for businesses participating in the FRESH Program. Situated in New York County, this location benefits from high visibility and foot traffic, making it an attractive proposition for businesses seeking a prominent presence in a thriving urban environment. The property's address is 1516 Park Avenue, and its precise coordinates are latitude 40.7961858 and longitude -73.9459054. This is a rare opportunity to secure a significant retail presence on a prestigious New York City avenue. The entire space is currently vacant, allowing for complete customization to suit a tenant's specific needs. Inquire today to learn more about this exceptional retail opportunity.

• CAP approach

  CAP return

  Valuation

  6%

  $12,070,932

  6.5%

  $11,142,399

  7%

  $10,346,513

• Comparable approach

  Method

  Valuation

  Relative Method

  $11,924,554

  Geo Method

  $11,924,554

• Alternative Use

  Use

  Valuation

  Residential

  $11,142,399

  Hospitality

  $10,206,378

  Educational

  $8,491,586

  Medical

  $8,783,625

  Retail

  $13,209,134

Location Insight

City

New York

County

New York

State

New York

Latitude

40.796

Longitude

-73.946

CBSA code

35620

CBSA name

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

Property Tax & Assessments

FAQs

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