- New Developments
15 Eighth Avenue - West Village - Meatpacking District, New York
Douglas Elliman is pleased to offer for sale 15 Eighth Avenue, New York, NY, a 3 story mixed use building located in the Greenwich Village Historical District. Standing north of Abingdon Square Park between West 12th Street & Jane Street, the 3 story 20' x 46' building offers ground floor retail + cellar and sub-basement, and two residential floors currently combined as a duplex apartment. There is also a charming outdoor area with upside potential. The upper two floors will be delivered vacant and the retail space is currently tenanted by an old-fashioned Barber Shop suited for upscale clientele. The best use opportunity would be for the purchaser to develop the building as a profitable investment offering mixed-use, commercial or residential use, or own and occupy with immediate rental income. Air-rights are available and may be best maximized by converting the outdoor space in the rear of the building. Neighborhood and Investment Highlights:*The building is situated in one of the oldest sections of Manhattan, 15 Eighth Avenue dates back to 1845. *The block consists of a row of historic town homes built during the same era. 15 Eighth Ave is the largest and widest building on the block. *The average residential rent in the West Village is between $75 to $100 pf. The monthly renting range for the residential portion of the property is from $8,750 - $11,666 depending on the renovation quality and layout. *If developed into condos, the comparable price per foot in the neighborhood for new conversations are from $2,000 pf to upwards of $3,000 pf which could justify a value of $1.4M to $2.1M for each residential floor if converted into luxury condo units. *The market retail rent average for this location is approximately $200 pf. The property is within close proximity to two prime retail districts: Bleecker Street and The Meat Packing Districts. Retail compatibles in these districts average approx. $500 pf - $600 pf. Given the location and high traffic on Eighth Ave, it is foreseeable that such rents will be obtainable at 15 Eighth Ave in the future. This is a co-exclusive with Massey Knackel Realty.
This listing courtesy of Douglas Elliman
575 MADISON AVENUE, NEW YORK, NY 10022. 212. 891.7000 © 2019 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. EQUAL HOUSING OPPORTUNITY. DRE # 01947727