15 Eighth Avenue

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.