ICONIC SOHO FULL FLOOR ART GALLERY LOFTFOR SALE 3, 750, 000A rare opportunity to own an income producing, full floor commercial loft in the heart of Downtown Manhattan.
| Website: | https://www.nestseekers.com/5646925 |
|---|---|
| Address: | 424 Broadway Apt: 3-F New York, NY 10013 |
| Cross street: | Howard Street |
| Type: | Low-rise |
| Era: | Post-war |
| Floors: | 6 |
| Ownership: | Condo |
|---|---|
| Rooms: | 7 |
| Bedrooms: | 4 BR |
| Bathrooms: | 2 |
| Pets: | No Pets Allowed |
Financials
Price:$3,750,000
Common charges:$1,833
Real estate tax:$3,894
Financing Allowed:90%
Minimum down:$375,000
Description
ICONIC SOHO FULL-FLOOR ART GALLERY LOFT
FOR SALE — $3,750,000
A rare opportunity to own an income-producing, full-floor commercial loft in the heart of Downtown Manhattan.
Located near Broadway and Canal Street—where SoHo, Nolita, Tribeca, and Little Italy converge—this approximately 4,000-square-foot third-floor loft is currently occupied by an art gallery and offers an extraordinary combination of architectural character, natural light, flexible use, and investment potential.
Oversized windows illuminate the expansive open interior, while approximately 10- to 12-foot ceilings, classic hardwood floors, exposed architectural details, and 24/7 elevator access create an impressive setting for a gallery, showroom, creative headquarters, design studio, fashion company, professional office, or owner-user.
Property Highlights
Approximately 4,000 square feet
Full-floor commercial loft
Currently leased to an art gallery
24/7 elevator access
Oversized windows and excellent natural light
Approximately 10- to 12-foot ceilings
Expansive, flexible open layout
Classic hardwood flooring
Private pantry
Two private bathrooms
Lease expiration: April 30, 2027
Prime Downtown Manhattan location
Current Income
Income Summary Amount
Current Monthly Rent $16,872
Current Annual Income $202,464
Projected Monthly Rent at $65/SF $21,666
Projected Annual Income at $65/SF $259,992
Annual Operating Expenses
ExpenseAnnual Amount
Common Charges $22,000
Real Estate Taxes $46,726
Insurance $1,250
Total Annual Expenses $69,976
Investment Overview
Current Net Operating Income: approximately $132,488 annually
Projected Net Operating Income at $65/SF: approximately $190,016 annually
Current Cap Rate at $3,750,000: approximately 3.53%
Projected Cap Rate at $3,750,000: approximately 5.07%
The existing lease provides immediate income through April 2027, while the projected market rent offers meaningful future upside. This is an exceptional opportunity for an investor seeking a prime Downtown asset or an owner-user planning for future occupancy.
Unmatched Downtown Location
Surrounded by internationally recognized galleries, boutiques, restaurants, hotels, and creative businesses, the property benefits from substantial pedestrian traffic and immediate access to several of Manhattan’s most desirable neighborhoods.
Convenient access to the N, Q, R, W, 6, J, Z, A, C, and E subway lines at Canal Street.
Video Tour
https://youtu.be/eoly90GceJ8
OWN THE SPACE. OWN THE LOCATION. OWN A PIECE OF DOWNTOWN MANHATTAN.
FOR SALE — $3,750,000
A rare opportunity to own an income-producing, full-floor commercial loft in the heart of Downtown Manhattan.
Located near Broadway and Canal Street—where SoHo, Nolita, Tribeca, and Little Italy converge—this approximately 4,000-square-foot third-floor loft is currently occupied by an art gallery and offers an extraordinary combination of architectural character, natural light, flexible use, and investment potential.
Oversized windows illuminate the expansive open interior, while approximately 10- to 12-foot ceilings, classic hardwood floors, exposed architectural details, and 24/7 elevator access create an impressive setting for a gallery, showroom, creative headquarters, design studio, fashion company, professional office, or owner-user.
Property Highlights
Approximately 4,000 square feet
Full-floor commercial loft
Currently leased to an art gallery
24/7 elevator access
Oversized windows and excellent natural light
Approximately 10- to 12-foot ceilings
Expansive, flexible open layout
Classic hardwood flooring
Private pantry
Two private bathrooms
Lease expiration: April 30, 2027
Prime Downtown Manhattan location
Current Income
Income Summary Amount
Current Monthly Rent $16,872
Current Annual Income $202,464
Projected Monthly Rent at $65/SF $21,666
Projected Annual Income at $65/SF $259,992
Annual Operating Expenses
ExpenseAnnual Amount
Common Charges $22,000
Real Estate Taxes $46,726
Insurance $1,250
Total Annual Expenses $69,976
Investment Overview
Current Net Operating Income: approximately $132,488 annually
Projected Net Operating Income at $65/SF: approximately $190,016 annually
Current Cap Rate at $3,750,000: approximately 3.53%
Projected Cap Rate at $3,750,000: approximately 5.07%
The existing lease provides immediate income through April 2027, while the projected market rent offers meaningful future upside. This is an exceptional opportunity for an investor seeking a prime Downtown asset or an owner-user planning for future occupancy.
Unmatched Downtown Location
Surrounded by internationally recognized galleries, boutiques, restaurants, hotels, and creative businesses, the property benefits from substantial pedestrian traffic and immediate access to several of Manhattan’s most desirable neighborhoods.
Convenient access to the N, Q, R, W, 6, J, Z, A, C, and E subway lines at Canal Street.
Video Tour
https://youtu.be/eoly90GceJ8
OWN THE SPACE. OWN THE LOCATION. OWN A PIECE OF DOWNTOWN MANHATTAN.
Amenities
- Air Conditioning
- Attended Elevator
- Elevator
- Voice Intercom
505 Park Ave, New York, NY 10022 Phone: +1 212-252-8772 | |
| Listing Courtesy of BC Realty Group | |
