129 Duane Street #GF

BUYER'S REPRESENTATIVE

Calling all Investors: Prime investment opportunity in the heart of TriBeCa – up to 6.5% CAP!

The retail condominium space at 129 Duane Street was leased on September 1, 2023 to an upscale vintage furniture gallery and interior design firm. The lease is for 5 years with an option to extend. Gross rental income is $144,000 for the first year with 3% annual rent escalations thereafter.

PERIOD ANNUAL RENT
September 1, 2023 — August 31, 2024 $144,000.00
September 1, 2024 — August 31, 2025 $148,320.00
September 1, 2025 — August 31, 2026 $152,769.60
September 1, 2026 — August 31, 2027 $157,352.69

This is an outstanding opportunity for an investor to acquire a prime retail condominium, immediately benefit from strong cash flow, future rent increases, and to take advantage of further substantial upside at the end of the lease term in one of the most desirable neighborhoods in all of New York City. Condominium retail spaces, where a buyer becomes full owner of a retail space, are very rare in Manhattan, even more so in TriBeCa, downtown’s most desirable neighborhood and within the blocks of the Hudson River Park, and neighborhoods like Soho and Fidi. The property is in close vicinity to the Chambers Street subway station, with service on the 1,2 and 3 subway lines.

Approx. 1,000sf ground floor retail condo for sale with additional approx. 1,000sf lower lever storage space. Open, loft retail space with approx. 18’ glass frontage on Duane Street, spacious bathroom and very high ceilings,15 feet. The space maintains its own new HVAC unit (installed 2022) as well as elevator access to the basement level where two storage spaces exclusive to the unit are located.