265 Water Street - Financial District, New York $1,100,000
We are delighted to offer for sale a commercial co-op in the heart of historic South Street Seaport. This 1,567 SF ground-floor loft space is located at 265 Water Street, in a landmark 1872 building originally built as a biscuit factory. The space, with 9 1/2-foot ceiling, is delivered vacant. Sale does not require co-op board approval. The space is vented and ideally suited for restaurant/food-use. The space would also work very well as a showroom, premium retail location, or as a professional office. Former tenant, a catering company, vacated in December 2012, and paid $6,885/mo. Maintenance is approximately $1,500/mo. Prior tenant rent was approximately $7,000/mo, set to increase in April 2013 to $8,000/mo. NOI prior to tenant vacating was $60,000. The South Street Seaport is a designated historic district, featuring some of the oldest architecture in New York, and is undergoing major redevelopment, including the projected renovation of the Fulton Fish Market and the conversion of Pier 17 into a glass-enclosed three-story mall with a rooftop park and 250,000 square feet of commercial space. The commercial co-op at 265 Water Street is a great opportunity to invest in the soon to-be-booming South Street Seaport district.