49 Orchard Street and 48 Allen Street comprise a rare block-throughretail condominium on the Lower East Side - one of the onlyproperties of this scale with simultaneous frontage on both OrchardStreet and Allen Street. The two units together offer 1,995 SF ofground-floor retail, with an additional 584 SF of elevator-connected,ADA-compliant… Read More cellar space on the Allen Street side.The property is 100% occupied by New Ealam under two leasesexpiring simultaneously in May 2027. At the current asking price of$3,000,000, the in-place cap rate is 6.46% - a strong current-incomeprofile for a Manhattan retail condo in a corridor with near-zerovacancy and demonstrably rising rents.The 2027 lease expiration is the investment thesis. A buyer todaysecures in-place income at 6.46%, with a clear path to mark-to-marketrents or owner-occupancy when both leases roll simultaneously. Read Less
Listing Courtesy of: Jed Klebanow, Douglas Elliman Real Estate, 212-891-7000.
Listing Snapshot
Days Online
2
Last Updated
Property Type
Apartment
Full Baths
99
Partial Baths
2
MLS Number
RLS20098702
30 Days Snapshot Of 10002
$1.58M
0%
(avg) sold price
0
-100%
homes sold
Snapshot
Area Map
Additional Details
Building
Entry Level: 1, Features: BikeStorage, Living Area Units: SquareFeet, Rooms Total: 1, Structure Type: HighRise
Exterior Features
Patio And Porch Features: None
Lot
Parcel Number: 0308-1102
Property
Property Sub Type: Apartment, View YN: t, View: Other
Taxes
Tax Block: 00308, Tax Lot: 0000
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