247 Bleecker St
New York, NY 10014
Retail Property For Sale

247 Bleecker Street offers investors a rare chance to acquire a fully renovated mixed use jewel in the heart of the West Village, one of Manhattan’s most coveted and supply constrained neighborhoods. Located along the highly trafficked Bleecker Street corridor between Cornelia Street and Carmine Street, the property benefits from consistent pedestrian flow, destination retail appeal and deep residential demand from high income renters who are drawn to the character and convenience of the Lower West Side.
Built in 1828 and thoughtfully gut renovated down to the studs within the last six years, this four-story building blends classic West Village architecture with modernized systems and interiors. The asset features one ground floor retail unit and two free market residential apartments above, all fully occupied, delivering durable in place cash flow from a diversified income stream. Residential revenue totals 216,000 dollars annually, while the retail tenancy contributes 154,500 dollars in annual rent, supporting an effective gross income of 370,500 dollars and an in-place NOI of 312,516 dollars.
The ground floor retail is home to Colorful Natalie, which operates its flagship New York City store at this address. This destination retailer not only underpins stable long-term income through a lease that runs to June 30, 2030, but also drives consistent customer traffic to the property and surrounding businesses. The space is further enhanced by the inclusion of approximately 2,450 square feet of basement area, creating compelling functionality for merchandising and operations.
From a structural standpoint, 247 Bleecker Street is positioned for long term value preservation and growth. Zoning of R7 2 with a C1 5 overlay provides roughly 1,025 square feet of unused air rights, and plans to extend the retail to the lot line have already been approved. The property’s Tax Class 2A designation limits assessment increases to 8 percent annually or 30 percent over five years, providing a measure of predictability around one of the largest operating expenses.
Layered onto these property specific advantages are exceptional submarket fundamentals. The Lower West Side apartment market, encompassing the West Village, Greenwich Village, SoHo and Tribeca, maintains one of the lowest vacancy rates in the United States, with virtually no new inventory delivering over the prior year and very modest construction relative to total stock. That balance of high demand and structurally constrained supply has supported top tier rents and has historically translated into strong downside protection and long-term appreciation for well-located assets like 247 Bleecker Street.