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340 E 23rd St - Gramercy by Starck 13,250 SF Retail Condo Unit Offered at $33,502,081 CAD in New York, NY 10010
INVESTMENT HIGHLIGHTS
- 100% Lease to CVS Pharmacy
- In the heart of Gramercy Park
- At the base of a luxury condominium
- Proximity to 6/L/N/Q/R/W
EXECUTIVE SUMMARY
Positioned in the heart of Gramercy Park, one of Manhattan’s most historic and desirable neighborhoods, the retail condominium at 340 East 23rd Street presents a rare opportunity to acquire a fully leased, income-generating asset with long-term stability. Located mid-block between First and Second Avenues, the property sits at the base of the Gramercy Starck, a luxury residential tower developed in 2007, and benefits from strong visibility and consistent foot and vehicular traffic along the East 23rd Street corridor. The offering comprises approximately 13,250 square feet of retail space, split between 9,250 SF on the ground floor and 4,000 SF on the lower level. The space is 100% leased to CVS Pharmacy under a long-term NN lease that runs through April 2033, with four five-year extension options that could extend occupancy through 2053. This structure ensures minimal landlord responsibilities, with CVS covering all expenses except CAM fees. Strategically located near major medical institutions including NYU Langone Medical Center, Bellevue Hospital, and the VA Medical Center, the property benefits from steady demand and reinforces the value of a pharmacy tenant in this location. The surrounding area is rich with cultural institutions, boutique retail, and acclaimed dining, and offers excellent access to multiple subway lines, major bus routes, and proximity to Union Square and Midtown Manhattan. This investment-grade tenancy and prime location make the asset highly attractive for investors seeking secure, long-term cash flow in a vibrant Manhattan neighborhood.
PROPERTY FACTS
| Total Building Size | 191,225 SF | Floors | 21 |
| Property Type | Multifamily (Condo) | Typical Floor Size | 11,100 SF |
| Property Subtype | Apartment | Year Built | 2007 |
| Building Class | A | Lot Size | 0.39 AC |
| Zoning | C1-9A R8B | ||
| Total Building Size | 191,225 SF |
| Property Type | Multifamily (Condo) |
| Property Subtype | Apartment |
| Building Class | A |
| Floors | 21 |
| Typical Floor Size | 11,100 SF |
| Year Built | 2007 |
| Lot Size | 0.39 AC |
| Zoning | C1-9A R8B |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Microwave
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Stainless Steel Appliances
- Tub/Shower
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- 24 Hour Access
- Fitness Center
- Laundry Facilities
- Property Manager on Site
- Cabana
- Doorman
- Gameroom
- Media Center/Movie Theatre
- Roof Terrace
- Elevator
- Lounge
- Sundeck
1 UNIT AVAILABLE
Unit Retail
| Unit Size | 13,250 SF | Sale Type | Investment or Owner User |
| Price | $33,502,081 CAD | Cap Rate | 6.52% |
| Price Per SF | $2,528.46 CAD | NOI | $2,184,335.68 CAD |
| Condo Use | Retail |
| Unit Size | 13,250 SF |
| Price | $33,502,081 CAD |
| Price Per SF | $2,528.46 CAD |
| Condo Use | Retail |
| Sale Type | Investment or Owner User |
| Cap Rate | 6.52% |
| NOI | $2,184,335.68 CAD |
SALE NOTES
Avison Young, as exclusive agent, is pleased to offer for sale a premier retail condominium located at 340 East 23rd Street on the south side of East 23rd Street between First and Second Avenues in the heart of Gramercy Park, one of Manhattan’s most historic and desirable neighborhoods.
Positioned at the base of a luxury residential condominium developed in 2007, the property benefits from strong visibility with consistent foot and automobile traffic along a key east-west thoroughfare. The retail condominium features 9,250 SF on the ground floor and 4,000 SF in the lower level, totaling 13,250 SF.
The condominium is 100% leased to CVS Pharmacy, a leading national drugstore chain, under a long-term NN lease structure. The tenant is responsible for all expenses except for the condominium common area maintenance (CAM) fees, ensuring minimal landlord obligations.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 207 | - | - |
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340 E 23rd St - Gramercy by Starck
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