340 Lexington Ave 3,120 SF Retail Building New York, NY 10016 $10,120,420 CAD ($3,243.72 CAD/SF) 5.59% Cap Rate

340 Lexington Avenue is the perfect opportunity for a retailer or retail investor to acquire a building in one of the world’s most popular retail corridors
Exceptional location close to Bloomingdale’s. Other major retailers in the neighborhood include American Eagle, Sephora, Home Depot..
The building is a 3120 gross square foot two-story plus partial mezzanine commercial building and an additional 10 times of air rights allows the future owner to add retail or office floors above the existing building
Currently net lease to a restaurant operator doing business as La Brochette
Unrivaled transportation through the N,R, W, and 4, 5, 6, 7 Trains at Grand Central Terminal and other trains connect to the states
Benefits from premier office tenants in the immediate area, including, Chrysler Building, Citadel, BlackRock, Blackstone, IBM, Morgan Stanley, Bank Of America, Chase, among others
Here is the market value conclusion has done before the pandemic:
Appraisal Premise
As is (Value as Development site) Leased Fee Interest - Date of Value 2017 $9,400,000
As is (Improvement & Air Rights) Leased Fee Interest - Date of Value 2017 $8,700,000
Amazing location in Midtown Manhattan for sale, it is currently a restaurant that is leasing it with the triple net lease. The buyer can purchase and collect the rent or wait to develop the land because it has all the air rights that may not be used.