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446 W 14th St 22,285 SF Retail Building New York, NY 10014 $39,783,721 CAD ($1,785.22 CAD/SF) 7.52% Cap Rate
INVESTMENT HIGHLIGHTS
- 100% Occupied by The Puttery
- Prime Retail Asset
- ˜ Nine Years Remaining on Lease
- Significant Capital Investment
- 50 Feet of Frontage
- Corporate Lease Guaranty from Drive Shack Inc.
EXECUTIVE SUMMARY
Avison Young is pleased to present the exclusive opportunity to acquire 446 West 14th Street, a fully leased, cash-flowing retail asset located in the heart of Manhattan’s iconic Meatpacking District. Positioned along one of New York City’s most vibrant and heavily trafficked retail corridors, the property offers investors a rare combination of long-term income security, high-profile tenancy, and institutional-quality real estate.
The three-story, 22,285-square-foot building features 50 feet of prime frontage along West 14th Street and includes a fully built-out lower level and an activated rooftop bar, maximizing functionality and revenue potential. The property is 100% leased to The Puttery, an upscale mini golf bar concept that has rapidly emerged as a leader in the experiential “eatertainment” space. Backed by Drive Shack Inc. (OTC: DSHK), a publicly traded leisure and entertainment operator, The Puttery benefits from a corporate lease guaranty and has approximately nine years of term remaining on a NNN lease, with the tenant responsible for 100% of real estate taxes.
The three-story, 22,285-square-foot building features 50 feet of prime frontage along West 14th Street and includes a fully built-out lower level and an activated rooftop bar, maximizing functionality and revenue potential. The property is 100% leased to The Puttery, an upscale mini golf bar concept that has rapidly emerged as a leader in the experiential “eatertainment” space. Backed by Drive Shack Inc. (OTC: DSHK), a publicly traded leisure and entertainment operator, The Puttery benefits from a corporate lease guaranty and has approximately nine years of term remaining on a NNN lease, with the tenant responsible for 100% of real estate taxes.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Building Size
22,285 SF
Building Class
B
Year Built
2022
Price
$39,783,721 CAD
Price Per SF
$1,785.22 CAD
Cap Rate
7.52%
NOI
$2,990,200 CAD
Tenancy
Single
Building Height
3 Stories
Building FAR
4.19
Lot Size
0.12 AC
Zoning
M1-5
Walk Score®
Walker's Paradise (100)
Transit Score®
Rider's Paradise (100)
Bike Score®
Biker's Paradise (95)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 0646-0014 | Improvements Assessment | $4,120,735 CAD |
| Land Assessment | $951,817 CAD | Total Assessment | $5,072,553 CAD |
PROPERTY TAXES
Parcel Number
0646-0014
Land Assessment
$951,817 CAD
Improvements Assessment
$4,120,735 CAD
Total Assessment
$5,072,553 CAD
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446 W 14th St
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