57 Stanton St 4,513 SF 100% Leased Retail Building New York, NY 10002 $7,255,040 CAD ($1,607.59 CAD/SF) 7.77% Cap Rate

The Nowak Group of Marcus & Millichap is pleased to offer, on an exclusive basis, the opportunity to acquire 57 Stanton Street, a 4,513-square-foot mixed-use property located in the heart of the Lower East Side, Manhattan. The property fronts Stanton Street and Eldridge Street, with two alternate addresses: 57 Stanton Street and 217 Eldridge Street. The asset wraps around the corner building and features two commercial units on the ground floor and two free-market residential units above. The building offers 22.25 feet of frontage along Stanton Street and 21.83 feet of frontage along Eldridge Street.
The commercial spaces include a speakeasy bar operated by Cocktail Kingdom Hospitality Group, a well-established operator with four other Manhattan locations, fronting Eldridge Street, and a vacant retail storefront previously occupied by Matthew Choon's Bowery Showroom on Stanton Street. The residential portion consists of two spacious two-bedroom, one-bathroom apartments, each with their own heating and cooling split unit systems.
A key highlight of 57 Stanton Street is its exceptionally low real estate tax of $6,813 for the 23/24 fiscal year and its classification within the Protected 2A Tax Class, which provides limited tax increases, ensuring that real estate taxes do not rise more than 8% annually or 30% over five years. This tax protection offers stability and predictability in an owner’s net income, making the property a secure investment with a natural hedge against inflation.
57 Stanton Street is nestled in the bustling Lower East Side, a neighborhood celebrated for its rich history, cultural diversity, and vibrant urban lifestyle. This prime location offers unparalleled access to a variety of public transportation options, including the F, M, J, B, D, and Z subway lines at the nearby 2nd Avenue, Bowery, Grand, and Delancey Street/Essex Street stations. The area is also home to an eclectic mix of retail corridors, such as Orchard and Delancey Streets, and landmarks like the Tenement Museum and Katz’s Delicatessen. The dynamic surroundings, combined with the neighborhood’s steady growth and ongoing development, make 57 Stanton Street a highly attractive investment opportunity.
Additionally, the property boasts 4,105 square feet of undeveloped air rights, presenting a unique opportunity for future development. Investors can capitalize on the rising demand for both retail and residential spaces in the Lower East Side by increasing rents through strategic renovations and potentially adding more square footage by utilizing the available air rights.