117 1st Ave, New York, NY for sale

Investment Overview

Newmark has been retained on an exclusive basis to arrange for the sale of 117 First Avenue, New York, NY (“The Property”). This 3,280 square foot mixed-use walk-up building is ideally located on the east side of First Avenue between East 7th and St. Mark's Place in the heart of Manhattan’s East Village. The property consists of three free market residential units above one ground floor retail space, all of which are fully occupied. Each residential unit features a spacious four-bedroom, one-bath layout, providing rare large-format housing in a high-demand submarket. All residential leases are approximately 10% below market, offering significant near-term upside, while the commercial lease runs through February 2028 and is similarly under market. With no exposure to good cause eviction and complete free market status, the residential portion offers secure cash flow with room for value enhancement. The asset benefits from its strategic layout and stabilized tenancy, making it an excellent opportunity for both cash flow investors and long-term hold strategies.