315 7th Ave, New York, NY for sale

Investment Overview

Newmark has been exclusively retained to offer for sale the 100% fee simple interest in the retail condominium at 315 7th Avenue (the “Property” or the “Offering”). The 4,844-square-foot asset is located at the base of a 21-story mixed-use condominium on the southeast corner of 7th Avenue and West 28th Street in the heart of Chelsea. The Property features exceptional visibility, with 78 feet of frontage along 7th Avenue and 57 feet along West 28th Street, totaling 135 feet of wraparound frontage. The asset consists of approximately 3,200 square feet on the ground floor and an additional 1,644 square feet of below-grade selling space. The Offering is comprised of three separate commercial condominium units, each with its own tax lot, and is 100% leased to a strong tenant roster including Starbucks, Dos Toros, and La Noxe. Dos Toros occupies the corner unit totaling 1,548 square feet, while Starbucks occupies 2,319 square feet in the in-line space. The third tenant, La Noxe, is a highly curated, 977-square-foot speakeasy discreetly located within the 28th Street subway station serving the 1 train. The asset has a combined weighted average lease term of 6.8 years. With a high-quality tenant mix and meaningful remaining term, the Property offers stable, durable income. The Property offers exceptional transit accessibility, located directly above the 28th Street 1 train and one block from the N, Q, R, and W lines. Penn Station and more than six additional subway lines are within a short walking distance, providing seamless connectivity throughout Manhattan and the greater New York metropolitan area. All inquiries should be directed to Newmark.