78 Grand St, New York, NY for sale

Investment Overview

Newmark has been exclusively retained to offer for sale 100% of the Co-Op shares of 78 Grand Street (the “Offering” or the “Property”), an 11,975 square foot, mixed-use elevator building located on the north side of Grand Street between Wooster and Greene Streets in the heart of SoHo. This rare investment opportunity offers both near-term cash flow and long-term redevelopment potential in one of Manhattan’s most sought-after residential condominium conversion markets. 78 Grand Street is a 5-story property comprised of four expansive residential floor through apartments above a ground-floor retail unit. The residential portion is 100% free market and each unit measures approximately 2,250 square feet. Two of the four apartments are currently occupied under leases that are nearly 30% below market and exempt from good cause eviction. The retail unit, totaling roughly 1,975 square feet, is leased to Limonta, a globally recognized luxury textile brand, with 4 years of remaining WALT. The building features an existing elevator shaft and infrastructure, presenting the opportunity for modernization without requiring a complete overhaul. Given the lack of regulatory constraints and ideal unit layouts, 78 Grand presents a compelling opportunity to operate the building as rental or sellout traditional co-op shares.