15 Stone Street, New York, NY 10004
15 Stone Street, a rare mixed-use investment opportunity in Manhattan’s Financial District.
Marketing description
BKREA has been exclusively retained to arrange the sale of 15 Stone Street, a rare mixed-use investment opportunity in Manhattan’s Financial District.
Location Details
- Located in the heart of the Financial District, one of Manhattan’s most dynamic and evolving neighborhoods.
- Features 25 feet of frontage along Stone Street.
- Surrounded by top dining, retail, and cultural destinations, including Stone Street’s historic dining row and South Street Seaport.
Site Specifications
- Total Size: 9,132 square feet.
- Originally built in 1900 and fully renovated approximately 15 years ago.
- Mixed-use property consisting of residential and retail components.
Development / Asset Details
- Includes 3 residential units, all free market.
- Features 2 ground-floor retail spaces benefiting from strong foot traffic.
- Well-maintained asset with modern upgrades while preserving historic character.
Neighborhood Demand Drivers
- Located near premier dining, shopping, nightlife, and waterfront attractions.
- Close proximity to Tribeca and other desirable downtown neighborhoods.
- Excellent transit access with multiple subway lines (1/2/3/4/5/A/C/J/Z/R/W).
- Strong rental demand driven by the area’s continued growth and popularity.
Opportunity Highlights
- Stable, income-producing asset with strong cash flow.
- Positioned for long-term value appreciation in a rapidly growing district.
- Rare opportunity to own a prime mixed-use property in a historic yet modernizing neighborhood.
Investment highlights
Free Market Units - The property was converted from commercial to residential use under the 421-g tax abatement program, with the three upper units transitioned to residential while maintaining two commercial units at the ground level. This allowed for a more efficient mixed-use configuration while benefiting from a temporary reduction in property taxes. The abatement has since expired, and all residential units are now fully free market, providing complete flexibility in leasing, pricing, and overall asset management.
Multiple Points of Access - The property is equipped with an elevator, a dedicated west-side entrance, and a shared alleyway, all of which enhance accessibility and ease of movement.
Strong Commercial Tenant - One commercial unit is leased to Tres Amigos, a well- performing Mexican restaurant that has been in place since 2017 with plans to remain, featuring consistent 3% annual rent bumps.
Coveted Location - 15 Stone Street is ideally located in the heart of the Financial District, allowing investors and operators to benefit from the area's strong demand drivers, including its proximity to major office hubs, historic attractions, and a vibrant dining and nightlife scene.
Advantageous Accessibility - The building is just a 3-minute walk from the Wall Street station, providing access to subway lines 2, 3, 4, 5, J, and Z, offering seamless connectivity throughout Manhattan and beyond.
Value-Add Opportunity - The property currently includes one commercial unit that is in the process of being vacated, providing a future buyer with the opportunity to lease it and immediately enhance cash flow.
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