Listed by Marcus & Millichap - NYM Group
$9,250,000
279 Church Street
Details
Property Type Retail, Mixed Use
Sub Type Storefront
Square Footage 8,971
Units 6
Cap Rate 5.80%
NOI $540,164
Occupancy 100%
Tenancy Multi
Pro-Forma Cap Rate 6.00%
Pro-Forma NOI $553,952
Price per SqFt $1,031
Buildings 1
Lot Size (SqFt) 1,869
Zoning C6-2A/R8A equivalent
Investment Type Stabilized
Retail | 5.80% CAP | 8,971 SqFt
Marketing description
The New York Multifamily team of Marcus and Millichap is pleased to exclusively offer for sale 279 Church Street, which is ideally located in the Tribeca neighborhood. Located on the East side of Church Street between Franklin Street and White Street, this 6-unit property is comprised of approximately 8,971 square feet with 25' of frontage. This property sits on a 25' x 75' lot (Block: 175 Lot: 16) and is built 25' x 70'. The property is zoned C6-2A/R8A equivalent. There are 2,280 square feet of additional air rights.
Investment highlights
- Opportunity: 279 Church Street is a 6-unit, mixed-use walk-up building totaling approximately 8,971 square feet with 25 feet of frontage on Church Street. The building is comprised of four floor-through commercial units and two floor-through residential units. Of the two apartments upstairs, one is free market and the other is currently an IMD tenant.
- Tenant Mix & Finishes: The building is currently 100% occupied. The full basement is currently occupied by a catering company, London Catering. The space is roughly 2,000 square feet and has the necessary ventilation for full kitchen/restaurant use. The ground floor is a 2,000 square feet commercial space, which is currently vacant. Based on comparable spaces, we anticipate the retail space renting for $90/SF, or $15,000/month. The 2nd and 3rd floors (each about 1,750 square feet) are occupied by Ronin Athletics, a fitness center that provides weightlifting, running, and yoga. The 4th Floor is an immaculately renovated three-bedroom, free-market unit spanning 1,750 square feet. The unit features two bathrooms, a washer/dryer, hardwood floors, recessed lighting, central AC, stainless steel appliances, exposed brick, and a fully upgraded bathroom. The 5th floor is an 875 square foot, two-bedroom apartment.
- Strong Cash-Flow & No Deferred Maintenance: This opportunity presents any potential purchaser with immediate cash-flow day one. The building benefits from achieving strong above-grade commercial rents that rival the price per square foot of residential use units in the area. The commercial units are all commanding $60/SF or higher, while the free market residential unit is achieving $70/SF. Additionally, the landlord is not responsible for heat or electricity, creating a strong hedge against rising property expenses that keeps income stable. While the building has been fully upgraded over the years, the commercial use and free market status of the 5th floor create flexibility to allow the ultimate purchaser to operate the building as they truly see fit.
- Location & Transportation: Located in the heart of Tribeca, 279 Church Street sits at the intersection of one of Downtown Manhattan's most coveted and high-demand rental markets. The building is positioned directly across the street from the Roxy Hotel, placing tenants steps from the neighborhood's celebrated dining, wine bars, and boutique retail scene. Tribeca is an elevated dining destination, representing decades-old institutions and casual neighborhood staples. This includes Mr. Chow, Beefbar, Au Cheval, Forgione, Osteria Carlina, and Bubby's to name a few. The area draws a discerning mix of creative professionals, finance/tech workers, and established families who prize Tribeca's rare combination of cobblestone charm, landmarked cast-iron architecture, and low-key exclusivity. Hudson River Park lies within the neighborhood, offering a waterside escape and direct access to the Hudson River Greenway stretching north to 59th Street. The property is well-served by transit within walking distance, including the 1, 2,3, A, C, E, J, Z, N, Q, R, W and 6 subway lines, along with the M20 and M22 bus routes, providing convenient crosstown and uptown access.
Listing Contacts
Listed by Marcus & Millichap - NYM Group
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$540,164.00
$45,013.67/mo
Valuation Metrics
0
DSCR
5.84%
Cap Rate
5.84%
ROI
Map
Zoning
C6-2A CommercialGeneral CommercialGeneral Central Commercial
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View all 265 uses Last updated Apr 22, 2026 For deeper zoning details, reports are available at Zoneomics
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