242 Tenth Avenue
Renovated corner mixed-use building with high-end restaurant buildout | 5,738 SqFt
Marketing description
Located at the northeast corner of West 24th Street and Tenth Avenue, 242 Tenth Avenue enjoys exceptional visibility, steady pedestrian traffic, and close proximity to the High Line, placing it within one of Manhattan’s most sought-after residential and retail destinations. The four-story mixed-use property consists of a ground-floor retail space and six free-market residential apartments, offering investors flexibility and immediate value-add opportunities.
The residential units have been fully renovated through a comprehensive gut renovation, positioning the property to achieve premium rental rates while minimizing near-term capital expenditures. The retail space, previously occupied by Orchard Townhouse, will be delivered vacant, allowing new ownership to secure market-rate tenancy or implement a new leasing strategy.
Further enhancing the retail offering, the property features attractive outdoor garden seating and a dedicated structure for take-out operations, creating additional revenue opportunities and broad tenant appeal. With its luxury residential component, Tax Class 2B designation—which helps limit and stabilize property tax increases—and limited ongoing capital needs, 242 Tenth Avenue presents a compelling opportunity to acquire a well-positioned mixed-use asset in one of Manhattan’s premier neighborhoods with strong long-term appreciation potential.
Investment highlights
- Positioned on the northeast corner of West 24th Street and Tenth Avenue, 242 Tenth Avenue benefits from strong foot traffic, proximity to the High Line, and access to one of Manhattan's most desirable residential and retail corridors.
- Four-story, mixed-use building featuring one retail unit and six residential apartments, all of which are free-market units, providing operational flexibility and immediate upside.
- The residential component has undergone a comprehensive gut renovation, allowing ownership to achieve luxury-market rents with minimal near-term capital requirements.
- The ground-floor retail space, formerly occupied by Orchard Townhouse, will be delivered vacant, offering investors the ability to lease at market rents or reposition the space.
- The retail component includes charming outdoor garden seating and a separate building for take-out operations, enhancing tenant appeal and revenue potential.
- Ideal for investors seeking a stabilized, luxury mixed-use asset with Tax Class 2B status, providing capped and predictable property tax increases, alongside limited capital expenditure requirements and strong long-term appreciation potential in a premier Manhattan submarket.
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