Avison Young
Listed by Avison Young, Avison Young - New York
$9,500,000
29 East 21st Street - Prime Flatiron Office Building
Details
APN 1008500023
Property Type Retail, Office
Sub Type Storefront, Creative Office
Square Footage 14,032
Units 5
Pro-Forma Cap Rate 7.88%
Pro-Forma NOI $748,946
Price per SqFt $677
Class B
Year Built 1925
Year Renovated 2025
Buildings 1
Stories 5
Lot Size (SqFt) 2,469
Zoning M1-5M
Investment Type Value Add
Ground Lease No
Prime Flatiron Mixed-Use | Vacant Office
Marketing description
Avison Young has been exclusively retained to offer for sale 29 East 21st Street (the “Property”), a 5-story 14,032 RSF mixed-use property located between Broadway and Park Avenue South in the Flatiron District. The Property is a 25-foot-wide elevatored commercial building with ground floor retail space and four floor-through office units above. The retail space is occupied and leased through 2029 by Tend, a successful venture-backed dental company. The upper floor offices will be delivered vacant, making this a prime opportunity for either an end-user searching for space in this highly desirable submarket or for a residential conversion.
Investment highlights
- Vacant office floors. Floors 2-5 will be delivered vacant, prime for conversion or owner-use.
- Completed capex: Recent upgrades to the lobby, electrical, new roof, and office renovations.
- Strong retail: Well-funded tenant with 3-yrs of term remaining and 3% annual increases.
- Premier live-work location: Prime Flatiron neighborhood in core Midtown South.
- Value-add: Potential to add value through leasing or conversion.
Listing Contacts
Avison Young
Listed by Avison Young, Avison Young - New York
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