Tines Square – Mixed -Use Building – Two Commercial Units And Eleven Residential Units

Details

Only ½ block to Times Square, this property is a rare opportunity for any business owner that would like to be in the eye of the world and on the path of the busiest tourist spot in the world. Only a few doors away from the Gem Tower – in the heart of the Diamond District and footsteps away from all the theaters, this location is perfect for most types of businesses, but especially for the restaurant/fast food industry.

The first floor of both buildings consists of approximately 2809 SF and has a handicap accessible bathroom. The area extends to the 2nd floor which adds another 2,380 SF and it has a second bar and two additional bathrooms. The basement is semi – finished and it was used as part of the kitchen by the previous tenant. It has a bathroom for the workers, a separate office, utility room and additional space for storage and for deliveries. The space has sprinkler system in place and central air. The total SF of the commercial space, including the ground floor, 2nd floors and the basement is approximately 7,600.

The property has 11 rental units, five of which are free market and six are rent stabilized. Most of the units are studios and one bedroom with rents well below the market.  The cap rate is excellent for an investor that would simply like to rent the commercial space and it is absolutely ideal for an owner-user. The air rights were sold to Durst Organization 7 years ago.