424 Broadway Unit 3-F, New York, NY 10013

Property Description

ICONIC SOHO FULL-FLOOR ART GALLERY LOFTFOR SALE — $3,750,000A rare opportunity to own an income-producing, full-floor commercial loft in the heart of Downtown Manhattan.Located near Broadway and Canal Street—where SoHo, Nolita, Tribeca, and Little Italy converge—this approximately 4,000-square-foot third-floor loft is currently occupied by an art gallery and offers an extraordinary combination of architectural character, natural light, flexible use, and investment potential.Oversized windows illuminate the expansive open interior, while approximately 10- to 12-foot ceilings, classic hardwood floors, exposed architectural details, and 24/7 elevator access create an impressive setting for a gallery, showroom, creative headquarters, design studio, fashion company, professional office, or owner-user.Property HighlightsApproximately 4,000 square feetFull-floor commercial loftCurrently leased to an art gallery24/7 elevator accessOversized windows and excellent natural lightApproximately 10- to 12-foot ceilingsExpansive, flexible open layoutClassic hardwood flooringPrivate pantryTwo private bathroomsLease expiration: April 30, 2027Prime Downtown Manhattan locationCurrent IncomeIncome Summary AmountCurrent Monthly Rent $16,872Current Annual Income $202,464Projected Monthly Rent at $65/SF $21,666Projected Annual Income at $65/SF $259,992Annual Operating ExpensesExpense Annual AmountCommon Charges $22,000Real Estate Taxes $46,726Insurance $1,250Total Annual Expenses $69,976 Investment OverviewCurrent Net Operating Income: approximately $132,488 annuallyProjected Net Operating Income at $65/SF: approximately $190,016 annuallyCurrent Cap Rate at $3,750,000: approximately 3.53%Projected Cap Rate at $3,750,000: approximately 5.07%The existing lease provides immediate income through April 2027, while the projected market rent offers meaningful future upside. This is an exceptional opportunity for an investor seeking a prime Downtown asset or an owner-user planning for future occupancy.Unmatched Downtown LocationSurrounded by internationally recognized galleries, boutiques, restaurants, hotels, and creative businesses, the property benefits from substantial pedestrian traffic and immediate access to several of Manhattan’s most desirable neighborhoods.Convenient access to the N, Q, R, W, 6, J, Z, A, C, and E subway lines at Canal Street.Video Tourhttps://youtu.be/eoly90GceJ8OWN THE SPACE. OWN THE LOCATION. OWN A PIECE OF DOWNTOWN MANHATTAN.