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Off Market
1/8

385 First Ave
New York, NY 10010


HIGHLIGHTS

  • Recently Executed Leases / Renewals: M&T Bank recently executed their 8-year option commencing on 1/1/21 and Mighty Pita signed a new 10-year lease
  • 100% Occupied with excellent Income Profile by Essential Services Leases signed by ProHEALTH Urgent Care, M&T Bank, and Mighty Pita
  • ProHEALTH Urgent Care has an ‘A1’ rating by Moody’s and M&T Bank has an A3’ rating by Moody’s, ‘A-’ rating by Standard & Poor’s, and ‘A’ rating by Fit
  • Strong Demographics: Median household income of more than $130,000 at the southwest intersection of East 23rd Street and 1st Avenue.
  • Luxury New Construction: Recently converted to a highend condominium building, The CODA features luxury finishes throughout.
  • Retail neighbors include Starbucks, McDonalds, CVS, 7/11, and Duane Reade.

OVERVIEW

Meridian Investment Sales is pleased to present the exclusive offering for the retail condominiums at CODA or 385 1st Avenue – three, 100% leased recent construction retail condominiums with 9,299 total square feet located at the bustling southwest intersection of East 23rd Street and 1st Avenue in the Gramercy Park neighborhood. Ownership is willing to accept Cryptocurrency as a form of payment as they have done in a prior unrelated transaction. Occupied by M&T Bank, ProHEALTH Urgent Care, and Mighty Pita, this is a unique opportunity for investors to purchase a cash flowing retail condominium in one of the newest and most luxurious buildings in Gramercy Park with a WALT of over seven years. M&T Bank has an ‘A3’ rating by Moody’s, ‘A-’ rating by Standard & Poor’s, and ‘A’ rating by Fitch, ProHEALTH Urgent Care has an ‘A1’ rating by Moody’s, and Mighty Pita is a fast-casual Mediterranean grocer. Importantly, M&T Bank recently executed an eight-year option commencing on January 1, 2021 and Mighty Pita signed a 10-year lease commencing on April 1, 2021. With annual base rent increases and substantial reimbursements from tenants, investors will enjoy durable and secure cash flow with minimal carrying costs.

FOR SALE DETAILS

PRICE

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# OF UNITS

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CAP RATE

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% LEASED

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BUILDING DETAILS

PROPERTY NAME

The retail condominiums at CODA

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Hi-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

133348

STORIES

20

YEAR BUILT

2002

PARKING SPACES

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LAND DETAILS

LAND ACRES

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LAND SF

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ZONING

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APN/PARCEL ID

0928-1643,0928-1644