805 Madison Ave - Storefront Retail/Residential FOR SALE


New York, NY 10065- Lenox Hill
$22,500,000 USD
212-589-5136
805 Madison Ave, New York, NY for Sale
$22,500,000 USD
Storefront Retail/Residential - FOR SALE
1/11
null | 5.2% Cap Rate

805 Madison Ave
New York, NY 10065
Lenox Hill


HIGHLIGHTS

  • New 10-Year Lease & Corporate Guarantee
  • Tenant 20 Year Operating History in Location
  • Annual Rent Increases
  • Excellent Corporate Guarantee (120 Locations in 30 Countries)
  • Long Term Cash Flow Performs as Triple Net Lease (NNN)

OVERVIEW

Cushman & Wakefield has been retained on an exclusive basis to arrange the sale of a trophy quality 20’ wide, five-story mixed-use building located at 805 Madison Avenue in the Upper East Side. The property is located on the east side of the luxury Madison Avenue retail corridor between 67th and 68th Streets. The commercial unit which is comprised of the ground floor, second floor and a finished basement is occupied by Bonpoint. Bonpoint is the premiere high-end children’s clothing boutique which has maintained a presence on Madison Avenue for over 20-years. Bonpoint is entering into the second year of a new ten (10) year lease which commenced on January 1, 2022. The lease includes step up escalations of 5% in the first year, 4% in the second year, and 3% annual increases for the remainder. The lease also includes a 65% share of increased taxes over the base year of 21/22 and is all backed by a corporate guarantee from Bonpoint SAS currently operating 120 locations in 30 countries. Providing the highest level of security to an investor seeking long term cash flow. Additionally, there is a landlord kickout option in year 5 of the lease providing 6 months’ notice, allowing the future owner to take advantage of increased market rents either by vacating or renegotiating. Refer to the following page for the lease abstract. Above the retail are six 1-bedroom units of varying sizes of which four units are free market and two units are rent stabilized. All units are currently occupied at well below market rents, providing further upside. 805 Madison Avenue presents a strong opportunity for an investor to purchase a cash flowing asset that is stabilized by a long-term lease, with a corporate guarantee in one of the most prestigious retail corridors in all the world. Neighboring tenants include major luxury retailers such as Max Mara, Tory Burch, Dolce & Gabbana, Oliver Peoples, CH Carolina Herrera, John Paul Ataker and Frette.

FOR SALE DETAILS

PRICE

$22,500,000 USD

PRICE/SF

$3,042 USD /SF

CAP RATE

5.2%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

ON GROUND LEASE

Yes

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Residential

ADD'L SUBTYPES

Storefront

TOTAL BUILDING SIZE

-

STORIES

5

YEAR BUILT

1910

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.04 AC

LAND SF

1,742 SF

ZONING

C5-1

APN/PARCEL ID

1382-0051

ASK ABOUT THIS PROPERTY

Hunter MossCushman & WakefieldMore Info
212-589-5136

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Hunter MossCushman & WakefieldMore Info
212-589-5136

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.