2460 Broadway
New York, NY
Building Overview
Offering Summary
The Anton Group at Marcus & Millichap, as the exclusive agent to ownership, is pleased to offer for sale the Retail Master Lease at 2460 Broadway, New York, NY 10025. This master lease expires on April 30, 2085, and comprises three retail units and a basement studio space, offering a total of 11,150 rentable square feet. Two of the retail units are leased to prominent national retailers: Joe & the Juice, and Sweetgreen.
This property occupies the dominant Northeast corner of West 91st Street, facing oncoming vehicular traffic. Capitalizing on the favorable demographics, foot traffic, and spending power of the Upper West Side, these retail spaces offer steadily growing income for the opportunistic investor.
Investment Highlights
Upcoming Base Year Rent - The Master Lease provides that the lessee bears responsibility for increases in real estate taxes, heating costs, supervisory sprinkler and alarm services, as well as the superintendent’s salary over the base year. The base year resets every ten calendar years, with the next reset scheduled for January 1, 2025.
Tenants - New ownership will enjoy a stable cash flow from the brand-new lease to QQ Nails, along with the long-term leases to Joe & The Juice and Sweetgreen. All three spaces boast extraordinarily large storefronts that offer excellent exposure to the affluent customer base of the neighborhood.
Residential - With over 200,000 people living in an area of just 1.9 square miles, this neighborhood has one the highest residential densities in the country. The median household annual income is roughly $121,000, well above other neighborhoods in Manhattan. These figures take on greater significance for income generation from 2640 Broadway when one factors in the popularity of the work-from-home lifestyle in the neighborhood.
Area Wealth - This 10024 zip code is one of the most affluent districts in the country, with nearly $3.7 Billion in savings and deposits in seven different financial institutions, including Bank of America, CitiBank, JPMorgan Chase, Santander Bank, TD Bank, and Wells Fargo. This wealth signifies a customer base with higher disposable income and stable demand, allowing the Property to command higher rents due to the desirability of the location and the potential for increased foot traffic and sales.
Foot Traffic - The property is ideally positioned between two busy subway stations. In 2023, the MTA Subway (1,2,3) 96th Street station ranked in the top 5% of NYC subway stations for over all ridership with nearly 5,400,000 riders, a 27% increase in ridership from the year before. Meanwhile, the subway station at 86th street (1) has an annual ridership of 2,700,000 people.
Copyright © 2024 2460 Broadway. All rights reserved. Powered by SharpLaunch