Living / Multi-housing

5 Spring Street

5 Spring Street New York, New York United States 10012
Asking Price
Area Size
NOI Net Operating Income N/A
NIY N/A

Documents

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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 2000
Building Area Gross
Land Area Gross ()
Number of units 16

Asset Description

JLL has been retained on an exclusive basis to arrange for the sale of 5 Spring Street, a 9,135 square foot mixed-use property located on the north side of Spring Street between Bowery & Elizabeth Street. The five-story, prewar building is organized into 15 residential units above a single retail unit on the ground floor. Of the 15 residential units, 7 are currently free market, 7 are rent stabilized, and 1 is rent controlled. The 2,427 net sf retail space is occupied by the legendary bar tenant, Sweet & Vicious, who has been a staple in the area for years. They also have access to a large rear yard which is permitted for bar service. 5 Spring Street represents an ideal opportunity for a variety of investors to acquire a fully leased, cash-flowing property in a prime submarket of Manhattan. In addition, only half of the apartments have been renovated and there are approximately 7,000 sf of available air rights, positioning the asset with future upside.

Investment Highlights

  • Prime NoLita Location
  • In-Place Cash Flow Stability
  • Excellent Connectivity
  • Strong Retail Tenancy
  • Approximately 50% Free Market
  • Long-Term Upside Potential
Last Updated Date: 11 Aug 2022

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Last Updated Date: 11 Aug 2022

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