166 W 18th St - Yves

Sale Notes

Meridian Investment Sales is pleased to present the exclusive offering for the retail condominium at 127 7th
Avenue. At the base of a luxury, recently constructed building, the opportunity consists of a 100% occupied
retail condominium with 3,499 GSF located at the southeast intersection of West 18th Street and 7th Avenue in
the Chelsea neighborhood. Given the building was recently constructed and in excellent condition, investors
will benefit from minimal maintenance. The retail condominium features 2,064 SF of ground floor retail with
an additional 1,432 SF of below grade space and has no use restrictions. Occupied by UPS and a boutique
nail salon, this unique opportunity allows investors the opportunity to purchase a cash flowing retail asset
in one of Manhattan’s busiest corridors with a WALT of over 13.5 years with strong in-place tenants. The
UPS location is an experienced and reputable franchisee with several locations throughout the NYC area.
Currently, the real estate taxes account for over 37% of effective gross income, well above market, presenting
an investor the ability to petition the real estate taxes and immediately decrease taxes. In addition, UPS
and the nail salon reimburse 50% and 40% of real estate tax increases, respectively, over the 2022/2023
real estate tax base year. Therefore, given both tenants have reimbursements, investors will enjoy minimal
carrying costs and durable income with strong in-place tenants with a WALT of over 13.5 years and the
possibility to immediately petition and lower real estate taxes.
Chelsea has emerged as one of the most desirable residential enclaves in New York City. With luxury
residential condominium sales in excess of $2,000 PSF and rentals eclipsing $120 PSF, 127 7th Avenue benefits
from the surrounding growth and dense residential demographics. The historic neighborhood is lined with
unique shops, world class dining options, and vibrant night life. The property is well located proximate to
several local trains, providing expedient access throughout Manhattan and into Brooklyn/Queens including
the 14th Street PATH station, D, F, and M train at 14th Street and Sixth Avenue, the A, C, E, and L trains at 14th
Street and Eighth Avenue, the 1 train at 18th Street and Seventh Avenue. As a result of the accessibility, 7th
Avenue is a highly coveted retail location given the foot traffic and visibility. The retail condominium is also
surrounded by several large employers including Meta, Google, and Apple resulting in significant residential
rental and condominium demand. Therefore, given the access to mass transportation and proximity to large
employers and institutions, 127 7th Avenue offers excellent visibility and foot-traffic. Overall, 127 7th Avenue
offers investors a prime 100% occupied retail condominium in a luxury building with over 13.5 years of WALT
and strong tenancy.