Your email has been sent.
249 Eldridge St
New York, NY 10002
147 East Houston · Retail Property For Sale
INVESTMENT HIGHLIGHTS
- Fully occupied retail condo with three long-term tenants.
- Over 14 years of weighted average lease term remaining.
- Prime Lower East Side corner with 125 feet of wraparound frontage.
- Bank of America anchor lease through 2034 with renewal options.
- Scheduled rent increases and full tax reimbursements.
- Steps from F train and surrounded by cultural and retail landmarks.
EXECUTIVE SUMMARY
Positioned at the vibrant intersection of East Houston and Eldridge Streets, 147 East Houston Street presents a rare opportunity to acquire a fully occupied retail condominium in Manhattan’s Lower East Side. This 4,875-square-foot asset features 125 feet of wraparound frontage and benefits from exceptional visibility and foot traffic in one of New York City’s most dynamic cultural and commercial corridors. Anchored by Bank of America since 2018, the property offers long-term income stability with ~8.5 years remaining on the lease and two five-year renewal options. Complementing the anchor are two additional tenants—Pizza Loves Sauce and Rumpus Room—each secured under long-term leases that extend the weighted average lease term (WALT) to over 14 years. Scheduled rent escalations and full tax reimbursements from tenants further enhance the asset’s financial resilience. The property’s location is unmatched, with immediate access to the F train at the 2nd Avenue station and proximity to Essex Crossing, Katz’s Deli, and the New Museum. The surrounding area is a magnet for both residents and tourists, supported by high-density housing, boutique hotels, and institutions like NYU and Mount Sinai Beth Israel. With projected gross annual income of $748,813 and net operating income of $580,455, this retail condo offers investors a secure, income-generating asset in a high-demand market. All inquiries are directed to Newmark’s dedicated transaction team.
PROPERTY FACTS
| Total Building Size | 19,646 SF | Floors | 6 |
| Property Type | Multifamily (Condo) | Typical Floor Size | 2,981 SF |
| Property Subtype | Apartment | Year Built | 1900 |
| Building Class | C | Lot Size | 0.35 AC |
| Zoning | C6-1 | ||
| Total Building Size | 19,646 SF |
| Property Type | Multifamily (Condo) |
| Property Subtype | Apartment |
| Building Class | C |
| Floors | 6 |
| Typical Floor Size | 2,981 SF |
| Year Built | 1900 |
| Lot Size | 0.35 AC |
| Zoning | C6-1 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- Controlled Access
- Tenant Controlled HVAC
- Recycling
- Smoke Free
- Smoke Detector
1 UNIT AVAILABLE
Unit Comm
| Unit Size | 4,875 SF | Sale Type | Investment |
| Condo Use | Retail | APN/Parcel ID | 0422-1101 |
| Unit Size | 4,875 SF |
| Condo Use | Retail |
| Sale Type | Investment |
| APN/Parcel ID | 0422-1101 |
SALE NOTES
Newmark has been retained on an exclusive basis to arrange for the sale of the retail condominium at the base of 147 East Houston Street (the “Offering” or the “Asset”). Located in Prime Lower East Side on the corner of East Houston and Eldridge Streets, the Asset boasts 125’ of wraparound frontage along one of the busiest corners of the neighborhood. The Offering is 100% occupied by three commercial tenants across 4,875 total square feet. 3,375 square feet are on grade in addition to the 1,500 square feet of usable below grade basement space. The Property is anchored by Bank of America with ~8.5 years of lease term remaining and an additional 2 5-year renewal options. The other two
tenants, Pizza Loves Sauce and Rumpus Room, each have long term leases in place bringing the Property’s total WALT to over 14 years remaining. All three tenants reimburse tax increases over their respective base year stop amounts which helps dramatically reduce future tax increase exposure. Tenants pay operating expenses directly. 147 East Houston is located in the heart of the East Houston commercial corridor. The Asset and the commercial tenants benefit
from the heavy foot track generated from nearby neighborhood staples such as Essex Crossing, Sara D Roosevelt Park, Katz’s Deli, Mr. Purple, and more. The Property is located directly next to the 2nd Avenue F train station as well as numerous bus stops.
Floor Plan
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 25 | - | 550 - 650 |
