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 1920
Building Area Gross

Asset Description

JLL has been retained on an exclusive basis to arrange for the sale of 589 Eleventh Avenue, a 25’ wide, new construction, six-story commercial building located on the northwest corner of West 44th Street and Eleventh Avenue. Originally, a single-story restaurant, ownership completely redeveloped the property in 2020 into a boutique commercial asset featuring approximately 14,500 RSF in total.


589 Eleventh Avenue can be delivered vacant which presents an exceptional opportunity for a wide array of potential purchasers and/or users to occupy either a portion or the entirety of the asset. Alternatively, ownership is prepared to long term lease the ground floor and lower level restaurant / bar which would allow for the eventual purchaser to benefit from immediate cash flow from an established neighborhood tenant. Furthermore, the M2-4 zoning district allows for manufacturing, commercial or community facility uses and thus could accommodate virtually any type of commercial / not-for-profit users. 

Investment Highlights

Delivered Vacant: Immediate possession allows for a user to occupy the space and benefit from the rights of ownership.


Potential Retail Leaseback: Current ownership is prepared to enter into a long term lease which would provide substantial income to an investor and/or user


New Construction Asset: Ownership recently completed redevelopment in 2020, adding 5 stories to the existing structure.


100 Feet of Frontage along West 44th Street allowing for great exposure along the corridor


Excellent Light & Air Generous 13’6 Ceiling Heights with plentiful windows creating a bright and open setting


Dynamic Location: Immediately adjacent to Midtown and just north of Hudson Yards, the area has seen a residential building boom, expanding neighborhood amenities, and a growing corporate prominence that could deliver outstanding appreciation potential.


Excellent Transportation Access: Close proximity to subway, bus stations, and West Side Highway. 

Last Updated Date: 11 Oct 2022

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Last Updated Date: 11 Oct 2022

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