37 E 18th St, New York, NY, 10003-2001, US

37 East 18th Street

Attributes

Asking price

€30,152,000

Year built

1900

Land area gross

641 m²

Building area gross

7,200 m²

Number of floors

10 floors

Number of units

10 units

Occupancy

42%

Asset Description

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange for the sale the 100% fee simple interest in 37 East 18th Street (“the Property”), an incredible 78,000 rentable square foot, 10-story office building located two blocks to the north of Union Square Park in the Flatiron District of Manhattan. The property boasts an impressive 75’ of frontage along the north side of East 18th Street between Broadway and Park Avenue South and is situated on a 6,899 SF lot.

Currently 42% leased with 3.7 years of weighted average lease term (“WALT”), 37 East 18th Street presents a unique opportunity for investors to acquire an asset with attractive in-place cash flow and significant further upside through lease-up of the currently vacant space.

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Investment Highlights

Compelling Value: Currently 42% leased, the in-place tenancy provides a new owner income security with the ability to immediately grow NOI through lease-up and asset repositioning.

Stable Cash Flow Providing Long Term Flexibility: 4.8 years of remaining term after the tenant roll in early 2024 provides ample time to develop and implement long-term leasing strategies

Proximity to Local Transit: Tenants continue to prioritize access to transportation. Tenants signing large leases at the top of the market are prioritizing access to local transit, a 35.2% increase from pre-COVID levels. 37 East 18th Street is located within 10 minutes from 6 of the 8 subway lines in Manhattan, in addition to the PATH train.

User Potential: Immense user potential considering the future possibility to occupy the entire upper half of the building as early as March 2024.

Favorable Floorplates: Expansive 7,500 RSF floorplates with are an ideal size to capture demand while providing leasing flexibility to accommodate tenants with various space and use requirements.

Prime Location: Favorably located at the nexus of some of NYC’s most transformative submarkets including Flatiron, Chelsea, and Union Square.

Excellent Connectivity: 37 East 18th Streets central location and proximity to the Union Square mass transit hub allow for easy access to all of Manhattan and the outer boroughs. 6 out of the 8 major subway lines in Manhattan as well as the PATH train can be accessed within 10 minutes from the property.