188 East 78th Street

188 East 78th Street, New York, NY, 10075, US

Description

Jones Lang LaSalle (“JLL”) has been engaged on an exclusive basis to arrange the disposition of a retail condominium located at 188 East 78th Street aka The Empire Condominium (“The Property”). Strategically positioned on the west side of Third Avenue encompassing the entire blockfront between East 77th and 78th Streets, the Property occupies a premier location in Manhattan’s Upper East Side, a neighborhood distinguished by its affluent demographic and proximity to world-class amenities.

The blockfront retail condominium encompasses three (3) prime commercial spaces across the ground and second floors of the building, featuring approximately 324 square feet of wraparound frontage that maximizes street-level visibility and accessibility. The Property benefits from a diversified tenant roster comprising three (3) established occupants with strong credit profiles and long-term lease commitments.

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Attributes

Lot Dimensions

120' x 204.33'

Above Grade SF

17,215

Total SF

21,513

Occupancy

100%

Number of units

WAULT

6.93 years

Media

Investment Highlights

BLUE-CHIP TENANT ROSTER

Prospective ownership will benefit from a diversified tenant mix featuring three credit-grade tenants: Charter Communications (NYSE: CHTR), Fidelity Investments (NYSE: FNF), and FedEx Office & Print Services. These established occupants deliver stable, in-place cash flow through long-term lease commitments extending through 2030, 2031 and 2035 respectively, providing exceptional revenue certainty and investment stability.

LONG-TERM LEASE SECURITY

All three (3) tenants have demonstrated exceptional lease longevity, with Fidelity Investments maintaining continuous occupancy since 2010 and Spectrum since 2014. Recent lease extensions executed by both Spectrum and Fidelity through September 2030 and 2031, combined with FedEx’s ten-year commitment through January 2035, underscore tenant satisfaction and provide substantial future income visibility for prospective ownership.

PREMIER UPPER EAST SIDE LOCATION

The Property is strategically positioned in Manhattan’s Upper East Side, one of the city’s most prestigious neighborhoods characterized by an affluent residential demographic with substantial disposable income. This sophisticated consumer base creates an ideal environment for retail and professional services, while proximity to world-class cultural institutions including the Metropolitan Museum of Art and the Guggenheim Museum generates millions of annual visitors and sustained foot traffic.

EXCEPTIONAL STREET PRESENCE

188 East 78th Street features approximately 324 square feet of wraparound retail frontage along Third Avenue between East 77th and 78th Streets, delivering maximum street level visibility and accessibility. This prominent corner positioning ensures continuous exposure to the neighborhood’s high-net-worth pedestrian traffic and establishes a commanding retail presence in this prime corridor.

SUPERIOR TRANSIT CONNECTIVITY

The Property benefits from excellent transportation accessibility through multiple subway lines ( 4 5 6 N Q R ) at nearby 77th Street and 86th Street stations, complemented by extensive bus service along Third Avenue. This comprehensive transit network provides convenient access for customers and employees while connecting seamlessly to all major Manhattan employment centers and residential neighborhoods.