385 First Avenue

385 First Avenue, New York, NY, 10010, US

Description

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange for the sale of the retail condominium at CODA, located at 385 First Avenue (“The Property”) in Gramercy Park, Manhattan. The three (3) prime commercial spaces occupy the entire base of the building, situated at the southwest corner of East 23rd Street and First Avenue. With ~200’ of wraparound corner frontage, the Property offers exceptional visibility and access to a diverse customer base of residents, professionals, and students from nearby institutions.

The Property features three (3) retail units totaling 9,299 square feet across the ground and lower levels. Credit tenant M&T Bank (NYSE: MTB) anchors the tenancy and occupies the prominent 3,684 square foot corner unit. Currently, they are paying $495,000 in rent annually ($41,250 monthly) with 3% annual escalations and are in the sixth year of an eight-year lease agreement, which is set to expire at the end of 2028. This specific Manhattan M&T branch ranks #2 out of 10 total branches in terms of total deposit volume, according to the FDIC.

The 2,249 square foot middle unit located along East 23rd Street is occupied by Luckin Coffee, an innovative Chinese coffee chain that uses an app-based, cashless model. The brand opened its first two NYC locations in June 2025 and has rapidly expanded to ten locations as of early 2026. Luckin Coffee signed a ten-year lease for this location in November 2025 through November 2035, and they are paying $198,000 annually ($16,500 monthly) with 3% annual escalations.

The third unit, also located along East 23rd Street, measures 3,366 square feet and is leased to Optum, a personalized medical care company that utilizes this specific space as an Urgent Care facility. Optum ProHealth has been in the space since March 2016, currently paying $859,488 annually ($71,624 monthly) with 3% escalations. Their lease is set to expire in December 2027.

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Attributes

Building area gross

9,299 sf

Occupancy

100%

Year built

2002

Land area gross

9,875 sf

Number of units

Media

Investment Highlights

IN-PLACE CASH FLOW

Prospective ownership will benefit from having stable, in-place cash flow (~ $1.2M annually) from three (3) committed tenants, including a credit tenant in M&T Bank, a tenant who recently signed a long-term lease, and a tenant who has been occupying the space for ~10 years.

VALUABLE CORNER RETAIL FRONTAGE

385 First Avenue features approximately 200’ of wraparound retail frontage in a bustling corridor in Gramercy Park, allowing for enhanced retail visibility and accessibility. Furthermore, the asset is partially located along East 23rd Street, which is one of the major commercial thoroughfares in Manhattan.

FULLY LEASED ASSET

The retail at CODA is fully leased to a diverse tenant roster featuring M&T Bank, Luckin Coffee, and Optum ProHealth. The Property maintains a weighted average lease term of 3.34 years.

DIVERSE CONSUMER BASE

The area surrounding 385 First Avenue benefits from a diverse consumer base driven by its strategic location at the intersection of multiple thriving neighborhoods. The location draws from a mix of residential density, medical industry professionals from nearby NYU Langone Health and Bellevue Hospital, and the steady flow of students and faculty from institutions like NYU and Baruch College. This convergence of residents, healthcare workers, and the academic community creates consistent daily foot traffic and spending power.

EXCELLENT ACCESSIBILITY

The Property has direct access to multiple subway lines serving the East Side corridor. The location is served by the nearby 28th Street and Union Square Stations ( 4 5 6 N Q R W ), providing express and local service along the Lexington Avenue Line. The area also offers convenient access to the L train at 1st Avenue and 14th Street, connecting to Brooklyn and key Manhattan neighborhoods. Additionally, the FDR Drive runs adjacent to the Property, providing vehicular access for regional commuters and delivery services. Multiple bus routes along First Avenue and cross-town streets further enhance local connectivity.