485 Seventh Avenue (Retail Condo)_Property for Sale

485 7th Ave, New York, NY, 10019, US

485 Seventh Avenue (Retail Condo)

Asset description

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange for the sale of the retail condominium located at 485 7th Avenue (“The Property”). Originally serving as an office space that was built in 1906 and reimagined into the NYC flagship Moxy Hotel, the 119-year old landmarked Property was converted by the Lightstone Group in 2017. The three (3) prime commercial spaces occupy the base of the building, situated along the east side of 7th Avenue between 36th and 37th Streets in the heart of Midtown. Featuring over 260’ of wraparound frontage, the Property is located steps from three of NYC’s major transportation hubs: 34th Street Penn Station, 34th Street Herald Square, and Times Square 42nd Street which provide access to the 1, 2, 3, A, C, J, and Z trains. Additionally, Penn Station and Moynihan Train Hall offer convenient regional access via the LIRR, NJ Transit, and Amtrak.

The property features three retail units, with Papi Pasta Pizza occupying the largest 1,600-square foot space on the southeast corner, benefiting from frontage on both West 36th Street and 7th Avenue. The second unit, home to 7th Street Burger, spans 1,391 square feet along the busy 7th Avenue corridor. Café D’avignon operates in the smallest 829-square-foot unit adjacent to the Moxy Hotel entrance on West 36th Street. All tenants are secured with long-term leases: Papi Pasta Pizza until September 2034, 7th Street Burger until November 2032, and Café D’avignon currently in a renewal term ending April 2030.

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Attributes

Building area gross

3,987 sf

Units

Occupancy

100%

Year built

2019

Media

Investment highlights

In-Place Cash Flow

Prospective ownership will benefit from having stable, in-place cash flow from three tenants committed to long-term leases.

Strategic Location

The strategic location of 485 7th Avenue positions itself to capitalize on major redevelopment initiatives, including Hudson Yards, the Penn Station revitalization, MSMX rezoning, City of Yes, and 485x / 467-m tax incentives. These comprehensive urban renewal efforts are expected to elevate the area’s profile, driving increased pedestrian activity and residential interest.

Valuable Corner Retail Frontage

485 7th Avenue features approximately 260’ of wraparound retail frontage in a bustling corridor in Midtown, allowing for enhanced retail visibility and accessibility.

Diverse Consumer Base

Midtown boasts a diverse consumer base, significantly bolstered by its office market and the constant influx of tourists in the area. This steady stream of activity, ranging from leisure travelers to business professionals, brings substantial spending power to the neighborhood, creating a vibrant and lucrative environment for retail establishments.

Excellent Accessibility

The Property is situated near multiple major transportation hubs, including 34th Street-Penn Station (1, 2, 3, A, C, E), 34th Street-Herald Square (B, D, F, M, N, Q, R, W) and 42nd Street-Times Square (1, 2, 3, 7, N, Q, R, W, S). Penn Station also provides regional access via the LIRR, NJ Transit, and Amtrak.