1631-1637 Park Ave Local commercial 929 m² 70 % Loué À vendre New York, NY 10029 3 161 265 € (3 402,76 €/m²)

Prime Mixed-Use Investment & Redevelopment Opportunity
Property Overview
Exceptional opportunity to acquire a versatile mixed-use building featuring four ground-level storefronts and two upper floors. The property is currently divided between two retail tenants:
Tenant 1 occupies two storefronts, generating $7,500/month in rent.
Tenant 2 occupies the remaining two storefronts, generating $5,000/month.
The upper two floors are vacant, presenting excellent upside potential for future build-out, expansion, or redevelopment. While there is no internal access to these upper floors, a permit for an exterior staircase has already been obtained—an approval that is notably difficult to secure in this market.
Current Leases & Income
Both tenants are on five-year leases and pay their own water bills. Each lease includes a demolition clause, allowing for flexible termination if redevelopment is pursued.
Total Current Income: $12,500/month
Annual Taxes: Approximately $40,000
This structure makes the property a reliable income-producing investment in its current form, while maintaining full flexibility for redevelopment.
Delivery Options
Ownership offers multiple ways to deliver the property, accommodating investor or developer preferences:
As-Is with Tenants in Place – continue collecting rental income immediately.
Delivered Vacant – available for an additional fee, ideal for owner-users or repositioning.
Delivered as an Empty Lot – existing structure can be demolished and cleared for new construction, also available for an additional fee.
With its favorable zoning potential, existing permit, and lease flexibility, this site is ready for transformation or continued cash flow.
Investment Highlights
4 storefronts across two retail tenants
Flexible five-year leases with demolition clauses
Exterior staircase permit already approved
Tenants pay own utilities
$12,500 monthly rent ($150,000 annual income)
~$40,000 annual property taxes
Vacant upper floors for future development
Delivery options: as-is, vacant, or cleared lot
Summary
This property offers the rare combination of immediate cash flow and redevelopment potential. Whether maintained as a “money-maker” retail asset or reimagined as a new project site, the property’s location, permits, and lease flexibility make it a smart acquisition for investors, developers, or owner-users alike.