Investment Highlights
This double lot is commercially zoned building is in a fabulous location in the heart of the city, the Theatre District in Times Square.
There is a lot of foot traffic in this area.
Once home to TGIF and Rosy O'Grady, this restaurant space consists of the basement, ground, and second floor; all vented for a restaurant.
Executive Summary
Vacant property - 3.81% pro forma cap rate.FOR SALE OR LEASE - 1st 2nd 3rd and 4th floors available.PRIME LOCATION- Theatre District - Times SquareBuilding class Predominant Retail with Other Uses (K4) iSquare feet 17,400 including basementBuilding dimensions 37.5 ft x 81 ftAllowed usable floor area 45,000Usable floor area as built 17,400Unused FAR 31,500Property TaxesTax class 4Property tax $269,812Lot sqft 3,900Lot dimensions 37.5 ft x 100.42 ftGround elevation 50 ftBuilding class Predominant Retail with Other Uses (K4) iSquare feet 13,900Building dimensions 37.5 ft x 81 ftBuildings on lot double lot Stories 4Roof height 43 ftYear built 1920 Year last altered 2004 UseCommercial units 2 or 3Retail sq ft 13,400Other sq ft 3,486 basementLocated in Times Square?s heart of the city, the Theatre District, this is a vacant 4-story commercial building, plus a basement. Pre-pandemic, this building most recently was a TGIF and previously Rosy O?Grady. The building is 17,200 square feet and consists of a restaurant plus two commercial units. The first two floors and the basement are built-out as a restaurant; they have a sprinkler, freezer, and refrigeration systems and are vented. The third and fourth floors have a separate entrance. A music studio previously leased the space. Tenants previously paid all their utilities, and the real estate tax increases. The property also features approximately 32,000 square feet of additional air rights. It resides on a visible street with over 35 feet of frontage between 6th and 7th Avenue. This location provides foot traffic, conveniently by Times Square, Broadway theaters, Rockefeller Center, and over ten different subway lines. Zoning Designation: Commercial C6-5.6, Special District MID
