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110-114 Delancey St

26,433 SF 49% Leased Office Building New York, NY 10002 £23,700,299 (£897/SF) 5.40% Net Initial Yield

Investment Highlights

  • Prime Lower East Side
  • National Credit Anchor Tenant
  • 16,000 SF of Additional Air Rights

Executive Summary

Meridian Investment Sales is pleased to present the exclusive offering for 114 Delancey Street, a three-story commercial
building located in the heart of the esteemed Lower East Side neighborhood, situated on the Northwest corner of
Essex and Delancey Streets. Built in 1997, the property includes 6 commercial spaces across four levels (cellar, ground floor, second floor and third floor). Occupying 6,455 RSF between the cellar, ground floor, and second floor, the property is anchored by
McDonald's (‘BBB+’ rated by Standard & Poor’s and a Moody’s rating of ‘Baa1’), a credited tenant on a long-term lease
through 2036. The lower level is occupied by Sour Mouse (4,960 RSF), an entertainment venue with a bar, game room
and improv stage, and the ground floor is occupied by Zaza Go Smoke Shop (420 RSF). There is currently one vacant
space on the ground floor (2,298 RSF), previously occupied by Rainbow Stores. The second floor has 4,800 available
RSF, and the third floor has 7,500 available RSF (full floor). Combined there is approximately 26,000 GSF which
includes 26,433 SF of RSF. The property has 65’ of frontage on Delancey Street and 100’ of frontage on Essex Street.
Additionally, there is approximately 16,000 SF of available air rights. Located directly across the street is Essex Crossing, a unique community development encompassing 1,870,000 GSF of living, office, retail, and public recreation components. Essex crossing provides a dynamic mixed-use destination designed to fit within the rich cultural tapestry of New York City’s historic Lower East Side. Notable retail and community tenants include Trader Joe’s, Target, Regal Cinemas, the International Center of Photography, and the new
Essex Market, along with various local food and beverage establishments. The project is committed to sustainability,
participating in various programs and adhering to stringent environmental requirements outlined in the RFP, City
Disposition, and the City’s Uniform Land Review Procedure. The Lower East Side is a one-of-a-kind neighborhood bounded by the East River to the east, Bowery to the west, Canal Street to the south and Houston Street to the north. The neighborhood is truly a marvel unto itself – a unique combination of art, character and historical landmarks that continues to elicit unparalleled residential, retail and other
commercial demands. The building is conveniently located within proximity to the various parks, museums, and the F,
M, J, Z subway lines located at the Delancey Street Station, steps from the property.

Property Facts

Sale Type
Investment
Property Type
Office
Building Size
26,433 SF
Building Class
C
Year Built/Renovated
1900/1997
Price
£23,700,299
Price Per SF
£897
Net Initial Yield
5.40%
NOI
£1,279,816
Percent Leased
49%
Tenancy
Multiple
Number of Floors
4
Typical Floor Size
8,811 SF
Slab to Slab
10 ft
Building FAR
4.05
Land Acres
0.15 AC
Zoning
C6-1 - Permit a Wide Range of High-Bulk Commercial Uses Requiring a Central Location

Amenities

  • Air Conditioning

Space Availability

  • Space
  • Size
  • Space Use
  • Condition
  • Available
  • 1st Floor
  • 2,298 SF
  • Retail
  • Full Build-Out
  • Now

Newly demised space that was part of Rainbow, this is an ideal situation for a variety of uses like retail, grocery, wine & spirits & some food operations (non-compete w/ McDonald’s not allowing prepared food service). Wide open space with soaring ceilings of about 16’ with 15’ frontage that is located steps from the corner of Essex Street with the Subway Entrance. Ground floor can be connected to about 4,800 rsf on 2nd floor and 6,500 rsf on 3rd floor for a multi-level retail situation.

  • 2nd Floor
  • 4,800 SF
  • Office
  • -
  • Now

Recently demoed and opened up space with tons of natural light, 12' ceilings, direct elevator access and prime exposure overlooking the heaviest trafficked intersection on the Lower East Side with Essex Crossing across the street and the entrance to the Delancey/Essex Subway right outside. Offering 4,800 rsf on 2nd floor and about 6,500 rsf on the 3rd, landlord looking for ideally one tenant to take all the space but will be open to divisions and flexible on pricing and terms. Can combine with ground to create multilevel flagship opportunity.

  • 3rd Floor
  • 2,500-6,500 SF
  • Office
  • Shell Space
  • Now

Recently demoed and opened up space with tons of natural light, 10' ceilings, direct elevator access, restrooms in place and prime exposure overlooking the heaviest trafficked intersection on the Lower East Side with Essex Crossing across the street and the entrance to the Delancey/Essex Subway right outside. Windows on 2 sides so tons of light and offering about 6,500 rsf on the 3rd, landlord looking for ideally one tenant to take all the space but will be open to divisions and flexible on pricing and terms. Can combine with ground to create multilevel flagship opportunity.

Space Size Space Use Condition Available
1st Floor 2,298 SF Retail Full Build-Out Now
2nd Floor 4,800 SF Office - Now
3rd Floor 2,500-6,500 SF Office Shell Space Now

1st Floor

Size
2,298 SF
Space Use
Retail
Condition
Full Build-Out
Available
Now

2nd Floor

Size
4,800 SF
Space Use
Office
Condition
-
Available
Now

3rd Floor

Size
2,500-6,500 SF
Space Use
Office
Condition
Shell Space
Available
Now

1st Floor

Size 2,298 SF
Space Use Retail
Condition Full Build-Out
Available Now

Newly demised space that was part of Rainbow, this is an ideal situation for a variety of uses like retail, grocery, wine & spirits & some food operations (non-compete w/ McDonald’s not allowing prepared food service). Wide open space with soaring ceilings of about 16’ with 15’ frontage that is located steps from the corner of Essex Street with the Subway Entrance. Ground floor can be connected to about 4,800 rsf on 2nd floor and 6,500 rsf on 3rd floor for a multi-level retail situation.

2nd Floor

Size 4,800 SF
Space Use Office
Condition -
Available Now

Recently demoed and opened up space with tons of natural light, 12' ceilings, direct elevator access and prime exposure overlooking the heaviest trafficked intersection on the Lower East Side with Essex Crossing across the street and the entrance to the Delancey/Essex Subway right outside. Offering 4,800 rsf on 2nd floor and about 6,500 rsf on the 3rd, landlord looking for ideally one tenant to take all the space but will be open to divisions and flexible on pricing and terms. Can combine with ground to create multilevel flagship opportunity.

3rd Floor

Size 2,500-6,500 SF
Space Use Office
Condition Shell Space
Available Now

Recently demoed and opened up space with tons of natural light, 10' ceilings, direct elevator access, restrooms in place and prime exposure overlooking the heaviest trafficked intersection on the Lower East Side with Essex Crossing across the street and the entrance to the Delancey/Essex Subway right outside. Windows on 2 sides so tons of light and offering about 6,500 rsf on the 3rd, landlord looking for ideally one tenant to take all the space but will be open to divisions and flexible on pricing and terms. Can combine with ground to create multilevel flagship opportunity.

Walk Score ®
Walker's Paradise (100)
Transit Score ®
Rider's Paradise (100)
Bike Score ®
Biker's Paradise (97)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
0410-0064
Land Assessment
£710,100
Improvements Assessment
£1,791,227
Total Assessment
£2,501,327
  • Listing ID: 32078350

  • Date on Market: 10/06/2024

  • Last Updated:

  • Address: 110-114 Delancey St, New York, NY 10002

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