Commercial Investment Property for Lease – 501–505 Second Avenue, New York, NY 10016

Asking Rent: $80,000 / Month
Sale Type: Lease – Retail / Commercial Opportunity
Property Type: Ground-Floor Retail / Restaurant Space
Location: Urban – Kips Bay / Murray Hill, Manhattan (10016)
Availability: Immediate

Property Overview

501–505 Second Avenue offers a 3,750 SF retail leasing opportunity with expansive frontage in the Kips Bay/Murray Hill corridor. Located along a busy stretch of Second Avenue, this space provides excellent exposure to dense residential populations, institutional anchors, and steady commuter traffic.

The property’s scale and layout make it particularly well-suited for restaurant groups, fitness/wellness operators, or national retailers seeking a flagship-style neighborhood presence. Its location benefits from proximity to hospitals, schools, and large residential complexes, ensuring a consistent customer base.

Key Features

• Total Size: 3,750 SF
• Asking Rent: $80,000/month (~$256/SF annualized)
• Property Type: Ground-floor retail / restaurant space
• Location: Kips Bay / Murray Hill, Manhattan
• Visibility: Expansive frontage on Second Avenue with strong pedestrian and vehicular exposure
• Configuration: Large, open floor plan adaptable for restaurant, fitness, or retail use

Market Profile

• Property Type: Large-format neighborhood retail/restaurant in Midtown South
• Target Tenant Base: Restaurants, gyms, specialty retailers, healthcare/wellness operators
• Neighborhood Demand: Kips Bay/Murray Hill combines dense residential towers, hospitals, and educational institutions, creating strong day/night demand
• Competitive Advantage: Larger-than-typical Second Avenue storefront; one of the few opportunities to secure over 3,500 SF in this corridor

Financial Highlights

• Asking Rent: $80,000 per month
• Annualized Rent: $960,000
• Rent per SF (Annualized): ~$256/SF
• Lease Type: Typically NNN or modified gross (to be negotiated)
• Upside Potential: Long-term stability with potential for rent escalations due to institutional and residential demand drivers

Location Advantages

• Neighborhood: Kips Bay / Murray Hill – residential, medical, and educational hub in Midtown South
• Proximity: Bellevue Hospital, NYU Langone, Baruch College, and major residential developments
• Transit: Excellent subway and bus connectivity (6 line, crosstown routes) with easy access to Midtown offices
• Tenant Demand: Strong from food and beverage groups, gyms, wellness operators, and service-oriented retailers

Summary

The 3,750 SF retail property at 501–505 Second Avenue, New York, NY is offered at $80,000/month (~$256/SF annually), delivering a rare mid-to-large format leasing opportunity in the Kips Bay/Murray Hill corridor. With expansive frontage, adaptable configuration, and a dense neighborhood base, this space is ideal for flagship restaurant operators, wellness/fitness tenants, or national retailers seeking high-visibility Manhattan positioning.