Retail

348 East 49th Street, New York, NY 10017 — Turtle Bay Retail

Asking Rent: $30,000/month
Size: 1,800 SF
Property Type: Retail
Neighborhood: Turtle Bay / Midtown East

Property Overview

Prime Midtown East retail location positioned in the heart of Turtle Bay, near major office towers, diplomatic missions, and high-income residential buildings.

✔ Dense daytime office population
✔ Strong residential base
✔ Close proximity to 2nd Ave corridor
✔ Near United Nations district
✔ Stable, established neighborhood

This corridor supports service retail, restaurants, medical uses, and boutique operators.

Tenant Revenue Modeling

To comfortably support $30,000/month rent:

• At 10% occupancy cost → $300,000/month gross revenue
• At 8% occupancy cost → $375,000/month gross revenue

This makes sense for:

✔ Neighborhood restaurant
✔ Upscale café / wine bar
✔ Medical or wellness clinic
✔ Boutique fitness
✔ Specialty grocery
✔ Service retail (salon, spa, etc.)

Midtown East performs strongly for recurring-use businesses due to consistent office and residential traffic.

Market Position — Turtle Bay / Midtown East

This is a steady, recession-resistant micro-market.

Strength factors:
• Office density
• International presence (UN proximity)
• High-income residents
• Limited new retail supply
• Strong lunch + after-work traffic

Unlike tourist-driven corridors, this is reliable daily-use retail.

Strategic Assessment

If comparing retail zones:

• Destination luxury retail → West Chelsea
• Corporate-driven retail → Midtown East (this property)
• Value growth retail → Upper Manhattan

348 East 49th Street is a stable cash-flow retail location, ideal for a long-term operator seeking consistent foot traffic.