The building is a five-story mixed-use property dating to 1910, with residential apartments above commercial space. Public property information classifies the property as C7 — walk-up apartments with stores, and other records identify a dedicated retail component in the building.
Financial
- Monthly rent: $8,000
- Annual rent: $96,000
- Rent per SF/month: $14.55
- Rent per SF/year: $174.55
- Approximate monthly cost per 1,000 SF: $14,545
- Lease length: To be confirmed / negotiable
The location is a strong point. 168 Suffolk Street is in the Lower East Side, within walking distance of the Essex Street/Delancey Street transit hub and the broader Essex Crossing development. Historical marketing for the building specifically highlighted proximity to the F, M, J and Z subway lines, as well as Essex Crossing.
From an economic standpoint, the 550-SF footprint keeps the total annual commitment to $96,000, which is considerably lower than the larger retail spaces you have been reviewing. However, at approximately $175/SF/year, this is still premium-priced space on a normalized basis.
Compared with 232 Mott Street, Suffolk Street saves $7,000/month, or $84,000/year, while giving up 350 SF. The normalized rent is also lower: approximately $174.55/SF/year versus $200/SF/year at Mott Street. That makes Suffolk Street about 13% cheaper per square foot.
Compared with 1577 Third Avenue, Suffolk Street is more expensive on a per-square-foot basis — approximately $174.55/SF/year versus $155.29/SF/year — but the much smaller footprint reduces the absolute monthly rent from $22,000 to $8,000.
The 550-SF size could work particularly well for a boutique, gallery, beauty concept, jewelry store, specialty retailer, showroom, café or other business that does not require substantial back-of-house space. Historical marketing for the property noted that its retail unit had previously been leased to an art gallery, reinforcing the suitability of the location for smaller experiential or specialty concepts.
One important diligence point is the actual size and configuration of the commercial premises. Public property databases have historically reported only approximately 363 SF of commercial building area, while the current opportunity is being marketed as 550 SF. That does not necessarily indicate a problem—the marketed area could include basement, ancillary, or differently measured space—but it makes it especially important to verify how the 550 SF is calculated and how much is true ground-floor retail area.
I would also confirm storefront frontage, basement/storage inclusion, ceiling height, HVAC, electrical capacity, bathroom configuration, signage rights, additional real-estate-tax or CAM charges, and delivery condition. For food or beverage use, venting, gas, grease-trap capability, and permitted use would need separate verification.
Overall, 168 Suffolk Street looks more economical than 232 Mott Street while still providing a strong Lower East Side location. At $96,000 in annual base rent, the absolute occupancy cost is relatively manageable, although the $174.55/SF/year asking basis is still substantial. If the majority of the 550 SF is true ground-floor selling space with good frontage, this could be one of the more interesting small-format retail options among the properties reviewed so far.
