Financial
- Monthly rent: $16,000
- Annual rent: $192,000
- Rent per SF/month: $12.31
- Rent per SF/year: $147.69
- Approximate monthly cost per 1,000 SF: $12,308
- Lease length: To be confirmed / negotiable
The principal strength is the Tribeca location. Reade Street benefits from a dense mix of affluent residential households, restaurants, neighborhood services, boutiques, offices, and destination retail, making the area particularly attractive for higher-end retail, wellness, showroom, beauty, and service concepts.
Compared with 232 Mott Street, this property costs only $1,000 more per month but provides 400 additional SF. More importantly, the normalized rent is substantially lower: approximately $147.69/SF/year versus $200/SF/year at Mott Street. Reade Street is therefore about 26% cheaper per square foot.
Compared with 168 Suffolk Street, Reade Street costs $8,000 more per month, but provides 750 additional SF. On a normalized basis, Reade is also less expensive at $147.69/SF/year versus approximately $174.55/SF/year at Suffolk Street.
It is also slightly cheaper per square foot than 1577 Third Avenue, which was asking approximately $155.29/SF/year, although Third Avenue provides a larger 1,700-SF footprint.
The 1,300-SF size is a useful middle ground. It is large enough to support a meaningful retail operation without creating the much higher absolute rent burden associated with larger Manhattan storefronts. For a concept that needs both selling space and some back-of-house area, this footprint may be considerably more practical than the 550-SF Suffolk Street or 900-SF Mott Street options.
Before proceeding, I would confirm how much of the 1,300 SF is true ground-floor retail space, whether basement or mezzanine area is included, storefront frontage, ceiling height, HVAC, electrical capacity, bathroom configuration, signage rights, delivery condition, and any additional real-estate-tax or CAM charges.
For restaurant or food use, I would separately verify venting, gas availability, grease-trap capability, Certificate of Occupancy, and permitted use.
Overall, 92 Reade Street looks relatively strong on a price-per-square-foot basis among the Downtown retail properties you have sent. At $147.69/SF/year, it is materially cheaper than both Mott Street and Suffolk Street while offering a much larger and potentially more functional footprint. If the full 1,300 SF is usable ground-floor retail with good frontage, this would rank among the more attractive retail options you have reviewed so far.
