Financial

• Monthly rent: $30,000
• Annual rent: $360,000
• Rent per SF/month: $15.00
• Rent per SF/year: $180.00
• Approximate monthly cost per 1,000 SF: $15,000
• Lease length: To be confirmed / negotiable
• Additional charges: To be confirmed

The location is a major strength. 550 Third Avenue is between East 36th and East 37th Streets in Murray Hill, positioning the storefront on a busy north-south commercial corridor with a strong combination of neighborhood residents, office workers, commuters, restaurants, bars, and convenience-oriented businesses. The property is a mixed-use building, which is typical of this portion of Third Avenue.

The surrounding neighborhood can work particularly well for restaurants, fast-casual concepts, cafés, specialty food, fitness/wellness, beauty, medical services, convenience retail, and other businesses that depend on repeat neighborhood and office customers. Murray Hill also benefits from proximity to Grand Central, Midtown South, Kips Bay, and the East 30s office and residential population.

The address has a meaningful food-and-beverage history. A café was operating at 550 Third Avenue by 2015, and the address is currently associated with Little Alley, a Shanghainese restaurant, indicating that the location has supported restaurant use for an extended period. This could be important if usable restaurant infrastructure remains, although all venting, gas, plumbing, grease traps, and equipment should be independently confirmed.

Compared with 152 Stanton Street, the economics are identical on a normalized basis: both spaces are asking $180/SF/year and $30,000 per month for 2,000 SF. The primary difference therefore comes down to location and customer profile. Stanton Street offers a more nightlife-, destination-, and downtown-oriented Lower East Side environment, while 550 Third Avenue offers a denser Midtown/Murray Hill residential and office customer base.

Compared with 215 W 101st Street, Third Avenue is more expensive at $180/SF/year versus approximately $141.18/SF/year, making 550 Third Avenue roughly 28% more expensive per square foot. The total monthly commitment is also three times higher at $30,000 versus $10,000, although the Third Avenue space provides 2,000 SF versus 850 SF.

Compared with 2640 Broadway, 550 Third Avenue is substantially cheaper on a normalized basis: $180/SF/year versus $250/SF/year. Third Avenue is therefore approximately 28% cheaper per square foot, while providing 2,000 SF versus 1,200 SF. Despite offering approximately 67% more space, the monthly rent is only $5,000 higher at $30,000 versus $25,000.

Compared with 232 Mott Street, Third Avenue is also cheaper at $180/SF/year versus $200/SF/year, or approximately 10% less per square foot.

Compared with 273 Mott Street, the economics are considerably stronger: $180/SF/year versus approximately $246.58/SF/year, making 550 Third Avenue approximately 27% cheaper per square foot.

The 2,000-SF footprint is large enough for a substantial retail or restaurant operation. Depending on configuration, it could support customer seating, kitchen and preparation areas, service counters, storage, bathrooms, and back-of-house functions, or provide a sizable sales floor for a traditional retailer or service business.

One item I would investigate carefully is the stated square footage. Public property information describes the building as having approximately 1,450 SF of commercial area, which does not immediately align with the 2,000 SF being marketed. The difference could be explained by basement space, additional usable areas, or different measurement methodology, but it is important to determine exactly how much of the quoted 2,000 SF is ground-floor selling space versus basement, storage, or other non-prime area.

I would confirm ground-floor SF, basement inclusion, storefront frontage, ceiling height, signage rights, window exposure, HVAC, electrical capacity, bathrooms, ADA accessibility, delivery condition, and any real-estate-tax or CAM charges.

For food and beverage use, I would specifically verify existing venting and hood systems, gas service, grease traps, plumbing, kitchen infrastructure, refrigeration, certificate of occupancy, permitted use, liquor-license feasibility, occupancy limits, and whether any equipment from the current or previous restaurant is included.

I would also clarify whether the $30,000/month is gross or modified gross, and whether the tenant is responsible for real-estate-tax increases, CAM, insurance, utilities, garbage removal, HVAC, or other operating expenses. At this rent level, additional occupancy charges can materially affect the true economics.

Overall, 550 Third Avenue looks like a strong Murray Hill retail opportunity, particularly for a food-and-beverage or neighborhood-service concept. At $180/SF/year, it is materially cheaper than 2640 Broadway and 273 Mott Street, while matching the economics of 152 Stanton Street. Its strongest attributes are the Third Avenue frontage, dense residential and office surroundings, established restaurant history, and substantial 2,000-SF advertised footprint.

The most important issue to verify is the true usable ground-floor square footage and what portion of the advertised 2,000 SF is productive retail space. If most of the area is ground floor and valuable restaurant infrastructure is already in place, $30,000 per month could be reasonably competitive for this Murray Hill location.