Commercial Investment Property for Lease – 420–438 Second Avenue, New York, NY 10010
Asking Rent: $30,000 / Month
Sale Type: Lease – Retail / Commercial Opportunity
Property Type: Ground-Floor Retail / Restaurant Space
Location: Urban – Kips Bay / Gramercy, Manhattan (10010)
Availability: Immediate
Property Overview
420–438 Second Avenue presents a 1,630 SF retail leasing opportunity in the bustling Kips Bay/Gramercy corridor. With its prime frontage along Second Avenue and steady pedestrian/residential traffic, this property is ideally positioned for food, beverage, or service operators seeking a mid-sized, high-visibility space.
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The property’s configuration and neighborhood demographics make it particularly attractive for restaurants, cafés, fitness studios, or specialty retail. Surrounded by residential towers, medical facilities, and schools, the location provides a strong built-in customer base.
Key Features
- Total Size: 1,630 SF
- Asking Rent: $30,000/month (~$221/SF annualized)
- Property Type: Ground-floor retail / restaurant space
- Location: Kips Bay / Gramercy, Second Avenue frontage
- Visibility: Excellent exposure with consistent local and commuter traffic
- Configuration: Open floor plan adaptable for food service, retail, or hybrid concepts
Market Profile
- Property Type: Mid-size Manhattan retail with strong neighborhood demand
- Target Tenant Base: Restaurants, cafés, boutique fitness, wellness, neighborhood retail
- Neighborhood Demand: Kips Bay combines dense residential, hospital/medical activity, and proximity to schools, ensuring daily pedestrian flow
- Competitive Advantage: Slightly larger than typical boutique spaces, offering more flexibility while maintaining manageable rent compared to SoHo/Union Square
Financial Highlights
- Asking Rent: $30,000 per month
- Annualized Rent: $360,000
- Rent per SF (Annualized): ~$221/SF
- Lease Type: Typically NNN or modified gross (to be negotiated)
- Upside Potential: Long-term rent stability driven by consistent residential density and institutional demand in Kips Bay/Gramercy
Location Advantages
- Neighborhood: Kips Bay / Gramercy – dense residential and institutional hub in Midtown South
- Proximity: NYU Langone Medical Center, Baruch College, Bellevue Hospital, and major residential complexes
- Transit: Excellent subway access (6 line, multiple bus routes) with easy connectivity to Midtown and Downtown
- Tenant Demand: Strong from both neighborhood-serving businesses and regional food/service operators
Summary
The 1,630 SF retail property at 420–438 Second Avenue, New York, NY is offered at $30,000/month (~$221/SF annually), presenting a prime opportunity for restaurants or mid-size retailers seeking visibility and stability in the Kips Bay/Gramercy corridor. With steady residential density, institutional anchors, and strong transit access, this space offers immediate tenant appeal and long-term value.
