Commercial Investment Property for Lease – 501–505 Second Avenue, New York, NY 10016
Asking Rent: $80,000 / Month
Sale Type: Lease – Retail / Commercial Opportunity
Property Type: Ground-Floor Retail / Restaurant Space
Location: Urban – Kips Bay / Murray Hill, Manhattan (10016)
Availability: Immediate
Property Overview
501–505 Second Avenue offers a 3,750 SF retail leasing opportunity with expansive frontage in the Kips Bay/Murray Hill corridor. Located along a busy stretch of Second Avenue, this space provides excellent exposure to dense residential populations, institutional anchors, and steady commuter traffic.
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The property’s scale and layout make it particularly well-suited for restaurant groups, fitness/wellness operators, or national retailers seeking a flagship-style neighborhood presence. Its location benefits from proximity to hospitals, schools, and large residential complexes, ensuring a consistent customer base.
Key Features
- Total Size: 3,750 SF
- Asking Rent: $80,000/month (~$256/SF annualized)
- Property Type: Ground-floor retail / restaurant space
- Location: Kips Bay / Murray Hill, Manhattan
- Visibility: Expansive frontage on Second Avenue with strong pedestrian and vehicular exposure
- Configuration: Large, open floor plan adaptable for restaurant, fitness, or retail use
Market Profile
- Property Type: Large-format neighborhood retail/restaurant in Midtown South
- Target Tenant Base: Restaurants, gyms, specialty retailers, healthcare/wellness operators
- Neighborhood Demand: Kips Bay/Murray Hill combines dense residential towers, hospitals, and educational institutions, creating strong day/night demand
- Competitive Advantage: Larger-than-typical Second Avenue storefront; one of the few opportunities to secure over 3,500 SF in this corridor
Financial Highlights
- Asking Rent: $80,000 per month
- Annualized Rent: $960,000
- Rent per SF (Annualized): ~$256/SF
- Lease Type: Typically NNN or modified gross (to be negotiated)
- Upside Potential: Long-term stability with potential for rent escalations due to institutional and residential demand drivers
Location Advantages
- Neighborhood: Kips Bay / Murray Hill – residential, medical, and educational hub in Midtown South
- Proximity: Bellevue Hospital, NYU Langone, Baruch College, and major residential developments
- Transit: Excellent subway and bus connectivity (6 line, crosstown routes) with easy access to Midtown offices
- Tenant Demand: Strong from food and beverage groups, gyms, wellness operators, and service-oriented retailers
Summary
The 3,750 SF retail property at 501–505 Second Avenue, New York, NY is offered at $80,000/month (~$256/SF annually), delivering a rare mid-to-large format leasing opportunity in the Kips Bay/Murray Hill corridor. With expansive frontage, adaptable configuration, and a dense neighborhood base, this space is ideal for flagship restaurant operators, wellness/fitness tenants, or national retailers seeking high-visibility Manhattan positioning.
