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One West End

One West End, New York, NY

UPLAND PROPERTY ADVISORS, as exclusive agent, is pleased to offer for sale the commercial condominium unit located within the building at One West End Avenue (the “Property”). The Property is situated in heart of the booming Lincoln Square neighborhood northwest of Midtown Manhattan, where massive residential development is driving rapid expansion of shopping demand. The unit has significant scale, and includes a high-end 30,000 square foot two-level Morton Williams supermarket leased through 2043, along with two small available ground floor corner retail suites. The newly-built Property is located at the base of the full-block One West End Avenue luxury condominium tower and provides some of the most modern, attractive, and convenient shopping facilities in the district.

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Location

  • City New York, NY
  • Neighborhood Clinton - Hell's Kitchen
  • Market Manhattan

Contacts

broker

YOAV OELSNER

(646) 908-4990

broker

GLENN TOLCHIN

(646) 908-4989

Highlights

  • SECURE LONG-TERM TENANCY The Property is 92% leased through 2043 to leading grocery chain Morton Williams, providing reliable long-term cash flow backed by one of New York City's strongest operators.
  • LANDLORD-FAVORABLE LEASE TERMS Morton Williams pays a 10% increase in base rent every five years and is responsible for a 50% pro-rata share of taxes on a net basis. Morton Williams also pays 100% of CAM increases over a base, further enhancing real returns.
  • RESIDENTIAL BOOM The Property is situated at the epicenter of Lincoln Squares new development activity, with more than 8,000 new or under-construction units within a five minute walk.
  • ONE WEST END The Property is located at the base of the architecturally striking Pelli Clarke Pelli-designed One West End, a newly-completed 950,000 square foot mixed use building with 362 luxury residential units that deliver strong captive demand.
  • NEW CONSTRUCTION ADVANTAGE Completed in 2018, the full-block Property provides competitively superior facilities that will require virtually no capital investment for decades to come.
  • ESSENTIAL USE The Property's grocery store use is an essential service, highly resilient to economic, social, or healthcare-related disruptions.
  • VACANCY UPSIDE Opportunity to lease up Retail Space A (895 sf) and Retail Space B (1,744 sf) with the pending completion of Waterside Square's restaurant and retail offerings across the street.
  • 421A TAX ABATEMENT The Property benefits from a 421a tax abatement through tax year 2039, with a 100% abatement of real estate tax expense for the next eleven years.
  • IDEAL 1031 OPPORTUNITY Reliable long-term low-management investment with excellent appreciation potential, ideally suited to a 1031 buyer wishing to defer capital gains.

Frequently Asked Questions

What is the total square footage of One West End?

One West End totals 100,236 square feet.

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