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Listing Courtesy of Corcoran Group
$6,950,000
Est. payment /mo
4 Beds
5 Baths
5,647 SqFt
UPDATED:
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 5,647 sqft
Price per Sqft $1,230
Subdivision Tribeca
MLS Listing ID RLS20046348
Bedrooms 4
Full Baths 5
HOA Y/N Yes
Year Built 1920
Property Sub-Type Apartment
Property Description
Welcome to 183 Duane Street, a classic 5-unit mixed-use townhouse offering architectural charm, flexible configuration, and significant upside potential in Tribeca. Located on a prime block between Greenwich and Hudson Streets, this 20-foot wide, five-story masonry building sits in the heart of one of Manhattan's most prestigious and desirable neighborhoods. Built in 1920 and thoughtfully renovated, the property spans approximately 4,630 SF above grade plus 1,016 SF full height cellar for retail accessory use. It is currently configured as four full-floor residential units over a ground-floor retail space with storage.
Each residential unit boasts approximately 800 Net SF with spacious open loft layout configured as 1-2 bedrooms with 1 bath with the potential to be converted into two-bedroom, two-bath units for higher rental income. The ground-floor commercial unit including basement space is leased to Nili Lotan New York (a luxury women's ready-to-wear brand) providing stable income and long-term tenancy.
The building benefits from a Certificate of Occupancy, and Tax Class 2B designation. Zoned C6-2A within the Tribeca Mixed-Use district, the building permits both residential and commercial uses and retains approximately 451.6 square feet of available development rights. The combination of stable income and favorable tax treatment makes the property a secure long-term hold with several potential pathways for growth.
The property offers strong financials with a current NOI (Net Operating Income) of approximately 299K and a projected proforma NOI of $395,000. At the asking price of $6,950,000, the proforma CAP rate is estimated at 5.69%, making this an attractive opportunity for investors and buyers alike. Whether you're looking to renovate and reposition the existing units, add a duplex with roof deck, or convert the building into a grand single-family residence over retail. Whatever the chosen strategy, 183 Duane Street combines enduring location fundamentals with multiple avenues to enhance returns, making it one of the most compelling opportunities available in today's market.
Situated in the heart of Tribeca, the property is surrounded by world-class dining, boutique retail, cultural institutions, and excellent transit access. 183 Duane Street represents a rare opportunity to own a high-performing, developmentready asset in one of Manhattan's most iconic and enduring neighborhoods.
All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes, or withdrawal without notice. Buyers are advised to verify all information.
Each residential unit boasts approximately 800 Net SF with spacious open loft layout configured as 1-2 bedrooms with 1 bath with the potential to be converted into two-bedroom, two-bath units for higher rental income. The ground-floor commercial unit including basement space is leased to Nili Lotan New York (a luxury women's ready-to-wear brand) providing stable income and long-term tenancy.
The building benefits from a Certificate of Occupancy, and Tax Class 2B designation. Zoned C6-2A within the Tribeca Mixed-Use district, the building permits both residential and commercial uses and retains approximately 451.6 square feet of available development rights. The combination of stable income and favorable tax treatment makes the property a secure long-term hold with several potential pathways for growth.
The property offers strong financials with a current NOI (Net Operating Income) of approximately 299K and a projected proforma NOI of $395,000. At the asking price of $6,950,000, the proforma CAP rate is estimated at 5.69%, making this an attractive opportunity for investors and buyers alike. Whether you're looking to renovate and reposition the existing units, add a duplex with roof deck, or convert the building into a grand single-family residence over retail. Whatever the chosen strategy, 183 Duane Street combines enduring location fundamentals with multiple avenues to enhance returns, making it one of the most compelling opportunities available in today's market.
Situated in the heart of Tribeca, the property is surrounded by world-class dining, boutique retail, cultural institutions, and excellent transit access. 183 Duane Street represents a rare opportunity to own a high-performing, developmentready asset in one of Manhattan's most iconic and enduring neighborhoods.
All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes, or withdrawal without notice. Buyers are advised to verify all information.
Location
Rooms
Basement Other
Interior
Cooling Other
Fireplace No
Appliance Washer Dryer Allowed
Laundry Building None, Washer Hookup, In Unit
Exterior
Exterior Feature Private Outdoor Space Over 60 Sqft
View Y/N Yes
View City
Porch None
Private Pool No
Building
Dwelling Type High Rise
Story 5
New Construction No
Others
Pets Allowed Pets Allowed
Tax ID 0143-0014
Ownership Rental Building
Special Listing Condition Standard
Pets Allowed Building No, Yes
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RLS Data display by eXp Realty
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Randy Reis
Team Leader | License ID: 40RE1176716
Team Leader License ID: 40RE1176716