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Listing Courtesy of Jade Stone Real Estate Consulting Inc
$2,400,000
Est. payment /mo
1 Bath
2,649 SqFt
UPDATED:
Key Details
Property Type Condo
Sub Type Condo
Listing Status Active
Purchase Type For Sale
Square Footage 2,649 sqft
Price per Sqft $906
Subdivision Gramercy Park
MLS Listing ID RLS20118440
Full Baths 1
HOA Fees $1,358/mo
HOA Y/N Yes
Year Built 1999
Annual Tax Amount $61,224
Property Sub-Type Condo
Property Description
**QUALIFIED OFFER REQUIRED PRIOR TO TOUR**
A qualified offer must be submitted and reviewed prior to scheduling any property tour. **Please do not contact the tenant directly.**
EXECUTIVE SUMMARY
Jade Stone Real Estate Consulting is pleased to offer 137 East 13th Street, Grand Floor/Cellar Level, a premier New York City retail condominium priced at $2,400,000. This turnkey asset provides a highly predictable, long-term income stream secured by a newly executed 10-year lease commencing April 1, 2025. Offered at a 5.97% capitalization rate, the property is an ideal vehicle for 1031 exchange buyers and yield-focused investors. The lease guarantees aggressive yield growth via 4% contractual annual rent escalations. Furthermore, it features a landlordfavorable modified NNN structure that strictly limits operational overhead; the tenant pays all direct utilities and is contractually obligated to reimburse 100% of Real Estate Tax and Common Charge increases above their respective base year limits.
Property Details:
- Block & lot: 00559-1001
- Neighborhood: Union SQ/ East Village
- Zoning: C6-2A / R8A equiv.
- Property type: Commercial Retail Condominium
- Lot dimensions:25 ft X 100 ft
- Lot sq. ft.: 2,175
- Building dimessions: 25 ft x 63 ft
- Year Built: 2005
- Stories 10
- Square feet (Ground + Cellar) apprxo. 2649 sf
- Rear Yard approx. 328 sf
- Infrastructure: Fully Vented with Gas In-Place
- Tenant in place Yoko-Cho Inc
**FINANCIAL SNAPSHOT**
- Asking Price: $2,400,000
- Cap Rate: 5.97%
- Current Base Rent (2026/2027): $224,640
- Rent Escalations: 4% Annually
- Lease Expiration: March 31, 2035
- Expense Structure: Tenant pays all utilities + 100% of Tax & Common Charge
increases over base year.
- Infrastructure: Vented & Gas
**PROPERTY & INVESTMENT HIGHLIGHTS**
The property is zoned C6-2A / R8A equiv., permitting a broad range of commercial uses including restaurant, service, and specialty retail operations.
- Secure Tenancy: The unit is secured by a 10-year lease expiring March 31, 2035, with one 5-year extension option at market rate.
- Built-In Appreciation: The lease features contractual 4% annual base rent escalations, ensuring continuous yield growth throughout the hold period.
- Expense Pass-Throughs: A landlord-favorable modified NNN structure requires the tenant to reimburse 100% of all Real Estate Tax increases above the 2024/2025 base year ($61,221.40) and 100% of Common Charge increases over the base year ($1,583 per month).
- Zero Utility Management: The tenant independently arranges, maintains, and pays for all utilities, including gas, electric, heat, water, and sewer.
- Capital Security: The lease is backed by a substantial $94,859.84 upfront payment upon signing, encompassing the first month's rent and a security deposit equal to three months of Year 10 rent.
- As-Is Delivery: The tenant accepted the premises in its present condition without landlord warranties, assuming responsibility for the space and protecting the landlord from liability regarding latent defects or condition changes.
* Disclaimer
This Offering Memorandum has been prepared by Jade Stone Real Estate Consulting solely for the evaluation of 137 East 13th Street, New York, NY (the Property). The information contained herein is believed to be reliable but is not guaranteed as to accuracy or completeness. Prospective purchasers are responsible for conducting their own independent due diligence and verification. Jade Stone Real Estate Consulting shall not be liable for any loss, claim, or damage arising from or relating to any error, omission, or reliance upon the information contained herein.
A qualified offer must be submitted and reviewed prior to scheduling any property tour. **Please do not contact the tenant directly.**
EXECUTIVE SUMMARY
Jade Stone Real Estate Consulting is pleased to offer 137 East 13th Street, Grand Floor/Cellar Level, a premier New York City retail condominium priced at $2,400,000. This turnkey asset provides a highly predictable, long-term income stream secured by a newly executed 10-year lease commencing April 1, 2025. Offered at a 5.97% capitalization rate, the property is an ideal vehicle for 1031 exchange buyers and yield-focused investors. The lease guarantees aggressive yield growth via 4% contractual annual rent escalations. Furthermore, it features a landlordfavorable modified NNN structure that strictly limits operational overhead; the tenant pays all direct utilities and is contractually obligated to reimburse 100% of Real Estate Tax and Common Charge increases above their respective base year limits.
Property Details:
- Block & lot: 00559-1001
- Neighborhood: Union SQ/ East Village
- Zoning: C6-2A / R8A equiv.
- Property type: Commercial Retail Condominium
- Lot dimensions:25 ft X 100 ft
- Lot sq. ft.: 2,175
- Building dimessions: 25 ft x 63 ft
- Year Built: 2005
- Stories 10
- Square feet (Ground + Cellar) apprxo. 2649 sf
- Rear Yard approx. 328 sf
- Infrastructure: Fully Vented with Gas In-Place
- Tenant in place Yoko-Cho Inc
**FINANCIAL SNAPSHOT**
- Asking Price: $2,400,000
- Cap Rate: 5.97%
- Current Base Rent (2026/2027): $224,640
- Rent Escalations: 4% Annually
- Lease Expiration: March 31, 2035
- Expense Structure: Tenant pays all utilities + 100% of Tax & Common Charge
increases over base year.
- Infrastructure: Vented & Gas
**PROPERTY & INVESTMENT HIGHLIGHTS**
The property is zoned C6-2A / R8A equiv., permitting a broad range of commercial uses including restaurant, service, and specialty retail operations.
- Secure Tenancy: The unit is secured by a 10-year lease expiring March 31, 2035, with one 5-year extension option at market rate.
- Built-In Appreciation: The lease features contractual 4% annual base rent escalations, ensuring continuous yield growth throughout the hold period.
- Expense Pass-Throughs: A landlord-favorable modified NNN structure requires the tenant to reimburse 100% of all Real Estate Tax increases above the 2024/2025 base year ($61,221.40) and 100% of Common Charge increases over the base year ($1,583 per month).
- Zero Utility Management: The tenant independently arranges, maintains, and pays for all utilities, including gas, electric, heat, water, and sewer.
- Capital Security: The lease is backed by a substantial $94,859.84 upfront payment upon signing, encompassing the first month's rent and a security deposit equal to three months of Year 10 rent.
- As-Is Delivery: The tenant accepted the premises in its present condition without landlord warranties, assuming responsibility for the space and protecting the landlord from liability regarding latent defects or condition changes.
* Disclaimer
This Offering Memorandum has been prepared by Jade Stone Real Estate Consulting solely for the evaluation of 137 East 13th Street, New York, NY (the Property). The information contained herein is believed to be reliable but is not guaranteed as to accuracy or completeness. Prospective purchasers are responsible for conducting their own independent due diligence and verification. Jade Stone Real Estate Consulting shall not be liable for any loss, claim, or damage arising from or relating to any error, omission, or reliance upon the information contained herein.
Location
Interior
Interior Features High Ceilings
Heating Central
Cooling Central Air
Furnishings Unfurnished
Fireplace No
Laundry Building None, None
Exterior
View Y/N No
Private Pool No
Building
Dwelling Type None
New Construction No
Others
Ownership Condominium
Monthly Total Fees $6, 460
Special Listing Condition Standard
Pets Allowed Building No, No
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