70 University Place
Tel: (212) 430-5206 Matthew(dotted)Fotis(at)marcusmillichap(dotted)com
Tel: (212) 430-6132 Samuel(dotted)Hoefle(at)marcusmillichap(dotted)com
Tel: (212) 430-5199 Samuel(dotted)Muhs(at)marcusmillichap(dotted)com
Marcus & Millichap is pleased to offer 70 University Place, located between West 11th Street and West 10th Street in the West Village section of Manhattan. The subject property is comprised of a front and rear building that are above a ground floor retail space that is built approximately 23.5 ft x 91 ft. The property sits on a 23.5 ft x 91.42 ft lot with approximately 7,917 gross square feet and is zoned C1-7 (Block: 568, Lot: 20).
The front portion of the property contains 8 1-bedroom apartments (3 FM, 4 RS, and 1 RC) and is built approximately 23.5 ft x 52 ft for four stories above the retail space. Of these 8 apartments, two of the rent stabilized units will be delivered vacant. The rear structure contains 2 apartments (1 FM, 1 RS) and is built approximately 23.5 ft x 17 ft for two stories above the retail space with a common patio between the two structures.
This property offers investors and users the opportunity to acquire a prime mixed-use asset on University Place between Union Square and New York University. Additionally, the low average apartment rents provide substantial upside.