Luxurious 45 Orchard Street Listed for $16.95M
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The gallery row of lower Orchard Street is pimping one of its own on the open market. Massey Knakal just listed the seven-story (plus mezzanine) elevator building at 43-45 Orchard for $16.95 million. For that coin, you’ll receive thirteen market-rate apartment units (3BR and 4BR) and the retail space currently leased by Lost Weekend.
Broker literature reveals operating income of $744,587 annually, and that the investment opportunity has “further upside with the potential to convert the building into luxury condominiums.”
This particular block – between Hester and Grand – morphed into gallery central in the last decade, and is therefore fairly yuppified. Current rents here are a pretty good indicator. As it stands currently, the monthly dole-out is fairly ridonculous at $3,900 on the low end, and $8,400 on the high.