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340 E 23rd St
New York, NY 10010 Gramercy Park

$24,000,000 USD

Apartments Condo For Sale  •  13,250 SF

Property Details

  • Property Type Apartments
  • Total Building Size 191,225 SF
  • Lot Size 0.39 AC
  • Building Class A
  • Year Built 2007
  • Zoning C1-9A R8B
100 Transit Score
99 Walk Score

1 Unit Available

Name Condo Use Size Price Details
1st Floor - Unit Retail Retail 13,250 SF $24,000,000 USD
  • Unit Size: 13,250 SF
  • Condo Use: Retail
  • Price: $24,000,000 USD
  • Sale Type: Investment or Owner User
  • Price/SF: $1,811.32 USD
Sale Notes
Avison Young, as exclusive agent, is pleased to offer for sale a premier retail condominium located at 340 East 23rd Street on the south side of East 23rd Street between First and Second Avenues in the heart of Gramercy Park, one of Manhattan’s most historic and desirable neighborhoods.


Positioned at the base of a luxury residential condominium developed in 2007, the property benefits from strong visibility with consistent foot and automobile traffic along a key east-west thoroughfare. The retail condominium features 9,250 SF on the ground floor and 4,000 SF in the lower level, totaling 13,250 SF.


The condominium is 100% leased to CVS Pharmacy, a leading national drugstore chain, under a long-term NN lease structure. The tenant is responsible for all expenses except for the condominium common area maintenance (CAM) fees, ensuring minimal landlord obligations.

Description 

Positioned in the heart of Gramercy Park, one of Manhattan’s most historic and desirable neighborhoods, the retail condominium at 340 East 23rd Street presents a rare opportunity to acquire a fully leased, income-generating asset with long-term stability. Located mid-block between First and Second Avenues, the property sits at the base of the Gramercy Starck, a luxury residential tower developed in 2007, and benefits from strong visibility and consistent foot and vehicular traffic along the East 23rd Street corridor.

The offering comprises approximately 13,250 square feet of retail space, split between 9,250 SF on the ground floor and 4,000 SF on the lower level. The space is 100% leased to CVS Pharmacy under a long-term NN lease that runs through April 2033, with four five-year extension options that could extend occupancy through 2053. This structure ensures minimal landlord responsibilities, with CVS covering all expenses except CAM fees.

Strategically located near major medical institutions including NYU Langone Medical Center, Bellevue Hospital, and the VA Medical Center, the property benefits from steady demand and reinforces the value of a pharmacy tenant in this location. The surrounding area is rich with cultural institutions, boutique retail, and acclaimed dining, and offers excellent access to multiple subway lines, major bus routes, and proximity to Union Square and Midtown Manhattan.

This investment-grade tenancy and prime location make the asset highly attractive for investors seeking secure, long-term cash flow in a vibrant Manhattan neighborhood.

Highlights

100% Lease to CVS Pharmacy
At the base of a luxury condominium
In the heart of Gramercy Park
Proximity to 6/L/N/Q/R/W

Amenities

  • 24 Hour Access
  • Air Conditioning
  • Fitness Center
  • Laundry Facilities
  • Microwave
  • Property Manager on Site
  • Cabana
  • Doorman
  • Gameroom
  • Media Center/Movie Theatre
  • Kitchen
  • Hardwood Floors
  • Refrigerator
  • Oven
  • Stainless Steel Appliances
  • Tub/Shower
  • Roof Terrace
  • Elevator
  • Lounge
  • Sundeck
  • Wheelchair Accessible (Rooms)

Public Transportation

Commuter RailDriveWalkDistance
23 St (Path) (F - New York MTA Subway (The Subway), Hoboken-33rd Street - New York MTA Subway (The Subway), Journal Square-33rd Street - New York MTA Subway (The Subway), M - New York MTA Subway (The Subway)) 3 min 16 min 0.8 mi
14 St (Path) (Hoboken-33rd Street - Port Authority Trans-Hudson (PATH), Journal Square-33rd Street - Port Authority Trans-Hudson (PATH)) 4 min - 1.3 mi
Transit/SubwayDriveWalkDistance
23 Street (4,6 Line) (4 - New York MTA Subway (The Subway), 6 - New York MTA Subway (The Subway)) 1 min 8 min 0.4 mi
1 Avenue (L - New York MTA Subway (The Subway)) 2 min 8 min 0.5 mi
3 Avenue (L - New York MTA Subway (The Subway)) 2 min 12 min 0.7 mi
28 Street (4,6 Line) (4 - New York MTA Subway (The Subway), 6 - New York MTA Subway (The Subway)) 3 min 13 min 0.7 mi
14 St-Union Sq (Broadway Express - Q - MTA New York City Transit, Broadway Local - N - MTA New York City Transit, Broadway Local - R - MTA New York City Transit, Broadway Local - W - MTA New York City Transit) 4 min 16 min 0.8 mi
AirportDriveWalkDistance
LaGuardia 18 min - 8.8 mi
Newark Liberty International 24 min - 15.7 mi
John F Kennedy International 26 min - 16.8 mi
James Nelson 917-362-1485 Avison Young
James Nelson 917-362-1485 Avison Young