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48 Allen St
New York, NY 10002 Lower East Side

$1,250,000 - $2,250,000 USD

Apartments Condos For Sale  •  925+ SF

Property Details

  • Property Type Apartments
  • Total Building Size 16,594 SF
  • Lot Size 0.05 AC
  • Building Class C
  • Year Built 1900
  • Tenancy Multiple
  • Zoning C6-2, New York
100 Transit Score
100 Walk Score

2 Units Available

Name Condo Use Size Price Details
1st Floor - Unit 1 Retail 1,070 SF $2,250,000 USD
  • Unit Size: 1,070 SF
  • Condo Use: Retail
  • Price: $2,250,000 USD
  • Sale Type: Investment
  • Price/SF: $2,102.80 USD
Description
49 Orchard Street & 48 Allen Street presents a rare opportunity to acquire a fully leased, block-through retail condominiums in the heart of Manhattan’s Lower East Side. This unique asset spans approximately 1,995 square feet across two fully leased retail units (inclusive of cellar)—one fronting Orchard Street and the other fronting Allen Street—offering dual street exposure, excellent visibility, and enhanced accessibility. The property includes elevator access to the lower level on the Allen Street side, further boosting its appeal to a wide range of tenants.

Sale Notes
Unit 1 and 2 can be combined for $3,500,000 with a 5.75% cap rate.
1st Floor - Unit 2 Retail 925 SF $1,250,000 USD
  • Unit Size: 925 SF
  • Condo Use: Retail
  • Price: $1,250,000 USD
  • Sale Type: Investment
  • Price/SF: $1,351.35 USD
Description
49 Orchard Street & 48 Allen Street presents a rare opportunity to acquire a fully leased, block-through retail condominiums in the heart of Manhattan’s Lower East Side. This unique asset spans approximately 1,995 square feet across two fully leased retail units (inclusive of cellar)—one fronting Orchard Street and the other fronting Allen Street—offering dual street exposure, excellent visibility, and enhanced accessibility. The property includes elevator access to the lower level on the Allen Street side, further boosting its appeal to a wide range of tenants.

Sale Notes
Unit 1 and 2 can be combined for $3,500,000 with a 5.75% cap rate.

Description 

Property Highlights:
Dual frontage on Orchard and Allen Streets
Elevator to lower level (ADA access)
100% occupied with Gross Annual Income of $249,000
Both Leases expire in May 2027
Located in one of Manhattan's most dynamic and evolving retail corridors

Highlights

Stable cashflow asset with built-in upside for investors - Great opportunity for a User to secure a long-term location avoiding rising rents.

Property Flyers

Amenities

  • 24 Hour Access
  • Air Conditioning
  • Recycling
  • Trash Pickup - Curbside

Public Transportation

Commuter RailDriveWalkDistance
9 St (PATH) (Hoboken-33rd Street - Port Authority Trans-Hudson (PATH), Journal Square-33rd Street - Port Authority Trans-Hudson (PATH)) 6 min - 1.7 mi
Christopher St (Hoboken-33rd Street - Port Authority Trans-Hudson (PATH), Journal Square-33rd Street - Port Authority Trans-Hudson (PATH)) 6 min - 1.7 mi
Transit/SubwayDriveWalkDistance
Grand Street (B,D Line) (B - New York MTA Subway (The Subway), D - New York MTA Subway (The Subway)) 1 min 4 min 0.2 mi
East Broadway (F - New York MTA Subway (The Subway)) 1 min 4 min 0.2 mi
Essex Street (J - New York MTA Subway (The Subway), M - New York MTA Subway (The Subway), Z - New York MTA Subway (The Subway)) 1 min 6 min 0.3 mi
Delancey Street (F - New York MTA Subway (The Subway)) 1 min 6 min 0.3 mi
Bowery (J - New York MTA Subway (The Subway), M - New York MTA Subway (The Subway), Z - New York MTA Subway (The Subway)) 2 min 8 min 0.4 mi
AirportDriveWalkDistance
LaGuardia 20 min - 9.4 mi
Newark Liberty International 21 min - 12.7 mi
John F Kennedy International 30 min - 17.5 mi

Parking Details

Parking Available: Yes
Reserved: No
Type: Surface
Included in Rent: Yes
Peter Carillo 646-812-3131 OpenKey
Peter Carillo 646-812-3131 OpenKey