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135 Reade Street is a 3-story, mixed-use building with preserved air rights, featuring three free-market residential units above a retail space leased to a restaurant until 2031. With a net income yielding around 5% annually and substantial rent increases for the retail store, this property offers strong returns without additional work.
The building falls under the 2A tax class, ensuring capped expenses while income continues to grow. It is projected to generate nearly $3.5 million in net rental income over the next seven years.
Ideal for investors or end users, the property can be converted into a spacious, approximately 9,000-square-foot single-family home, significantly increasing its value. Turnkey townhouses in Tribeca currently sell between $2,500 and $3,000 per square foot, presenting immense redevelopment potential.
For detailed income and expense data, as well as comparable sales information, contact the listing agent at Douglas Elliman. Tours are by appointment only.
| date | price | variance | type |
|---|---|---|---|
| 9/26/2023 | $7,350,000 | - | Listados |