126 Pearl Street — Sale in New York, NY
- Price: Contact for price
- Listing type: For sale
- Asset type: Business
- Location: New York, NY 10005
Photos
Investment Figures
- Cap rate
- 3.00%
Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.
Description
Marcus & Millichap is pleased to present 126 Pearl Street, a 26-foot-wide mixed-use property located in Manhattan's Financial District. The asset comprises approximately 6,800 square feet and offers investors a rare combination of in-place cash flow, operational flexibility, and multiple paths to value creation. The opportunity can be executed through several strategies, including delivering the property vacant, renovating and leasing the upper floors for commercial or residential use, or leasing the entire building on a long-term net lease to the existing tenant. This significant optionality allows investors to pursue a strategy aligned with their investment objectives while maintaining downside protection through an established operating business. The property is anchored by Rex Cigar Club, a long-term tenant and neighborhood institution that has operated continuously since 1910. The tenant currently occupies two of the building's four floors, while the remaining two floors consist of vacant, free-market residential units. This configuration provides immediate income with substantial upside potential through lease-up, repositioning, or a full-building tenancy. Additionally, the property benefits from one of the few remaining indoor smoking licenses in New York City, a highly scarce asset that is no longer being issued, further enhancing the property's unique competitive position. Investment Highlights: • No Historical Rent Regulation • Home to Barclays Rex Cigar Club, Operating Since 1910 • User Plus Income Potential or Delivered Vacant
Market Context
This mixed use in New York, NY is listed for sale. It is offered at an approximate 3.0% capitalization rate, a key benchmark for income-producing mixed use assets. Compare it against other mixed use listings for sale in New York, NY — view the full market.
Contact
- John Stewart
- Dylan Torey
- Stephen Filippo · (212) 430-5288 · stephen.filippo@marcusmillichap.com
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