85 First Avenue Retail Condo, New York, NY 10003

85 FIRST AVENUE is a retail condo at the base of a Cond-Op located on the northwest corner of 1st Avenue and East 5th Street. The condo is split into two units, both of which are vented for cooking. The corner space is occupied by Emmy Squared, a pizza focused restaurant with multiple locations in New York City. They have a full kitchen and bar. The cellar space could be rented out separately at the end of their lease. The Cetificate of Occupancy allows for a Eating and Drinking Establishment in the cellar with 50 person capacity and it has direct access from the street on 1st Avenue. The inline space is leased by The Chippery, a seafod restaurant with two other locations in New Jersey. Emmy Squared has 4 years remaining on their lease and The Chippery has 6 years remaining. Both leases are at or below market leaving upside for new ownership upon lease expiration. Venting on both sides minimizes vacancy loss given the high volume of restaurants in the East Village. Roughly 50% of tenants in this market need venting. The space is 4 blocks from the 2nd Avenue F train station and 7 blocks from Astor Place.