Welcome to 183 Duane Street, a classic 5-unit mixed-use townhouse offering architectural charm, flexible configuration, and significant upside potential in Tribeca. Located on a prime block between Greenwich and Hudson Streets, this 20-foot wide, five-story masonry building sits in the heart of one of Manhattan's most prestigious and desirable neighborhoods. Built in 1920 and thoughtfully renovated, the property spans approximately 5,000 SF above grade plus 1,000 SF full height cellar for retail accessory use. It is currently configured as four full-floor residential units over a ground-floor retail space with storage.
Each residential unit boasts approximately 900 Net SF with spacious open loft layout configured as 1-2 bedrooms with 1 bath with the potential to be converted into two-bedroom, two-bath units for higher rental income. The ground-floor commercial unit including basement space is leased to Nili Lotan New York (a luxury women's ready-to-wear brand) through March 2029, providing stable income and long-term tenancy.
The building benefits from a Certificate of Occupancy, and Tax Class 2B designation. Zoned C6-2A within the Tribeca Mixed-Use district, the building permits both residential and commercial uses and retains approximately 1,140 square feet of available development rights. The current as-built floor area ratio of 4.90 could be increased to themaximum allowable 6.02, offering the option to expand. This combination of stable income, favorable tax treatment, and residual development rights makes the property a secure long-term hold with several potential pathways for growth.
The property offers strong financials with a current NOI (Net Operating Income) of approximately $299,130 and a projected proforma NOI of $395,724. At the asking price of $7,295,000, the proforma CAP rate is estimated at 5.42%, making this an attractive opportunity for investors and buyers alike. Whether you're looking to renovate and reposition the existing units, add a duplex with roof deck, or convert the building into a grand single-family residence over retail. Whatever the chosen strategy, 183 Duane Street combines enduring location fundamentals with multiple avenues to enhance returns, making it one of the most compelling opportunities available in today's market.
Situated in the heart of Tribeca, the property is surrounded by world-class dining, boutique retail, cultural institutions, and excellent transit access. 183 Duane Street represents a rare opportunity to own a high-performing, development ready asset in one of Manhattan's most iconic and enduring neighborhoods.
All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes, or withdrawal without notice. Buyers are advised to verify all information.
