52 Greene Street. Soho Manhattan, NY. Offering Memorandum

Transcription

1 Soho Manhattan, NY Offering Memorandum or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment p. 1

2 Non-endorsement Notice Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. All property showings are by appointment only. Please consult your Marcus & Millichap agent for more details. p. 2

3 Pricing and Financial Analysis - Soho Manhattan, NY or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment p. 3

4 Pricing and Financial Analysis Financial Overview Value Indicators Annual Income Current Price $14,900,000 Commercial Gross Potential Income $454,523 Gross Square Feet 5,029 Vacancy/Collection Loss (3%) ($13,636) Price Per SF $2, Property Tax Reimbursement $74,667 # Units 3 Effective Gross Income $515,554 Price Per Unit $4,966,667 Current Cap Rate 2.59% Annual Expenses Current Current GRM Property Taxes $109,146 Water & Sewer $1,599 Insurance $3,500 Repairs & Maintenance $1,500 Common Area Electric $754 Management Fee (3%) $13,636 Total Expenses $130,135 Net Operating Income $385,420 Unit Mix Analysis Unit Type No. of Units Avg Rent Avg Rent PSF FM RS Retail/Comm. Retail 1 $19, $ N/A N/A 1 Office 2 $9, $77.68 N/A N/A 2 Total 3 $ p. 4

5 Pricing and Financial Analysis Rent Roll, SoHo, Manhattan, NY Commercial Unit Tenant Approx SF Type Current Rent Rent PSF Tax Reimbursements Lease Expiration 1st Floor Gandia Blasco * 1,650 Retail $19, $ $27, /31/2021 2nd Floor Common Projects 1,450 Office $9, $77.78 $20, /30/2v019 3rd Floor Gourmet Garage 1,450 Office $9, $77.58 $26, /31/2018 Residential Monthly Income $37, Total Annual Income $454, *Retail tenant occupies an additional 1,650 square feet in lower level as showroom space p. 5

6 Pricing and Financial Analysis Income & Expenses Building Gross Square Footage 5,029 Number of Units 3 Approximate Available Air Rights (SF) 4,346 Current Potential Income Current Gross Potential Income $454,523 Vacancy/Collection Loss (3%) ($13,636) Property Tax Reimbursement $74,667 Effective Gross Income $515,554 Total Effective Gross Income $515,554 Expenses Current %EGI Per SF Property Taxes $109, % $21.70 Water & Sewer $1, % $0.32 Insurance $3, % $0.70 Repairs & Maintenance $1, % $0.30 Common Area Electric $ % $0.15 Management Fee (3%) $13, % $2.71 Total Expenses $130, % $25.88 Net Operating Income $385,420 p. 6

7 Property Description - Soho Manhattan, NY or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment p. 7

8 Property Description Investment Overview Investment Highlights Trophy Retail Asset Located in the Heart of SoHo Prime Location 25 Feet of Frontage on Greene Street Steps from Subways: A, C, E, 1, N, Q, R, W, 6, J, and Z Future Redevelopment Potential as a Boutique Condominium 4,346 Square Feet of Additional Air Rights Ideal User or Flagship Store Opportunity Long Term Ownership over 50 Years Marcus & Millichap is pleased to offer, located between Grand Street and Broome Street in the SoHo section of Manhattan, New York. The subject property,, is a three-story mixed-use building that consists of one retail unit with a finished basement and two floor-through office units. The property is built 25 feet by 75 feet on the ground floor and lower level, approximately 25 feet by 65 feet on the second and third floors and sits on a 25 foot by 75 foot lot with approximately 5,029 gross square feet. The property is zoned M1-5B allowing for approximately 4,346 square feet of additional air rights (Block: 474, Lot: 6) This property offers investors, users and developers the incredibly rare opportunity to acquire a prime trophy retail asset with future redevelopment potential, 4,346 square feet of additional air rights and 25 feet of frontage on Greene Street in the heart of SoHo, New York. p. 8

9 Property Description Property Summary The Offering Property Address New York, NY Accessor s Parcel Number Zoning M1-5B Site Description Number of Units Number of Buildings Number of Stories Year Built Gross Square Feet Lot Size Type of Ownership , ft. x 75 ft Fee Simple p. 9

10 Property Description Maps p. 10

11 Property Description Neighborhood Overview SoHo, located South of Houston Street in the lower section of New York City was originally known to be home to many artist lofts and galleries, but is now better known for its variety of upscale boutiques and world-renowned retailers. The neighborhood is bordered by Houston Street to the north, Canal Street to the south, Hudson Square to the West, and Little Italy and Nolita to the east. There are approximately 250 cast-iron buildings in New York City, with the majority of them are located in SoHo. While some galleries have moved to Chelsea over the years, many have stayed in the neighborhood, including the William Bennett Gallery, Martin Lawrence Gallery and Pop International Gallery. The cobblestone side streets running north to south are often sites of fashion shoots as well as upscale boutiques while the east to west corridors provide shoppers an extensive number of national retail chains. The vibrant location, loft appeal, architecture and upscale reputation attract residents and tourists from around the world. p. 11

12 Property Description Surrounding Developments One Vandam One Vandam, located at 180 6th Avenue, between Prince and Spring Streets, is adjacent to the West Village and Tribeca and overlooks the most desirable neighborhoods in the city. One Vandam, built 14 stories with 25 units, features a landscaped outdoor terrace, sun filled luxury amenity spaces, warm, modern interiors, and a luminous façade. 565 Broome Built 30-stories high with panoramic views, mark a culmination within the neighborhood s evolution, providing easy access to retail, nightlife, art and culture, even a quiet retreat. This novel development, the result of a collaboration between Renzo Piano Building Workshop, the Paris interior design firm RDAI, and Italian developers, Bizzi & Partners Development, appreciates the SoHo character while bringing an eminent eye for craft and luxury. 570 Broome 570 Broome Street, located in Hudson Square, will stand 287-feet tall with 54 condominiums and a total of 76,700 square feet. There will be 1,800 feet of commercial space on the ground floor. The development will include amenities such as a private entry garden with one Japanese maple tree as the centerpiece, an outdoor terrace, and fitness center with an equipped gym and yoga studio. 55 Thompson Street Brought to you by Manhattan Skyline Management Corp, 55 Thompson is one of SoHo s newest luxury boutique rental buildings. Standing nine stories tall, boasting 38 residences, the building comes fully equipped with a fitness center, a landscaped roof terrace, and a full-service resident manager. 325 West Broadway XOCO 325, located between Canal and Grand Streets, is built nine stories tall with 24 residences, most of which include private terraces and balconies. The building celebrates SoHo s Cast Iron history with a cast-aluminum façade that includes vertical gardens. Amenities include a fitness studio overlooking a private garden, 24/7 concierge and doorman service, and private bicycle storage. p. 12

13 Offering Memorandum 52 Green Street- Soho Manhattan Presented by: Matthew Fotis Licensed Associate Real Estate Broker National Multi Housing Group Manhattan Office Office: (212) Cell: (917) License: NY: Sam Hoefle Licensed Associate Real Estate Broker National Multi Housing Group Manhattan Office Office: (212) Cell: (603) License: NY: Offices Throughout the U.S. and Canada