Townhouse Building for Sale. 14 East 11th Street. 14 East 11th Street

Transcription

1 Townhouse Building for Sale 14 East 11th Street 14 East 11th Street

2 Confidentiality THIS IS A CONFIDENTIAL MEMORANDUM intended solely for your own limited use in considering whether to pursue negotiations to acquire an interest in 14 East 11th Street, New York, New York ("The Property"). This Confidential Memorandum contains brief, selected information pertaining to the business and affairs of the Owner, and has been prepared by Massey Knakal Realty Services ("Massey Knakal") primarily from information supplied by the Owner. Although this Confidential Memorandum has been reviewed by representatives of the Owner, it does not purport to be all inclusive or to contain all of the information which a prospective purchaser may desire. Neither Massey Knakal, nor any of their officers, employees or agents make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Confidential memorandum or any of its contents, and no legal liability is assumed or to be implied with respect thereto. By acknowledgement of your receipt of the Confidential Memorandum, you agree that the memorandum and its contents are confidential, that you will hold and treat it in the strictest of confidence, that you will not directly or indirectly, disclose or permit anyone else to disclose this memorandum or its contents to any person, firm or entity without prior written authorization of Owner, and that you will not use, or permit to be used, this memorandum or its contents in any fashion or manner detrimental to the interest of Owner. Photocopying or other duplication is strictly prohibited. Owner and Massey Knakal expressly reserve the right, at their sole discretion, to reject any or all proposals or expressions or interest in the building, and to terminate discussions with any party at any time with or without notice. If you do not wish to pursue negotiations leading to this acquisition, kindly return this confidential memorandum to Massey Knakal. This Confidential Memorandum shall not be deemed a representation of the state of affairs to the property or constitute an indication that there has been no change in the business of affairs or the property since the date of preparation of this memorandum.

3 THE MASSEY KNAKAL ADVANTAGE FOR BUYERS Best Inventory On average, Massey Knakal exclusively lists 600+ properties at any given time the largest inventory of properties in the New York City metropolitan area. More buyers and sellers choose to work with Massey Knakal than any other firm for any size or type of property transaction. Best Territory Knowledge The Massey Knakal Territory System assigns only one sales agent to represent property in a given area, making these agents superior real estate experts for their territory. The benefit to you is that our agents can assist you with making a more profitable buying decision. You can be confident that a purchase made through Massey Knakal will be the right decision for your needs. Best Opportunity Massey Knakal treats all buyers fairly, which means that you will always have an equal opportunity to purchase a property. Since Massey Knakal only handles exclusive listings, you will be able to get accurate property information and up-to-the-minute status reports on the availability of all our properties. The benefit to you is that you will not waste valuable time tracking properties that have already been sold. Additionally, throughout the purchasing process, you will always be treated with respect and professionalism by our sales agents. Massey Knakal: We Know New York City. Know Us.

4 Offering Memorandum 14 East 11th Street Asking Price: $8,950,000 EXCLUSIVE AGENTS: James Nelson (x7741) Mitchell Levine (x7761) Caroline Hannigan (x7708) Matt Nickerson (x7742) MASSEY KNAKAL REALTY SERVICES 275 MADISON AVENUE, 3 RD FLOOR NEW YORK, NEW YORK (P) (F)

5 Table of Contents Property Information Property Photograph Property Overview Tax Map and Location Neighborhood Information Neighborhood Character Neighborhood Map Historic District Aerial Map Retail Map Zoning Map Zoning Description Transportation Description Bus Map Due Diligence Tax Information DOB, ECB & HPD Violations Certificate of Occupancy

6 14 East 11th Street Property Photograph

7 14 East 11th Street 14 East 11th Street 21 Wide Gold Coast Townhouse For Sale New York, NY Property Information Address: 14 East 11th Street Location: The south side of East 11th Street between 5th Avenue and University Place. Block: 568 Lot: 10 Lot Size: 21' x 94.83' (Approx.) Building Information Building Size: 21' x 63' Irr. (Approx.) Stories: 5 Gross SF: 5,436 (Approx.) Air Rights: 1,361 (Approx.) Zoning: FAR: R Lot Size: 1,976 Historic District: Greenwich Village Assessed Value: RE Taxes: $334,163 $44,888 SF (Approx.) (12/13) (12/13) Description: Built in 1852, this wide Italianate style townhouse is located on one of the best townhouse blocks in the Village, being right off Fifth Avenue. The house is currently vacant as the current owner has started the demolition process. The property benefits from ceiling heights reaching over 12' on the parlor floor and ample natural light. This is an excellent opportunity to convert this to one of the most spectacular single family homes in the area. In addition, homes around this house have achieved the highest prices in the neighborhood as seen with the $21,000,000 sale of 40 West 10th Street and 11 West 10th Street which sold for $37,500,000. Asking Price:$8,950,000 For further information or inspection please contact Exclusive Agents: James Nelson jpnelson@masseyknakal.com x7710 Mitchell Levine mlevine@masseyknakal.com x7761 Matt Nickerson mnickerson@masseyknakal.com x7742 Caroline Hannigan channigan@masseyknakal.com x7708 The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN. 275 Madison Avenue Third Floor New York, NY Fax THE BRONX BROOKLYN MANHATTAN NASSAU NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER

8 Photographs

9 Photograph

10 Photographs

11 Photograph

12 Floor Plans

13 Floor Plans

14 Tax Map and Location 14 East 11th Street, New York, NY Tax Block: 568 Lot: 10 Location: The south side of East 11th Street between 5 th Avenue and University Place 14 East 11th Street Fifth Avenue University Place

15 Neighborhood Character- Greenwich Village INTRODUCTION Greenwich Village, often simply called The Village by locals, is one of Manhattan s richest neighborhoods. The Village has both a fascinating history and exciting and dynamic present. It has drawn the attention over the years of everyone from the proverbial starving artists and street buskers to the most successful academics and fashionistas. While many people have their own definitions of the boundaries of The Village, it is traditionally considered to be bounded by Houston Street to the south, 14 th Street to the north, Broadway to the east, and the Hudson River to the west. The adjacent neighborhoods include the Meatpacking District and Chelsea on the north side, the East Village and NoHo on the east side, and SoHo on the south side. HISTORY Like many areas in the Northeast, the history of Greenwich Village stretches back well before the arrival of the Dutch to local Native American tribes. That said, the more recent history of The Village begins in 1712, when it was officially incorporated as a Village located along the Hudson River. The area boomed in the early 19 th Century in response to disease spread in Lower Manhattan. Today, a number of The Village s older homes still stand, and In order to preserve their unique and important architectural qualities, many of its tree lined streets are protected under Historic Districts. Earlier homes in The Village frequently display the Federal Style, while newer homes are more commonly Greek Revival style. A notable example can be seen in the homes on the north side of Washington Square Park. Nearby, Secret alleys such as Macdougal Alley, Patchin Place, and Grove Court dot The Village adding to its charm. On Fifth Avenue and Broadway, meanwhile, a number of tall buildings, some of the first in New York City featuring elevators provide contrast to their low-rise neighbors farther west. NOTEWORTHY RESIDENTIAL DEVELOPMENTS Greenwich Village s historic atmosphere is equally matched by modern residential development. Richard Meier s three towers along the Hudson River began a West Side boom that now includes the Superior Ink Building and Morton Square, which are on the water, as well as others farther inland such as the stunning One Jackson Square. Its curvy, undulating glass facade is a notable addition to The Village. The building was awarded the AIA National Chapter Honor Award for Architecture as a testament to its significant presence. In addition to ground-up construction, The Village has also seen extensive conversion of rental properties into condominiums, such as the Devonshire House on University Place, 25 Fifth Avenue, and 607 Hudson Street. Prices for all of these new developments have risen from a then-astronomical $2,000 per square foot at the Meier Towers to over $5,000 for recent sales in the Superior Ink building. Meanwhile, Village townhouses consistently top $10M, an unheard of feat only 5 years ago. Notable even among those are the sales of West 10 th Street for $37.5M and 40 West 10 th Street for $20M. It is clear that Greenwich Village is now one of the most desirable and expensive Manhattan neighborhoods, competing even with more traditional luxury enclaves like the Upper East Side.

16 Neighborhood Character- Greenwich Village NEIGHBORHOOD CHARACTER Greenwich Village is undoubtedly one of New York s best known neighborhoods. Its very mention evokes an assortment of familiar images -- a cultural underground of bohemians and beatniks; the stately world of Henry James Washington Square; jazz clubs; tourists on Bleecker Street, and of course, the booming art scene. Approximately 61% of the almost 2,000 buildings in the area are residential; 19% are a mix with stores or restaurants on the ground floor and apartments above; 15% are commercial or purely retail; and 5% fall into other categories including schools, theaters, city properties, and vacant land. The area contains an abundance of restaurants, theaters, clubs and shops, as well as some of New York s oldest and most charming residential blocks. In fact, many of the area s quiet, narrow streets -- virtually unchanged since the early 1800s -- have a refreshing smallness of scale. The streets in the western part of The Village are a quilt of diagonals and curves and pre-date the rigid grid pattern north and east. The historic Washington Square Park is the center and heart of the neighborhood, but the Village has a number of other, smaller parks. There are also city playgrounds throughout the area. Perhaps the most famous among them is The Cage, officially known as the West 4th Street Courts. Sitting on top of the West Fourth Street Washington Square subway station at Sixth Avenue, the courts are easily accessible to basketball and handball players from all over New York. The Cage has become one of the most important tournament sites for the city-wide Streetball amateur basketball tournament. DINING & SHOPPING At night, Greenwich Village comes alive with sounds from restaurants, late-night coffeehouses, cafés, theaters, and music clubs. Everything can be found from a great burger and fries from the Corner Bistro to an intimate candlelit dinner at One if by Land, Two if By Sea. Established restaurants in the neighborhood include Blue Ribbon, The Spotted Pig, Il Mulino, and Babbo. Noteworthy restaurateurs consistently increase the area s offerings consistently opening new eateries. The Village is also home to fabled coffeehouses including Caffe Reggio and Café Figaro established snack joints like John s Pizzeria on Bleecker Street and Mamoun s Falafel on MacDougal Street. The area is also known for its shopping. Independent book and record stores, antiques and craft shops, and gourmet food markets are found throughout the neighborhood, while simultaneously, national retailers such as Urban Outfitters, Pottery Barn and Marc Jacobs have also made inroads. In the last few years, Bleecker Street has become a major destination for high end brands like Burberry, Ralph Lauren, and Marc Jacobs along such standbys as Magnolia Bakery. Recent rents on Bleecker Street have exceeded an extraordinary $500 per square foot. Narrow Christopher Street is another lively strip that is loaded with genuine Village character.

17 Neighborhood Character- Greenwich Village CULTURAL AMENITIES A bustling cultural scene has also found a home in Greenwich Village. It is home to many Off-Broadway and Off-Off-Broadway theaters, such as the Cherry Lane, Lucille Lortel, and Players Theatres. The Village Vanguard and The Blue Note, meanwhile, host some of the biggest names in jazz on a regular basis, while in the last few years The Poisson Rouge has found itself hosting prominent performers from across the music spectrum. Other music clubs include Cafe Wha?, The Bitter End, and Lion s Den. The Village also has its own orchestra aptly named the Greenwich Village Orchestra as well as the internationally recognized Orchestra of St Luke s. Comedy clubs also dot The Village, including The Boston and Comedy Cellar, where many American stand-up comedians got their start. SCHOOLS Greenwich Village includes the primary campus for New York University (NYU), The New School, and Yeshiva University s Benjamin N. Cardozo School of Law. Cooper Union is also located nearby. There are a variety of public and private school options for elementary to high school students. Public school options include PS 3 and PS 41 for elementary schools. Public high schools include The Legacy School at 33 West 13th Street and Independence High School at 16 Clarkson Street. Private school options for elementary students include City & Country School, Little Red School House, Our Lady of Pompeii, and St. Luke s School. The Little Red School House also offers private education for Upper School. CONCLUSION The neighborhood is a gold mine of social and cultural history with an enduring energy that has continued to attract both tourists and visitors. Whether one comes to savor the architecture, immerse oneself in its history, enjoy the nightlife, restaurants and shops, or just take a lazy stroll through this peaceful downtown enclave, the Village offers a multitude of pleasures. Few other micro-markets in Manhattan enjoy the charm and convenience that The Village does, giving it a competitive advantage in its ability to attract a wide variety of market participants. Bountiful retail options and a plethora of exciting restaurants are all immediately accessible. For interested investors, this property is amidst a constantly evolving community and vibrant nightlife which are inviting attributes to the neighborhood.

18 Neighborhood Map 14 East 11th Street

19 Top Townhouse Sales

20 Source: Citymaps.com 14 East 11th Street Retail Map

21 14 East 11th Street Aerial Map

22 Historic Map

23 Zoning Map New York City s zoning regulates permitted uses of the property; the size of the building allowed in relation to the size of the lot ( floor to area ratio ); required open space on the lot, the number of dwelling units permitted; the distance between the building and the street; the distance between the building and the lot line; and the amount of parking required. The commercial district structure has eight different classifications, which affect all commercial activity, from local shops to large office centers. 14 East 11th Street is in the R7-2 district, which allows for residential. The maximum FAR for this property is The following pages further explain this zoning. 14 East 11th Street

24 Zoning Information

25 Zoning Information

26 Subway Map 14 East 11th Street

27 14 East 11th Street Bus Map

28 Transportation Description Besides the diversity of services and amenities located in the immediate vicinity, 14 East 11th Street has excellent access to major transportation facilities. The 14th Street Station s subway lines are within easy walking distance, providing access to all areas of Manhattan, and to the Bronx, Brooklyn, and Queens. The area is served by northbound MTA buses on Hudson Street and southbound buses on Seventh Avenue. By car, there is relatively easy access to the Holland tunnel to New Jersey, and the Brooklyn-Battery tunnel to Brooklyn. The area is equally accessible to Newark and LaGuardia airports.

29 Tax Information

30 DOB, ECB, and HPD Violations NO OPEN HPD & ECB,VIOLATIONS ON FILE

31 Certificate of Occupancy