170 Hudson Street AKA 48 Laight Street

Transcription

1 Ground Floor Retail For Sale TriBeca 170 Hudson Street AKA 48 Laight Street Robert Burton Senior Vice President Will Suarez Director of Sales Maurice Suede Associate Matthew Colantonio Associate Madison Avenue 3 rd Floor New York, NY

2 02 The Opportunity Massey Knakal Realty Services has been retained on the exclusive basis to arrange for the sale of the prime retail condominium at 170 Hudson aka 48 Laight Street. Situated in the heart of TriBeCa, the unit presents an incredible opportunity for an investor (and/or user) seeking a high quality retail property. The retail condo offers approximately 4,650 SF across the ground floor and lower level, a selling lower level. The space is currently vacant which offers prospective owners the opportunity and flexibility to capitalize on the area s surge in retail rents. With roughly 38 feet of frontage on Laight Street and 100 feet on Hudson Street, the condominium features substantial street presence and visibility. The asset is easily accessible from the 1, A, E and C subway lines located along Canal Street.

3 03 The Opportunity 170 Hudson aka 48 Laight Street is a luxurious 9 unit boutique condominium apartment building. The building, which was designed by Kutnicki Bernstein, features iron-spot brick and stainless steel mesh with limestone and a floating roof plane. The commercial condominium, occupies the ground and lower levels. The property is approximately 4,650 square feet with a private stairwell, elevator and two separate entrances. The space can be subdivided. The retail condominium cannot be used for any restaurant or food or cooking establishment.

4 04 Property Overview Location: Building is on northeast corner of Hudson and Laight Streets Projected Base Rent Income: $ 378,000 Real Estate Taxes (14/15)**: $ 15,800 Block / Lot: 220 / 1301 Lot Size (approx): 38 x 100 Common Charges: $18,400 Insurance (approx.): $ 4,500 Condo Size (approx): 38 x 100 Total Expenses: $ 38,700 Total SF (approx.):* Historic District: 4,650 Tribeca North Projected Net Operating Income: $ 339,300 Zoning: C6-2A * Ground Floor 2,650 SF Approx. Selling Lower Level 2,000 SF Approx. ** 421A Tax Abatement in place expiring June 2016 ASKING PRICE: $ 5,500,000 Projected Cap Rate: 6.2%

5 Hudson Street 05 Site Plan Vestry Street Varick Street Laight Street Location: Block: Hudson aka 48 Laight Street Lot: 1301 Northeast corner of Hudson and Laight Streets

6 06 Floor Plans Upper Floor Approx. 2,650 SF Projected Rent: $120 per SF * Subject area in grey

7 07 Floor Plans Lower Level Approx. 2,000 SF Projected Rent: $30 per SF * Subject area in grey

8 08 Ground Floor Pictures

9 09 Lower Level Pictures

10 10 Neighborhood Description New York City s Most Cosmopolitan Neighborhood TriBeCa includes the area bounded by Canal Street (north), Vesey Street (south), Lafayette Street (east) and the Hudson River (west). TriBeCa, an acronym for Triangle Below Canal Street, was coined in the mid-1970 s as a result of City Planning studies and the adoption of the Special Lower Manhattan Mixed Use District (LMM). TriBeCa retains much of the Bohemian quality that once characterized the entire complex of castiron architecture between Houston and Vesey streets before it went upscale. Because this neighborhood overlaps the City Hall area, with its enormous daytime working population, it has been more successful in resisting the tide of fad enterprise. Art and commerce have, of course, transformed TriBeCa to a certain degree, but they have not overwhelmed it. TriBeCa today is the most sought after residential address in Manhattan. Many of the old historic warehouses and loft buildings have been converted to spectacular apartments. Many of New York City s finest restaurants, antique and craft stores are located in TriBeCa. With easy access to every corner of the island, it remains a sophisticated, cosmopolitan, and glamorous New York neighborhood.

11 11 Neighborhood Description Cont. TriBeCa North Historic District: The TriBeCa North Historic District has a distinct and special character within the larger TriBeCa area. This distinction is due in large part to the variety of warehouse buildings constructed during the late nineteenth century. The TriBeCa North Historic District, which includes 67 buildings and three undeveloped lots, is located between Hubert & Watts Street and west of the intersection of Canal and Varick Streets. The warehouse buildings give the district its distinctive character, and dominate the block fronts in the area, and those on the cross streets of Hubert, Laight, and Vestry Streets. During the early nineteenth century, Trinity Church prompted the expansion of the city northward on its landholdings in the area. An elegant residential neighborhood developed around the perimeter of this private park during the 1820 s. Collister Street was initially an alley, which served stables at the rear of town houses facing the park. The Hudson River shoreline developed around this same time, as landfill extended the perimeter of lower Manhattan to West Street.

12 12 Neighborhood Description Cont. The character of the district was altered during the twentieth century with the construction of the Holland Tunnel during the 1920 s and the demolition of the St. John s Freight Terminal in 1936, the site of which became the Holland Tunnel Exit Plaza. The increasing use of trucks for transporting railroad shipments to and from Manhattan prompted the construction of several garages and small freight terminal buildings in the district; the proximity of the warehouses in the TriBeCa North Historic District to the Holland Tunnel has continued their usefulness as storage facilities. In the mid-nineteenth century, there were virtually no buildings in the United States that could be considered a fireproof warehouse of the same type as the brick and iron structures recently built in England. The five-story warehouses in England, built with cast-iron columns and rafters, and floors of iron joists spanned by brick arches were much admired. Soon, such buildings began to be developed in the major port cities of the United States. The emergence of the warehouse as a building type around 1870 is reflected in the district by the structures built for storage and industrial operations. These warehouses are at least fifty feet wide, and most are from five to seven stories in height. Their facades, of various shades of brick, are often given polychromatic and textural effects with the use of ornamental brick, terra cotta, and stone trim.

13 13 Neighborhood Description Cont. The warehouses, as well as many of the store and loft buildings, incorporate distinctive use-generated features such as loading bays served by raised platforms, sheet metal awnings, and stepped vaults; segmentally-arched windows in the upper stories and corbelled brick cornices emphasize the structural quality of the construction. The influence of the German Rundbogenstil, Romanesque revival, and renaissance-inspired revival styles is evident in many of the warehouses, store and loft buildings. Granite slab sidewalks and Belgian block street pavers further the nineteenth-century commercial character of the district. The first decades of the twentieth century saw the more complete conversion of the TriBeCa area to a commercial district, as many of the early nineteenth century dwellings were replaced. In 1976, the City Planning Commission proposed a Special Lower Manhattan Mixed Use District, a zoning designation like that established in SoHo, which allowed for residential lofts and light manufacturing in the same area. This rezoning encouraged the conversion of commercial buildings to residential use during the late 1970 s and early 1980 s. After the recession of the early 1990 s, a strong demand for warehouse buildings with conversion potential began. With the strong possibility of rezoning the TriBeCa North Historic District from an M1-5 to a C6-2A, many developers have begun to purchase warehouse type buildings to convert into residential use.

14 14 Neighborhood Map 170 Hudson / 48 Laight Street

15 15 Neighborhood Map Historic District, Tribeca North 170 Hudson aka 48 Laight Street

16 16 Transportation Description In addition to the diversity of services and amenities located within its parameters, 170 Hudson aka 48 Laight Street has excellent access to major transportation modes. All four subway lines (the 1; the A, C, E; the N, R; the D, F; and the 6) are within six blocks. The area is also serviced by express and local MTA buses for uptown service along Sixth Avenue and Bowery and downtown service along Varick Street and Broadway. The fare for both the bus and subway lines is two dollars and fifty cents ($2.50). By car, there is easy access to and from SoHo by the Franklin Delano Roosevelt Drive and the West Side Highway. The Holland and Brooklyn Battery Tunnels are less than 5 minutes away and the Manhattan, Brooklyn and Williamsburg Bridges are about 10 minutes away. The highway transportation network connects Manhattan to New Jersey, the three boroughs, and all points north. 170 Hudson aka 48 Laight Street is close to three major metropolitan airports...laguardia (approximately minutes drive), John F. Kennedy (approximately minutes drive) located to the east on Long Island, and Newark (approximately minutes drive) located to the west. The caliber of quick access from 170 Hudson aka 48 Laight Street to local and regional business destinations is unusual and definitely enhances the attractiveness of the property.

17 17 Subway Map 170 Hudson aka 48 Laight Street

18 18 Bus Map 170 Hudson aka 48 Laight Street

19 19 Zoning Information 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 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 Manufacturing district has Three different classifications. 170 Hudson aka 48 Laight Street is zoned C6-2A and Lies within the TriBeCa Mixed- Use District (TMU) FAR: 6.02

20 20 Zoning Information

21 21 Zoning Information

22 C O N F I D E N T I A L I T Y & C O N D I T I O N S This is a confidential brochure intended solely for your limited use and benefit in determining whether you desire to express any further interest in the purchase of 170 Hudson aka 48 Laight Street, New York, New York (the Property ). This brochure was prepared by Massey Knakal Realty Services, ( Massey Knakal ) and has been reviewed by representatives of Ownership. It contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information which prospective purchasers may desire. It should be noted that all financial projections are provided for general reference purposes only in that they are based on assumptions relating to the general economy, competition, and other factors beyond the control of Massey Knakal or Owner and, therefore, are subject to material variation. Additional information and an opportunity to inspect the Property and plans will be made available to interested and qualified investors. Neither Owner, Massey Knakal nor any of their respective officers nor employees, have made any representation or warranty, expressed or implied, as to the accuracy or completeness of this brochure or any of its contents, and no legal commitments or obligations shall arise by reason of this brochure or any of its contents. All square footage measurements must be independently verified. Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligation to any entity reviewing this brochure or making an offer to purchase the Property unless and until a written agreement satisfactory to Owner has been fully executed, delivered, and approved by Owner and any conditions to Owner obligations thereunder have been satisfied or waived. By receipt of this brochure, you agree that this brochure and its contents are of a confidential nature, that you hold and treat it in the strictest confidence, and that you will not disclose this brochure or any of its contents to any other entity without the prior written authorization of Owner nor will you use this brochure or any of its contents in any fashion or manner detrimental to the interest of Owner or Massey Knakal. It is essential that all parties to real estate transactions be aware of the health, liability and economic impact of environmental factors on real estate. Massey Knakal does not conduct investigations or analysis of environmental matters and, accordingly, urges its clients to retain qualified environmental professionals to determine whether hazardous or toxic wastes or substances (such as asbestos, PCB s and other contaminants or petrochemical products stored in underground tanks) or other undesirable materials or conditions, are present at the Property and, if so, whether any health danger or other liability exists. Such substances may have been used in the construction or operation of buildings or may be present as a result of previous activities at the Property. Various laws and regulations have been enacted at the federal, state and local levels dealing with the use, storage, handling, removal, transport and disposal of toxic or hazardous wastes and substances. Depending upon past, current and proposed uses of the Property, it may be prudent to retain an environmental expert to conduct a site investigation and/or building inspection. If such substances exist or are contemplated to be used at the Property, special governmental approvals or permits may be required. In addition, the cost of removal and disposal of such materials may be substantial. Consequently, legal counsel and technical experts should be consulted where these substances are or may be present. While this brochure contains physical description information, there are no references to condition. Neither Owner nor Massey Knakal make any representation as to the physical condition of the Property. Prospective purchasers should conduct their own independent engineering report to verify property condition. In this brochure, certain documents, including leases and other materials, are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they purport to constitute a legal analysis of the provisions of the documents. Interested parties are expected to review independently all relevant documents. The terms and conditions stated in this section will relate to all of the sections of the brochure as if stated independently therein. If, after reviewing this brochure, you have no further interest in purchasing the Property at this time, kindly return this brochure to Massey Knakal at your earliest possible convenience. Photocopying or other duplication is not authorized. This brochure shall not be deemed an indication of the state of affairs of Owner, nor constitute an indication that there has been no change in the business or affairs of Owner since the date of preparation of this brochure. INVESTMENT SALE RETAIL LEASING CAPITAL SERVICES MASSEYKNAKAL.COM MANHATTAN BROOKLYN STATEN ISLAND THE BRONX QUEENS WESTCHESTER LONG ISLAND NEW JERSEY

23 Robert Burton Senior Vice President Will Suarez Director of Sales Maurice Suede Associate Matthew Colantonio Associate Madison Avenue 3 rd Floor New York, NY