MetroGrid Report: Greenwich Village: 8th Street Corridor

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1 MetroGrid Report: : th Street Corridor SEPTEMBER 0 A Start-Up Friendly Corridor Where Retailers Can Find Value With average asking retail rents rising to $, per square foot in Midtown, to $,00 per square foot on the Eastside, and to $ per square foot in Soho, it would appear that the island of Manhattan is no place for a new retailer to venture. Avenue is one of those places. Known as the Main Street of, Eighth Street is a demographic gold mine that blends the new and old and includes a large dose of art, music, and cultural history. But that s not the case. Manhattan contains plenty of hidden treasures where an entrepreneur can launch a new retail business in spaces leasing for under $0 per square foot. s Eighth Street between Broadway and Sixth The first Whitney Museum opened in at W Eighth Street; Bob Dylan met Allen Ginsberg at a party at the Eighth Street Book Shop, now Stumptown Coffee Roasters at MacDougal Street; and at Eighth Street Jimi Hendrix opened Electric Lady Studios, which is still recording hits.

2 MetroGrid Report: Unique mom-and-pop storefronts populate Eighth Street where asking rents are averaging $ per square foot. Opportunities for retailers abound on Eighth Street, according to the Village Alliance Business Improvement District, which is promoting retail leasing opportunities along the five block stretch from Broadway to Sixth Avenue. The Village Alliance BID district, which encompasses blocks north of Washington, notes that over,00 residents with an average household income of $, live in the district. Additionally, 0 percent of the residents earn over $0,000, and 0 percent hold a bachelor s or graduate degree. The district also boasts one of the highest concentrations of college and university students in New York City. Over 0,000 university students with estimated monthly discretionary spending of between $00 and $,00 attend New York University, Cooper Union, the New School, and Cardozo Law. Other district attributes include 0,000 office workers employed in local businesses, and. million subway riders that pass through the subway stations each year at West th Street, Astor Place, th Street, and Christopher Street. Up to 0,000 pedestrians walk on Eighth Street every day where they find a number of restaurants including the expresso bar Stumptown, the Greenwich Project, Amelie Le Bar a Vin, th Street Winecellar, Cho San Japanese Restaurant, Curry Kitchen, Neta, Otto Enoteca Pizzeria, and Rasa. At W Eighth Street, the Marlton Hotel, which was built in 00 and became a bohemian hangout in the mid-0th Century, was converted from an SRO and reopened in 0 as a Parisian-inspired 0-room boutique hotel. Across the street at W Eighth Street is the New York Studio School, which occupies the eight historic buildings that were home to the first Whitney Museum of American Art from to. The Village Alliance works with building owners to create a more desirable retail mix and, as a result since 00, the number of restaurants on Eighth Street has increased from one to, while the number of shoe stores has fallen from 0 to five, and gift and novelty shops have fallen from 0 to two. Some of the greatest names in real estate own or have owned property on Eighth Street including Rose Associates, Warren Buffet, Larry Silverstein, Rudin Management, Vornado, and Buchbinder Warren and have been instrumental in the corridor s renaissance. According to the BID s 0 Retail Survey Analysis, retail establishments lease, square feet of space on Eighth Street between Broadway and th Avenue, with only nine vacancies. Overall in the Village Alliance BID district, the 0 survey showed occupied retail establishments in over 0,000 square feet of space, which is a percent retail occupancy rate. Restaurants accounted for the largest number of establishments while general merchandise and drug stores accounted for the largest portion of occupied retail square footage. 0

3 MetroGrid Report: Average Asking Rents: Eighth Street (Between Broadway and Sixth Avenue) Source: CoStar Total Available Space (SF) Average Weighted Rent 000 $.00 - Blended over Floors 00 $ $ $0.00 $. $.00 0 $00.00 Average $. Average Asking Rents: Selected Major NYC Retail Corridors Ground Floor Space Only Source: Real Estate Board of New York Retail Report Spring 0 Eastside Spring 0 Madison Avenue: th-nd Street $,00.00 Third Avenue: 0th-nd Street $.00 East th Street: Lexington Avenue-nd Avenue $.00 Westside Broadway: nd-th Street $0.00 Columbus Avenue: th-th Street $.00 Midtown East Street: th Avenue- Avenue $,00.00 Fifth Avenue: nd-th Street $,00.00 Fifth Avenue: th-th Street $,.00 Broadway & th Avenue: nd-th Street $,.00 Midtown South Spring 0 Flatiron Fifth Avenue: th-rd Street $0.00 Broadway: th-rd Street $.00 Herald West th Street: th-th Avenue $, Downtown Meatpacking th Street: th-0th Avenue $.00 Financial District Broadway: Battery -Chambers Street $.00 Soho Broadway: Houston-Broome Street $.00 West Village : th Ave South-Houston Street $.00 Upper Manhattan Harlem th Street (River to River) $.00 0

4 MetroGrid Report: Primary Trade Area For Eighth Street: Income 000 Vs. 00 Eighth Street Consumer Spending Source: Village Alliance 0

5 MetroGrid Report: Select Eastern Consolidated Deals in West th Street East th Street Union South East th West th Street East th Street East th ge West th Street East th Street East th Seventh Avenue South erce Street Christopher Sheridan Jones Street Patchin Place Gay Street Cornelia Street Sixth Avenue 0 Minetta Lane MacDougal Street Washington Sq. W. MacDougal Al. Sullivan Street West th Street West 0th Street West th Street West th Street Washington North Washington Washington South West th Street West rd Street Thompson Street Fifth Avenue East th Street East 0th Street East th Street LaGuardia Place Washington Sq. E. University Place St. Mark s Place - East th Street Greene Street Mercer Street Washington Place Broadway Lafayette Street Fourth Avenue Bond Street Wanamaker Pl. Astor Pl. Third Avenue East th Stuyvesant Stree Cooper A G Bowery Street Carmine Street Downing Street dson ark son Street West Houston Street East Houston Street East Houston Street West Houston Street th Street West Side Highway Commercial 0 West th Street Little West th Street 0,000 GSF East th Street A Tax Certificates Hudson River West th Street West th Street & West th Street 0,000 GSF Fifth Avenue,00 GSF, -Story Astor Place 0,000 GSF, 0-Story Sixth Avenue,00 GSF, -Story 0 Broadway 0,000 GSF Broadway,000 GSF, -Story 0 West Houston Street,0 GSF, -Story Development Astor Place 0,000 BSF - East Houston Street,000 BSF Mixed-Use West rd Street,0 GSF 0 LaGuardia Place, GSF, -Story Financing Hudson River - Residential Unit, -Story (E) Gansevoort Street West Street 0 Greenwich Street Hudson Street Residential Horatio Street Jane Street Abingdon - Charles Street Units, -Story (W) West th Street Bethune Street Washington Street West th Street - East th Street Units, Comm, -Story (E) 0 Broadway Units, -Story (E) Devonshire House East 0th Street Units, -Story, (E) - West th Street Units, -Story (W) 0 Fifth Avenue Units, -Story (W) Units, -Story (W) Bleecker Playground West th Street Greenwich Street - Sixth Avenue Units, Store, -Story (W) Leroy Street 0 Units, -Story (W) Minetta Street 0 Units, -Story (W) Eighth Avenue - Bedford Street Apts, Stores, -Story (W) Bedford Street Units, -Story (W) Townhouse 0 West Houston Street & Thompson Street Units, -Story (W) Co-ops/Condos West th Street & West th Street -Units, -Story Co-op ing -0 Morton Street 0 Cars Jackson Bank Street Perry Street Retail Hudson Street West th Street West 0th Street Christopher Street Barrow Street Greenwich Avenue - Fourth Avenue 0,000 GSF, -Story The Village Green Devonshire House East 0th Street, GSF - Cooper,000 GSF, -Story Sold Twice 00 and Broadway 0, GSF Financed Building In, GSF Bond Street, GSF Charles Street 0 Carmine Street,000 GSF LaGuardia Place,0 GSF 0,0 GSF Retail Leasing University Place,00 SF Retail Space Bedford Street 00 SF Retail Space 0 East th Street,00 SF Retail Space Broadway 00 SF Retail Space Grove Street Bedford Street Morton Street Seventh Avenue South 00 SF Retail Space Laguardia Place,00 SF Retail Space Leroy Street Commerce Street Hudson Seventh Avenue South Clarkson Street Christopher West Houston Street King Street Hudson Street Sheridan Charlton Street Jones Street Carmine Street Patchin Place Spring Street Gay Street Cornelia Street Downing Street Varick Street Sixth Avenue 0 Vandam Street Minetta Lane MacDougal Street Avenue of the A Washington Sq. W. SoHo MacDougal Al. Sullivan Street Sullivan Street West Houston Street West th Street West th Street West th Street West th Street West 0th Street West th Street West th Street Washington North Thompson Stre Washington Washington South West th Street West rd Street Thompson Street Fifth Avenue West Broadwa East th Street East 0th Street East th Street LaGuardia Place East th Street East th Street East th Street Wooster Stree Washington Sq. E. University Place Prince Street Spring Street Greene Stree Union South St. Mark s Place - East th Street Greene Street Washington Place Mer Mercer Street East Houston Street Broadway Broadway Crosby Stre Lafayette Street Lafayette Street Fourth Avenue Bond Street Kenmare Mulberry Street 0 Wanamaker Pl. Astor Pl. Cooper East Houston Street Prince Street Mott Street Third Avenue Bowery Street Spring Street East th East th East th East th Stuyvesant Stre Elizabeth Street A G K are S

6 MetroGrid Report: Eastern Consolidated s Current Exclusives & Closed Transactions Fifth Avenue Property Type For Lease Location Footage, Space : Corner Ground Floor:,0 Feet Approximate Size Space : Inline Ground Floor: 00 Feet Possession Immediate West th Street Property Type For Lease Location Footage,00 Approximate Size Possession,00 Feet Immediate - West th Street Property Type For Sale Location Footage,00 Asking Price Submit Offers 0 Property Type Retail Condo - Sold Location Footage,0 Selling Price $,0,000 0

7 MetroGrid Report: Neighborhood Facts Population Characteristics, total district population, total district households $, average household income 0% of residents earn over $0,000 0% have a bachelor s or graduate degree Source: Village Alliance University Students The district has one of the highest concentrations of college and university students in New York City., total students in the area attend: New York University The Cooper Union Cardozo Law The New School $00-$,00 estimated student discretionary spending per month Pedestrian Traffic Up to 0,000 pedestrians daily Transportation. million subway riders pass through the West th Street station annually. million subway riders annually for all the nearby subway stations (West th, th Street, and Christopher Street). million bus riders pass through th Street 0

8 MetroGrid Report: Historic Facts Courtesy of Kevin Draper, New York Historical Tours 00s to 00s The farmhouse of the Dutch colonial Governor Wouter Van Twiller, a tobacco farmer, stood at what is now the southwest corner of MacDougal and Eighth Streets. Early 00s The Rogers family owned the western section of Eighth Street from Fifth to Sixth Avenues, while Sailor s Snug Harbor, a trust for retired and disabled sailors, owned the section from Fifth Avenue to the Bowery. 0s Eighth Street between Sixth Avenue and the Bowery was an Indian trail until the city introduced the grid street system. The Brevoort Hotel, now an upscale co-op, was built at Fifth Avenue and Eighth Street, and John Taylor Johnston, the first president of the Metropolitan Museum of Art, built his home across the street. 0s-00s A cross-town streetcar line ran along Eighth Street. 0s-0s Gertrude Vanderbilt Whitney converted her house and three adjoining houses into the first Whitney Museum in, which is now the New York Studio School at West Street. Jackson Pollock moved into an apartment at East Eighth Street in. 0s E.B. White wrote Charlotte s Web at A West Eighth Street. 0s-0s Bob Dylan met Allen Ginsberg at a party at the Eighth Street Book Shop, now Stumptown Coffee Roasters. Jimi Hendrix opened Electric Lady Studios, a music studio that is still recording hits at West Eighth Street. 0s American industrialist Peter Cooper founded the Cooper Union for the Advancement of Science and Art at Astor Place, setting up an endowment funded by his real estate holdings to pay for the education of men and women of all races. 0