± Grand Success Realty

Transcription

1 ± Grand Success Realty

2 Executive Summary Besen & Associates and Grand Success Realty, as co-exclusive agents for long-term Ownership, are pleased to offer for sale 339 Grand Street, New York, NY (the Property ) aka 57 Ludlow Street; a landmarked building located on the southwest corner of Grand and Ludlow Streets in the Lower East Side/Chinatown neighborhood of Manhattan. Built in the early 1830 s, this 3½ story corner commercial building with 4,200± SF above-grade plus basement will be delivered vacant at closing. Additionally, there are 4,200± SF of unused air rights that may have future transfer potential. The Property is conveniently situated near the Delancey Essex Streets Station on the [F, J, M, & Z] trains & the Grand Street Station on the [B, D] trains, and just steps from the Essex Crossing megaproject, a 1.9-million-square-foot mixed-use development anchored by more than 1,000 residential units, 400,000± square feet of office space and 450,000± square feet of retail space. The 339 Grand Street House was one of five Federal style row houses built by John Jacob Astor circa on property he purchased from William Laight in Astor, at the time of his death in 1848, was the wealthiest man in America; his wealth, originally accumulated in the fur and China trades, was largely concentrated in New York City real estate after Early tenants of the house included several dry goods merchants. The five Grand Street houses were devised by a codicil to Astor s will to six of his grandchildren by his daughter Dorothea Astor Langdon. A partition deed in 1855 provided for the 339 Grand Street House to be allocated to his granddaughter Cecilia Langdon de Nottbeck. A full-lot rear yard addition fronting on Ludlow Street was built circa There has been a storefront at the ground floor of the Grand Street facade since at least The house remained in the de Nottbeck family until The 339 Grand Street House is a remarkable, rare surviving example of the Federal style house in Manhattan. Its design is characteristic of the Federal style and the house retains a significant amount of its original architectural fabric, including its original form and materials, three-and-a-half-story height and 17½ foot width, and front facade with Flemish bond brickwork, high peaked roof and dormer. The early rear yard addition also retains a significant amount of its original architectural fabric, including its three-story height, flat roof, stone lintels and sills, and cornice. Of the five Federal style row houses built on Grand Street by John Jacob Astor, the 339 Grand Street House is the only one that is largely intact. The Property s location Manhattan s Lower East Side or LES - is rich with history and for most of the 20th Century, was the first stop for immigrants looking for affordable accommodations in NYC s tenements. Over the past 20 years, the neighborhood has seen widespread gentrification, with new rental and condo developments, hip bars and restaurants, chic hotels, independent boutiques and famous art galleries. Part of the LES charm and attraction has been its ability to maintain its edge, and hang on to its vibrant past with its old-school eateries, retro businesses, and preserved public spaces. As the LES continues to develop, 339 Grand Street is a rare opportunity to renovate a landmarked corner building and bring it back to its former glory. Asking Price: $7,200,000 For more information, please contact exclusive brokers below: Alan P. Miller Senior Managing Director (646) amiller@besenassociates.com Tzipporah Wexler Grand Success Realty (212) modahani811@aol.com Paul J. Nigido Senior Financial Analyst (646) pnigido@besenassociates.com Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, no express representation is made nor is any implied as to the accuracy thereof and is subject to error, omissions, change of price, rental or other conditions, prior sale, or financing or withdrawal without notice. No warranties or representations are made as in the condition of the property of any hazards contained therein nor are any implied. Rendering pictured in offering materials is not specifically approved for referenced development site. Buildable square footage is subject to verification by purchaser s own architect and/or zoning attorney. 2

3 PROPERTY OVERVIEW Neighborhood Lower East Side Landmark Status Date October 29, 2013 Block & Lot 309 / 19 Total Plot Size Stories Building Type & Size Unused Development Rights 17.5 x 80 (Built: full); 1,400± SF 3½ Story Landmarked Corner Building Federal-Style Row House / 4,200± SF 4,200± SF (Air rights) Zoning C6-2 FAR Commercial: 6.0 / Residential: 6.02 Assessment / Taxes (2018/19) $361,990 / $38,060 3

4 Ludlow Street Facade 4

5 Street Map 5

6 Only 18 Federal-Style houses have been given landmark status since 2002, including 339 Grand Street Federal Style Houses in Manhattan The design of the 339 Grand Street House is characteristic of the Federal-style houses, which usually had a three-bay facade with two full stories over a high basement and an additional half story under a peaked roof with the ridge line running parallel to the front façade. 339 Grand Street is notable as a grand Federalstyle row house due, particularly, to its original form and materials, with its three-and-a-half story height and 17 ½ foot width, high peaked roof with dormer, and front facade with Flemish bond brickwork (now painted). The full-lot rear yard addition, completed circa 1855, also retains its original form and materials, with its three-story height, flat roof, lintels, sills and cornice. Despite the loss or alteration of some architectural details, the 339 Grand Street House is one of the relatively rare surviving and significantly intact Manhattan row houses of the Federal style and period (dating from 1789 to 1834). 6