Presenting. The Beury Portfolio. Inquiries: Imar L. Hutchins, Esq. (212)

Transcription

1 Presenting The Beury Portfolio Inquiries: Imar L. Hutchins, Esq. (212)

2 Executive Summary We are pleased to offer to the market The Beury Portfolio, three prime development opportunities in North Philadelphia, the flagship of which is the landmark 14-story Beury Building at the intersection of Broad Street, Erie & Germantown Avenues. What is The Beury Portfolio? The Beury Portfolio is comprised of three properties totaling over 250,000 interior square feet of space on 2.6 urban acres. The Portfolio includes the two largest buildings in the Broad & Erie Subway Hub/Temple Medical Campus area and almost an entire contiguous city block nearby. All of the properties will require complete gut-renovation. The Beury Portfolio is offered at the following price: The Beury Building: $3.25 million 1700 Tioga Street: $1.2 million The Lippincott Properties: $1.5 million Total Beury Portfolio: $5.95 million About the Properties I. The Beury Building ( North Broad Street) is a 112,000-square foot, 14- story building located at the intersection of Broad Street, Germantown and Erie Avenues in North Philadelphia. It dominates the skyline of the heavily traveled intersection known as Broad and Erie, is listed on the National Historic Register and previously opened underground directly into the subway. It is in need of extensive renovation as it has been a vacant for nearly 20 years. Originally, the National Bank of North Philadelphia, the building was constructed in 1926 and the National Register calls the building one of Philadelphia s more sophisticated examples of the Art Deco style. In fact, it is the only Art-Deco building in Philadelphia outside of downtown. The nearly 10,000 square foot-per-floor footprint is ideal for ground floor retail with office and/or residential development on the floors above. It is located one block north of Temple/Shriner s Hospital. The Beury Portfolio also includes 3707 North Broad Street, a building in disrepair whose primary value lies in the land which it occupies a 3,720 square foot lot adjacent to the Beury Building which any development plan would likely call for demolishing to create parking and/or ingress and egress. This package includes elevations and a site plan for The Beury Building. II Tioga Street (a/k/a Tioga Trust Company Bank Building) is a 45,000 square foot, 8-story building located at the intersection of 17 th and Tioga Streets in North Philadelphia. Located just three blocks east of Temple University s Hospital and Medical School Campus, the premises are within walking distance of the subway.

3 Originally the Tioga Trust Company Bank, the property later became an administration building affiliated with Temple University Hospital. Before being acquired, the building sat unoccupied for many years and fell into a state of disrepair. The current owner has gutted the building and has prepared a schematic design for the proposed Tioga House a 35-unit residential conversion, with ground floor retail opportunity. Attached please find elevations, a site plan, existing conditions and typical floor plan of the proposed schematic design. III. The Lippincott Properties (a/k/a The Taylor Lock Building Site) is an approximately two-acre parcel (on 5 separate lots) that comprises almost the entire city block bounded by Lippincott Street on the north and Clearfield Street on the south, between 20 th and 21 st Streets in North Philadelphia (see attached site plan). The Lippincott Properties are located just off Allegheny Avenue in the heart of the Allegheny West redevelopment area, and are centerpieces of the planned redevelopment of the area. Attached is a proposed adaptive re-use redevelopment plan for the premises, which calls for demolition of most of the block to create parking. The Taylor Lock Building (approximately 90,000 square feet) and the smaller 20,000 square foot building to its east, would remain and be renovated. The renovation would create a secure, dedicated campus containing approximately 110,000 square feet of office, residential and/or storage space, plus approximately 150 parking spaces. Terms of Sale The properties are offered on an AS-IS basis. Only cash offers will be considered. There will be no financing contingencies. The seller will make no representations and warranties, nor take back any mortgages. Closing must be scheduled within 45 days of contract. Contact Imar L. Hutchins, Esq., attorney for the owner, is the contact person regarding the sale. Brokers will be protected. Interested parties my contact him as follows: Imar L. Hutchins, Esq. 740 Saint Nicholas Avenue New York, NY Tel: Fax: imarhutchins@gmail.com * * *

4 Building and Lot Descriptions: Beury: lot size = 94 x 155 irregular land area = 13,623 sf (0.31 acres) Buildling sf = 112,000 Tioga: lot size = 93 x 160 land area = 14,880 sf (0.34 acres) Building sf = 45,000 Lippincott: lot size = 225 x 380 land area = 85,500 sf (1.96 acres) Building sf = 110,000 Total land area = approx. 114,003 (2.6 acres) Total building sf = approx. 267,000

5 The Beury Building The Beury Building viewed from the northwest (Germantown Avenue) The Beury Building viewed from the North (North Broad Street)

6 The Beury Building viewed from the South (Broad Street) The Beury Building viewed from the southwest

7 The Lippincott Properties Architect s rendering of proposed redevelopment of the Lippincott Properties Architect s rendering of the interior of the proposed redevelopment. The plan leaves 110,000 sf of interior space intact and creates 150 parking spaces through demolition of certain structures on the premises and renovation of others (see attached).

8 1700 Tioga Street