74 Grand Street. SoHo. 74 Grand Street. development site. A commercial or live-work IMAGE OF PREVIOUS STRUCTURE

Transcription

1 74 Grand Street A commercial or live-work SoHo development site IMAGE OF PREVIOUS STRUCTURE

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 74 Grand 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 74 Grand Street Asking; $4,950,000 EXCLUSIVE AGENTS: James Nelson (x7710) Robert Burton (x7770) Mitchell Levine (x7761) Clyde McGraw (x7724) Caroline Hannigan (x7708) David Fowler (x7734) 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 Landmarks Preservation Agreement Interior Demolition Renderings Dismantling and Storage of Architectural Cast Iron Components Tax Map and Location Historic Location Map Neighborhood Information Neighborhood Character Neighborhood Map Previous Aerial Map Zoning Map Zoning Description Transportation Description Bus Map Due Diligence Certificate of Occupancy

6 Existing Site

7 Previous Structure

8 New York, NY A commercial or live-work SoHo development site 74 Grand Street Property Information Address: Location: 74 Grand Street Located on the north side of Grand Street between Wooster and Greene Streets. Block: 475 Lot: 60 Lot Size: 25' x 100' (Approx.) Irregular Original Building Information Building Size: 25' x 93' (Approx.) Stories: 5 Gross Square Footage: 10,875 SF (Approx.) Zoning: M1-5B FAR: 5.0 Lot Size: 2,500 SF (Approx.) Maximum Buildable Sq. Ft.: 12,500 SF (Approx.) Minus Total Existing Structure 10,875 SF (Approx.) Available Air Rights: 1,625 SF (Approx.) Assessment (10/11) : $272,610 Taxes (10/11): $36,096 Historic District: Soho Cast Iron Historic District Description: IMAGE OF PREVIOUS STRUCTURE A prime SoHo development site for a commercial or live-work property. At Landmark's request, the five story facade, from the previous building, has been preserved for a future project. The sellers may request that the buyer purchase the entity which currently owns this property. Asking; $4,950,000 For further information or inspection please contact Exclusive Agents: James P. Nelson jpnelson@masseyknakal.com x7710 Robert Burton rburton@masseyknakal.com x7770 Clyde McGraw cmcgraw@masseyknakal.com x7724 Mitchell Levine mlevine@masseyknakal.com x7761 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

9 Landmarks Preservation Agreement

10 Landmarks Preservation Agreement

11 Interior Demolition Plans

12 Interior Demolition Plans

13 Interior Demolition Plans

14 Dismantling and Storage of Architectural Cast Iron Components

15 Dismantling and Storage of Architectural Cast Iron Components

16 Tax Map and Location 74 Grand Street, New York, NY Tax Block: 475 Lot: 60 Location: The subject property is located on the north side of Grand Street between Wooster and Greene Streets Grand Street

17 Neighborhood Map

18 Previous Aerial Map

19 74 Grand Street Zoning Information

20 Neighborhood Character 74 Grand Street is located in SoHo which stretches from Canal Street to Houston Street and lies between the Hudson River and Lafayette Street. Soho s picturesque cobblestone streets, cast-iron buildings and designer boutiques draw a sophisticated and hip crowd to the neighborhood. The narrow streets are filled with residents and tourists making this one of the premier locations in New York City for retailers. Those that visit the area come for the district s many fashionable stores, restaurants and sidewalk vendors. 74 Grand Street s is centrally located within this bustling retail corridor, making it well positioned for success. 74 Grand Street will unquestionably benefit from the creation of high-end developments and hotels around it. The Soho Mews located at 311 West Broadway offers fifty nine loft style residences, and five spacious family sized townhouses. Condominiums at The Soho Mews range from $2,350,000 to $11,500,000 and currently have over 50% of the units in contract, with many of the units having contracts signed in excess of $1,900 SF. The Trump Soho Hotel Condominium is currently under construction and once completed will stand as the largest structure in Soho. The units range from $1.5 million dollars and up, and will offer unprecedented services and amenities for its guests as well as driving additional foot traffic to the areas retail corridor. With these new developments, SoHo has still maintained its trendy, "old-time" SoHo feel. New eateries like Lure Fish Bar, Kelley and Ping, join old standbys such as Cipriani, Zoe, Blue Ribbon Sushi, and Aguagrill. Among many other significant buildings in the area are the architecturally distinct Puck, De Vinne Press, and Bayard-Condict Buildings. Lafayette Street, and the surrounding areas, host several off Broadway shows and theaters which include The Public Theater, The Astor Place Theater, Joe s Pub, and the Amato Opera.

21 Neighborhood Character HOTELS Since its opening, The Soho Grand Hotel which is owned and operated by Leonard and Emanuel Stern, who have also created the successful Tribeca Grand Hotel, continue to attract locals as well as tourists. The Mercer Hotel developed by Andre Balazs, is New York's first loft hotel and captures the very essence of the area with floor to ceiling windows and wooden floors. In addition to the hotels trendy feel, The Mercer is a good hotel for families with babies which can sleep in hotel provided Frette-lined cribs, complete with toys. These hotels cater to exclusive clientele and enjoy extremely high occupancy rates year round and will undoubtedly drive foot traffic surrounding the retail property. RETAIL SoHo, the area surrounding 74 Grand Street has continued to be one of the leading sources of creativity for the fashion and retail industries as well as all forms of designer merchandise. Many of the prestigious retail tenants in midtown along Madison and Fifth Avenue have second locations in and around the Wooster Street area in an attempt to capture the high end customers living in the newly appointed developments and tourists staying in the new luxury hotels. The fashion forward designers such as Dolce & Gabbana, Prada, Marc Jacobs, Catharine Malandrino, Coach, Burberry, Kate Spade and Ben Sherman line West Broadway, Broadway, Broome and Spring Streets. In addition, larger main stream chains such as H&M, J. Crew, Banana Republic, American Eagle and UNIQLO lure shoppers up and down Broadway. Apple recently opened its first Apple Store in the old Post Office Building on Prince Street a short walk from 74 Grand Street. Given the resiliency of the New York City high end market, 74 Grand Street s core location will continue to be one of New York City's prime downtown retail destination locations. EDUCATION New York University s campus is centered around Washington Square Park, a short walking distance from 74 Grand Street. Many teachers and students are housed in the surrounding area and the NYU Bus can be seen regularly making its way down West Broadway, across Spring, down Broadway or up Lafayette. The school has an enormous influence on New York City and the SoHo area in particular. The Drawing Center serves the artistic community and the Open Center offers numerous non-traditional courses.

22 Neighborhood Character SCHOOLS Families attracted to the area will benefit by the variety of schools and activities for their children. Private nearby downtown schools included are the Little Red Schoolhouse for pre-k through 8th Grade in the Village on Sixth Avenue and Bleecker Street and its affiliate, Elisabeth Irwin High School, located at 40 Charlton Street in Soho. RESTAURANTS Soho is home to celebrity hotspots Mercer Kitchen and Fiamma Osteria. Those looking for an truly downtown experience should head to Balthazar for exceptional French cuisine, The Cub Room for superior American fare, and Dos Caminos Soho for a sampling of contemporary Mexican dishes in hip environment. Older original restaurants include Blue Ribbon, Aquagrill, Raoul s, and Lure Fish Bar. Excellent fare is available throughout the area around 74 Grand Street as some of the city s most talented chefs have been brought into the area. Noteworthy restaurants include Woo Lee Oak, Landmark, Felix and Shorty s.32. ARTS and CULTURE Art galleries in SoHo include Westwood Gallery, OK Harris, Nancy Hoffman, CFM Gallery, John McEnroe, Louis K. Meisel, and the American Primitive Gallery. Museums or their stores include the Drawing Center, the Children's Museum of the Arts, the MOMA Design Store and the New Museum of Contemporary Art in its new location on the Bowery. Theatres include the Ohio Theatre and the Wooster Group.

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 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. The property is zoned M1-5B FAR: Grand Street

24 Zoning Information: M1

25 Zoning Information: M1

26 Transportation Description In addition to the diversity of services and amenities located within its parameters, 74 Grand Street has excellent access to major transportation modes. All four subway lines (the 1, 9; the A, C, E; the N, R; 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 Lafayette Street and downtown service along Varick Street and Broadway. The fare for both the bus and subway lines is two dollars ($2.00). 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. 74 Grand Street 74 Grand 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 74 Grand Street to local and regional business destinations is unusual and definitely enhances the attractiveness of the property.

27 74 Grand Street Bus Map

28 Certificate of Occupancy

29 Certificate of Occupancy