NEW YORK CENTRAL ART SUPPLY Sale Leaseback 62 3 rd Avenue, New York, NY 10003 EXCLUSIVE LISTING AGENT: Rob James and Dan de Sa Phone: 212.972.7457 Fax: 212.686.0078 exp@exp1031.com www.exp1031.com Price: $4,650,000 l NNN Rent: $200,000 I Cap: 4.3 Below market rent Absolute triple net lease Prime Greenwich Village location Near five New York University Dorms Zoning allows for a variety of uses including retail, restaurant, office, and residential Excellent street frontage and visibility on Third Avenue Area retailers include Loews AMC Theatre, Best Buy, Whole Foods, and Trader Joe s
Whisper NEW YORK Valley CENTRAL Ranch ART SUPPLY Property Investment Line Overview Map PROPERTY OVERVIEW: EXP Realty Advisors, Inc exclusively presents for sale this 6,071 sf property located at 62 3 rd Avenue near 11 th Street in New York City s East Village. The four above ground floors and basement are used by the seller for the retail sale of art supplies including paint and high end paper products. New York Central Art Supply has been operating continuously from this location for 106 years. At closing the seller will enter into a seven year lease with no options at the same below market rent. Other retailers in the immediate trade area include Best Buy, Radio Shack, Whole Foods, Trader Joe s, Duane Reade, Walgreens, Starbucks, and Dunkin Donuts among others. Additionally, the area is home to five New York University dormitories, as well as Beth Israel Hospital (1,160 beds). The zoning, C6-2A, allows for uses including retail, restaurants, office and residential. Also offered for sale leaseback is the NY Central Art Supply commercial condo located around the corner at 130 East 12 Street. Click here to view 130 E. 12 th St. LOCATION OVERVIEW: Manhattan s East Village lies east of Greenwich Village, south of Gramercy and Stuyvesant Town, and north of the Lower East Side. Within the East Village are several smaller neighborhoods, including Alphabet City and The Bowery. The area was once generally considered to be part of the Lower East Side, but began to develop its own identity and culture in the 1960s, when many artists, musicians, and students began to move into the area, attracted by cheap rents and the base of Beatniks that had lived there since the 1950s. The neighborhood has become a center of the counterculture in New York, and is known as the birthplace and historical home of many artistic movements, including punk rock and the Nuyorican literary movement. The East Village is still known for its diverse community, vibrant nightlife and artistic sensibility, although in recent decades gentrification has changed the character of the neighborhood somewhat. TENANT OVERVIEW: www.nyartsupply.com New York Central Arts Supply was founded in 1905 by Benjamin Steinberg. It took its name from the train line that fascinated Steinberg and represented to him the Great American Success Story. Although the New York Central Line never passed anywhere near its namesake, perhaps the proximity of the Third Avenue E Train rumbling overhead constantly kept it in mind. In the 1970 s and 1980 s, the company worked closely with many of the most respected artists, New York Central began importing some of the finest art materials from around the world. Charbonnel Inks, Raphael, Manet and Isabey Brushes, Sennelier Oils, papers from Europe, Bhutan, India and Nepal - items that were previously unknown - were introduced to the American market. Today, New York Central is still exploring the needs of the artist. The company offers to all of their customers the newest technology, the old standards, the rare, the exotic and perhaps a glimmer of inspiration. With perhaps the best selection of artist's materials and especially paper in the world. Financials are available with a confidentiality agreement. 62 3rd Avenue Below Market Triple Net Below Market Triple Square Feet Rent Per Square Foot Net Rent Ground floor retail 1,435 69.69 100,000 2nd floor retail 1,067 46.86 50,000 3rd floor retail (zoned residential) 1,067 23.43 25,000 4th floor retail (zoned residential) 1,067 18.74 20,000 Basement 1,435 3.48 5,000 Total 6,071 32.94 200,000 Price 4,650,000 INVESTMENT OVERVIEW 2
Whisper NEW YORK Valley CENTRAL Ranch ART SUPPLY Investment Property Line Summary Overview Map 62 3 rd AVENUE Building Sq. Ft. 6,071 2011 Real Estate Tax: $34,391 -Breakdown by floor- Basement Sq. Ft. ±1,434.5 Floor 1 Sq. Ft. ±1,434.5 Floor 2 Sq. Ft. ±1,434.5 Floor 3 Sq. Ft. ±1,067 Floor 4 Sq. Ft. ±1,067 Lot Size: 23.75 x 77.83 (1,848 sq. ft.) Building Class: Year Built: 1901 Zoning: K9 - Miscellaneous C6-2A: Allows for commercial use (retail, stores, offices, restaurants) as well as residential use Max FAR: NNN Rent: Lease Term: 6.0 for commercial. 7.2 for residential with inclusionary housing bonus (20% of residential floor area is used for affordable housing) $200,000 (below market) 7 years flat (rent will commence upon close of escrow) PROPERTY SUMMARY 3
Whisper NEW YORK Valley CENTRAL Ranch ART SUPPLY Property Labeled Aerial Line Map Union Square Stuyvesant Square Coral Towers Palladium Beth Israel Hospital (1160 Beds) 130 E. 12th Street (also for sale) Brittany Hall Third North 62 3rd Avenue Alumni Hall LABELED AERIAL 4
Whisper NEW YORK Valley CENTRAL Ranch ART SUPPLY Property Labeled Aerial Line Map Palladium Coral Towers 130 E. 12 th Street (also for sale) Grace Church & School 62 3 rd Avenue Third North LABELED AERIAL 5
Whisper NEW YORK Valley CENTRAL Ranch ART SUPPLY & FRAMING ANNEX Investment Property Line Photos Overview Map 1 st Floor Retail Facing West 1 st Floor Retail West View 2 nd Floor Retail Facing East 3 rd Floor Retail Facing East PROPERTY PHOTOS 6
Whisper NEW YORK Valley CENTRAL Ranch ART SUPPLY & FRAMING ANNEX Investment Property Line Photos Overview Map 4 th Floor Retail Facing East 4 th Floor Retail Facing West Basement Retail Facing East Store Front on 3 rd Avenue PROPERTY PHOTOS 7
Whisper NEW YORK Valley CENTRAL Ranch ART SUPPLY & FRAMING ANNEX Investment Property Line Photos Overview Map 62 3 rd Avenue Storefront Facing North Rear of 2nd, 3rd and 4th Floors PROPERTY PHOTOS 8
NEW YORK CENTRAL ART SUPPLY Site Plan LOCATION MAP 9
NEW YORK CENTRAL ART SUPPLY Site Plan LOCATION MAP 10
Whisper NEW YORK Valley CENTRAL Ranch ART SUPPLY Property 2010 Demographic Line Map Data 1 Mile 3 Miles 5 Miles Population Total Population 291,063 1,053,673 2,664,666 Male Population 49.5% 49.7% 48.8% Female Population 50.5% 50.3% 51.3% Median Age 39.2 38.6 37.8 Population Density (per sq. mi.) 92,423.6 37,175.7 33,845.3 Employees 391,547 2,278,566 2,803,250 Establishments 36,826 162,836 219,416 Projected Population Growth 2010-2015 4.2% 9.0% 5.2% 2015 Projected Population 303,274 1,148,932 1,148,932 Income Median HH Income $70,743 $67,540 $57,707 Per Capita Income $68,793 $63,541 $49,071 Average HH Income $128,667 $129,766 $110,934 Households Total Households 149,840 500,562 1,149,833 Average Household Size 1.8 2.0 2.3 Household Growth 2000-2010 2.8% 8.9% 3.7% Projected Household Growth 2010-2015 4.5% 9.6% 6.1% 2015 Projected Households 156,547 548,478 1,219,703 Housing Owner Occupied Housing Units 21.1% 22.9% 24.2% Renter Occupied Housing Units 68.4% 64.9% 65.0% Vacant Housing Units 10.5% 12.2% 10.8% Race White 65.9% 62.6% 55.0% Black 6.4% 9.1% 17.1% American Indian, Eskimo, Aleut 0.2% 0.2% 0.3% Asian 16.1% 16.0% 12.7% Hawaiian or Pacific Islander 0.1% 0.1% 0.1% Other 7.0% 8.0% 10.4% Multirace 4.3% 4.1% 4.5% Ethnicity Hispanic 13.3% 17.7% 26.9% Non-Hispanic 86.7% 82.3% 73.1% Contact Us EXP Realty Advisors 118 East 28 th Street Suite #901 New York, NY 10016 Phone: (212) 972-7457 Fax: (212) 686-0078 www.exp1031.com Robert P. James President Phone: (212) 972-7457 Email: rob@exp1031.com Daniel de Sa Director of Sales Phone: (212) 972-3947 E-mail: dan@exp1031.com DEMOGRAPHIC DATA 11