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140 Broadway New York, NY 10005it’s who you know | www.gfirealty.com
EXCLUSIVE OFFERINGPRIME LOWER EAST SIDE RETAIL CONDO FOR SALE
263 Bowery, New York, NYPrice reduction: $4,850,000
Property Description
GFI Realty Services, LLC is pleased to offer the exclusive opportunity to acquire 263 Bowery, a fully leased 6,500 SF retail condo located in the heart of the Lower East Side. The asset is comprised of three levels which includes the ground floor duplex (including basement), second and third floors. The subject offering is situated at the base of Karl Fischer’s recently constructed (9)-story luxury residential condo building located along a major commercial thoroughfare. The ground floor duplex unit and third floor is occupied by the same tenant, who recently excecuted their renewal option. Retail condo units in the neighborhood are currently leased at an average of $127 per square foot (see pg. 13 for comps).
The Bowery is a main thoroughfare situated in Downtown Manhattan that extends through Chinatown, the Lower East Side and ending in the East Village. The Bowery is known for its dense population of trendy cafes, boutique hotels, bars and chic restaurants such as Vandal, The Bowery and The Wren. Popular retail along the thoroughfare include Whole Foods Bowery, Blue & Cream and Patagonia.
This offering provides an investor with the opportunity to acquire a prime retail asset in a highly sought after area known as one of Manhattan’s most fashionable and trendy neighborhoods. The neighborhood’s attractiveness is due to its rustic appearance that has remained from its grittier days intermingled with new luxury constructions including the highly anticipated Essex Crossing, a mixed-use development located at the intersection of Essex and Delancey Streets. This megaproject will be comprised of nearly two million square feet of mixed-use space on six acres of land and is expected to be completed in 2024.
Block/Lot:Year Built: Lot Size:Rentable SF:
Zoning: Mortgage:
427/7503200924.3 x 102Approx. 6,500 Total RSFGround Floor Duplex- 2,500 RSF2nd Floor- 2,000 RSF3rd Floor- 2,000 RSFR8X, C6-1, C2-5Delivered free and clear.
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
3
Property Overview 263 Bowery | New York, NY | Lower East Side
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
Income & Expenses
4
Grand Central Pkwy
Main Street
141st St
Union Tpke
82nd Ave 138th St
Main Street
Hoover Ave
82nd Dr
150th S
t
ASKING PRICE
CAP Rate
*Floors Can be Purchased Separately
$27,000$43,701
$70,701
$278,916
Effective Gross Income
Commercial
Total
Expenses
Real Estate TaxesCommon Charges
Total
NOI
$349,617
$349,617
$4,850,000
5.8%
263 Bowery | New York, NY | Lower East Side
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
Rent Roll
5
Unit
1st Floor (Duplex)
2nd Floor
3rd Floor
Tenant
Novo Realty
Hair Salon
Novo Realty
Rent
$9,500.00
$10,454.79
$9,180.00
SF250020002000
SF250020002000
SF
2,500
2,000
2,000
Rentable SF
$96.00
$60.57
$54.00
Unit
1st Floor (Duplex)
2nd Floor
3rd Floor
Common
38.77%
33.24%
27.99%
Taxes
$8,822.00
$7,564.00
$6,369.00
Lease Term
Expires 9/30/2020
Expires 7/30/2021
10/1/2017 - 9/30/2020
Options/
Tenant Executed Option
3% Annual Increase
Total Monthly Income $29,134.79Total Annual Income $349,617.48
Charges Escalations
Totals 100% $22,755.00
263 Bowery | New York, NY | Lower East Side
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
6
Property Photos 263 Bowery | New York, NY | Lower East Side
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
7
Property Photos 263 Bowery | New York, NY | Lower East Side
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
8
Aerial 263 Bowery | New York, NY | Lower East Side
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
9
Retail Map 263 Bowery | New York, NY | Lower East Side
Restaurants Museums/Galleries12345678
VandalIl BucoThe WrenSaxon + ParoleCataLa GamelleThe Bowery ElectricThe Bowery Ballroom
1 2
34567
New MuseumInternational Center of Photography MuseumSperone WestwaterGR GallerySoho Contemporary ArtParasol ProjectsExpo Arte
Retails & Shops12345
Whole FoodsPatagoniaBlue & CreamTokyobikeCamper Lab
Stanton St
Rivington St
Chr
ysti
e St
Chr
ysti
e St
Fors
yth
St
Fors
yth
StE
ldri
dg
e St
Alle
n St
Alle
n St
Alle
n St
Alle
n St
Alle
n St
Alle
n St
Alle
n St
Orc
hard
St
Lud
low
St
Delancey St
Delancey StDelancey St
Delancey St
Kenmare St
Kenmare St
Cle
vela
nd P
l
Cent
re S
t
Lafa
yett
e St
Lafa
yett
e St
E Houston St
E Houston St
E Houston St
E Houston St
E Houston St
E Houston St
E Houston St
E Houston St
Bow
ery
Bow
ery
Bow
ery
Bow
ery
Bow
ery
Bow
ery
Prince St
Prince St
Prince St
Eliz
abet
h StMot
t StM
ulb
erry
St
Mul
ber
ry S
t
Mot
t St
Eliz
abet
h St
Spring St
Lafa
yett
e St
Spring St
Cro
sby
St
Cro
sby
St
Broa
dway
Broa
dway
Mer
cer S
t
Mer
cer S
t
Gre
ene
St
Bleeker St
E 1st St
E 2nd St
2nd
Ave
2nd
Ave
E 3rd St
Broome St
Broome St
Broome St
Grand St
Grand St
Grand St
Chr
ysti
e St
Bow
ery
Mot
t St
Mot
t St
Eliz
abet
h St
Mul
ber
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Cro
sby
St
Hotels1 2
The BoweryThe Bowery House
6
7
8
1
3
45
6
7
1
2
1
2
3
4
5
2
3
4
5
1
2
263 Bowery, New York, NY
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
10
Floor Plans 263 Bowery | New York, NY | Lower East Side
First Floor
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
11
Floor Plans 263 Bowery | New York, NY | Lower East Side
Second Floor
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
12
Floor Plans 263 Bowery | New York, NY | Lower East Side
Third Floor
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
Comparables
13
79th Ave
Parso
ns Blvd
78th Rd
78th Ave77th Rd
77th Ave76th Rd
76th Ave75th Rd
75th Ave73rd Ave
72nd Dr72nd Rd
78th Rd
136th St
137th St
150th St
Union Tpke
Union Tpke
KEW GARDENS HILLS
82nd Ave
Hoover
150th S
t
Village
263 Bowery | New York, NY | Lower East Side
ADDRESS ZIP LEASE TYPE SQ FT MONTHLY RATE PPSF DISTANCE232-234 Elizabeth Street 10012 Full Service 880 $18,500.00 $252.27 0.08 Miles248 Mott Street 10012 Modified Gross 450 $9,950.00 $265.33 0.11 Miles342 Bowery 10012 Modified Gross 700 $13,000.00 $222.86 0.20 Miles57 Great Jones Street 10012 Modified Gross 900 $15,003.00 $200.04 0.21 Miles165 Elizabeth Street 10012 Modified Gross 1522 $15,500.00 $122.21 0.22 Miles57-59 Second Avenue 10003 Modified Gross 2050 $22,999.00 $134.63 0.22 Miles173 Orchard Street 10002 Modified Gross 1000 $12,500.00 $150.00 0.23 Miles100 Stanton Street 10002 Modified Gross 600 $11,000.00 $220.00 0.28 Miles123-125 Orchard Street 10002 Modified Gross 1000 $9,000.00 $108.00 0.30 Miles114 Stanton Street 10002 Modified Gross 1200 $13,500.00 $135.00 0.31 Miles165-167 Bowery 10002 Modified Gross 1900 $17,100.00 $108.00 0.3 Miles78-84 Rivington Street 10002 Modified Gross 350 $9,479.17 $325.00 0.4 Miles61-63 Delancey Street 10002 Modified Gross 775 $11,947.92 $185.00 0.4 Miles154 Stanton Street 10002 Modified Gross 350-1400 $3,120.00- $107.00- 0.5 Miles $15,867.00 $136.0092 Orchard Street 10002 Modified Gross 1600 $13,333.33 $100.00 0.5 Miles243 Broome Street 10002 Modified Gross 1200 $10,000.00 $100.00 0.6 Miles
AVERAGES SQ FT MONTHLY RATE PPSF1075 $13,520.83 $175.22
ADDRESS172 Ludlow StreetNY, NY 10002
150 Spring SteetNY, NY 10012
398 Broome StreetNY, NY10013
TENANTVan Leeuwen Ice Cream
Starbucks
Project Cozy (Coffee/Juice Bar)
TERM10 Years
10 Years
15 Years
SQ FT1750
1050
1650
MONTHLY RATE$18,229.00
$9,362.50
$20,625.00
PPSF$125.00
$107.00
$150.00
DISTANCE0.29 Miles
0.48 Miles
0.30 Miles
RENTED UNITS AVERAGES SQ FT MONTHLY RATE PPSF1483 $16,072.17 $127.33
MARKETING UNITS
Transit Map
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
14
Neighborhood Map
263 BoweryNew York, NY
263 BoweryNew York, NY
263 Bowery | New York, NY | Lower East Side
C1 & C2 (C1-6, C1-7, C1-8, C1-9) & (C2-6, C2-7, C2-8) - C1-6 through C1-9 and C2-6 through C2-8 districts are commercial districts that are
predominantly residential in character. They are mapped along major thoroughfares in medium- and higher-density areas of the city. As in overlay districts, typical retail uses include grocery stores, drug stores, small dry cleaners, restaurants, and local clothing stores that cater to the daily needs of the immediate neighborhood. There are only minor differences between C1 and C2 districts, with a slightly wider range of uses permitted in C2 districts, such as funeral homes and local repair services. In buildings with residential uses, commercial uses are limited to one or two floors and must always be located below the residential use.
C6 districts permit a wide range of high-bulk commercial uses requiring a central location.C6-1 through C6-3 districts allow a
commercial floor area ratio of 6.0 and are generally mapped outside of the central business cores.
Zoning Map
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
15
263 BoweryNew York, NY
263 Bowery | New York, NY | Lower East Side
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
16
Market Highlights 263 Bowery | New York, NY | Lower East Side
• The Lower East Side is bordered by Bow-ery to the west, East Houston Street to the north, the East River to the south east.
• The property is within walking distance to the B & D subway lines at the Grand Street Station as well as the J & Z lines at the Bowery Station.
• The Lower East Side has seen an in-crease in upscale boutiques, trendy dining establishments, and galleries. It is home to landmarks such as Katz Deli, Bowery Ball-room, Mercury Lounge, and the New Mu-seum.
• Clinton, Orchard, Ludlow, Essex, Allen, Stanton and Rivington Streets are alive with bars,music clubs and destination restaurants, such as Ivan Ramen, Russ & Daughters Cafe and Dirt Candy. The neighborhood has 122 art galleries and counting.
Demographics
Area:Population: Population density: Median household income 2013:MalesFemalesMedian age males:Median age females:Average household size:
0.498 square miles40,80381,900 people per square mile$43,87220,33720,42939.040.22.2 people
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
17
263 Bowery | New York, NY | Lower East Side
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice.
Property Map
18
Grand Central Pkwy
Main Street
79th Ave
150th St
Parso
ns Blvd
78th Rd
78th Ave77th Rd
77th Ave76th Rd
76th Ave75th Rd
75th Ave73rd Ave
72nd Dr72nd Rd
141st St
138th St
78th Dr
78th Rd
136th St
137th St
Main Street
150th St
Union Tpke
Union Tpke
KEW GARDENS HILLS
134th St
82nd Ave 138th St
Main Street
Hoover Ave
82nd Dr
150th S
t
Village Rd
84th Ave
263 Bowery | New York, NY | Lower East Side
www.gfirealty.com 140 Broadway New York, NY 10005