exclusive offering prime lower east side retail condo … · dense population of trendy cafes,...

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.

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Property Overview 263 Bowery | New York, NY | Lower East Side


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


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



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Property Photos 263 Bowery | New York, NY | Lower East Side


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Property Photos 263 Bowery | New York, NY | Lower East Side


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Aerial 263 Bowery | New York, NY | Lower East Side


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Retail Map 263 Bowery | New York, NY | Lower East Side

Restaurants Museums/Galleries12345678

VandalIl BucoThe WrenSaxon + ParoleCataLa GamelleThe Bowery ElectricThe Bowery Ballroom

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34567

New MuseumInternational Center of Photography MuseumSperone WestwaterGR GallerySoho Contemporary ArtParasol ProjectsExpo Arte

Retails & Shops12345

Whole FoodsPatagoniaBlue & CreamTokyobikeCamper Lab

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Hotels1 2

The BoweryThe Bowery House

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263 Bowery, New York, NY


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Floor Plans 263 Bowery | New York, NY | Lower East Side

First Floor


11


Second Floor


12


Third Floor


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


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


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Neighborhood Map

263 BoweryNew York, NY



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


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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


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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


www.gfirealty.com 140 Broadway New York, NY 10005

exclusive offering prime lower east side retail condo … · dense population of trendy cafes,...

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