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34 Union Square East Development Site 34 Directly on Union Square Park Use Contacts EXCLUSIVE OFFERING MEMORANDUM 34 UNION SQUARE EAST DEVELOPMENT SITE 34 DIRECTLY ON UNION SQUARE PARK USE CONTACTS ADELAIDE POLSINELLI Senior Managing Director, Principal [email protected] 646.658.7327 GARY MEESE Senior Director, Financial Services [email protected] 646.658.7351 EASTERN CONSOLIDATED 355 Lexington Avenue New York, NY 10017 www.easternconsolidated.com 2­ 34 UNION SQUARE EAST 34 UNION SQUARE EAST THE LAST REMAINING CORNER DEVELOPMENT ON UNION SQUARE PARK Executive Summary 6 Sales Comparables 14 Property Overview 8 Location Overview 22 Zoning Summary 10 Confidentiality & Disclaimer 23 Property Photos 12 34 UNION SQUARE EAST 3 EXECUTIVE SUMMARY 4­ 34 UNION SQUARE EAST 34 USE 34 UNION SQUARE EAST 5 EXECUTIVE SUMMARY THE ONLY As exclusive agent, Eastern Consolidated is pleased to present REMAINING 34 Union Square East, aka 100–102 East 16th Street, New York, CORNER New York (the “Property”). DEVELOPMENT SITE ON UNION The Property, identified as Block 871, Lot 82, a corner ±26’ x ±125’ development SQUARE PARK site the can accommodate a new mixed-use development containing ±26,000 zoning square feet. Located directly across from Union Square Park, the Property is the only remaining corner development site around the perimeter of Union Square Park. The Property is currently improved with a ±6,500 square foot two-story commercial building occupied by a single tenant – TGI Fridays Restaurant & Bar, which will deliver the building vacant upon sale. 34 Union Square East is situated in a C6-4/C6-2A split-zoning district and also falls within the Special Union Square District. The maximum FAR for residential use is 8.0 and the maximum FAR for commercial use is 6.0. The offering presents an opportunity for developers to acquire an extremely rare corner development site located directly on Union Square. The site is extremely well located, benefits from corner visibility, light and air and is located steps from Manhattan’s 4th busiest subway hub. 34 USE Block Context 6­ 34 UNION SQUARE EAST 34 UNION SQUARE EAST 7 PROPERTY OVERVIEW Address 34 Union Square East (aka 100-102 East 16th Street) Block & Lot 871/82 Location 34 Union Square East is situated on the southeast corner of East 16th Street and Union Square East. The Property is located directly across the street from Union Square Park. As per the Union Square Partnership, Union Square is “home to over 70,000 residents, 150,000 employees and 60,000 students, Union Square is a thriving hub of food, fashion, culture, and cutting-edge businesses with nearly 344,000 daily visitors and 34 million annual subway riders. Transportation 14th Street - Union Square station access featuring L, N, Q, R, W, 4, 5, 6 subway service is located across the street from the Property. This station in one of the busiest transit hubs in all of Manhattan. In 2016, over 34 million passengers entered the station resulting in the 4th-busiest station in New York’s City’s subway system. Real Estate Taxes (17/18) $213,862 Lot Dimensions ±26’ x ±125’ Lot Area ±3,250 square feet Zoning District C6-4 / C6-2A / US (Special Union Square District) Maximum FAR 8.0 Zoning Floor Area ±26,000 square feet Existing Building Size ± 6,500 square feet Unused Development Rights ±19,500 square feet Asking Price $31,000,000 EAST 16TH STREET 82 3 78 74 70R 68R 1 7 10 12 14 16R IRVING PLACE UNION SQ EAST EAST 15TH STREET 8­ 34 UNION SQUARE EAST LEGEND Ofce Retail Condominium Commercial Elevator Apartments Dormitory E 18TH STREET E 18TH STREET Y WA AD 857 Broadway Pret O W Hotel Union Square R Petco 860 Broadway 17th31 E St AT&T Sephora The Red Door 33-37 E 17th St Barnes Nobel& The Everett Building E 17TH STREET B S AVENUE PARK E 17TH STREET IRVINGPLACE 41 Union Sq W NYX Makeup 44 Union Sq E 39 Union Sq W McDonalds ±75,322 SF - Under construction 37 Union Sq W Republic 35 Union Sq W Barn Joo Dunkin’ Donuts 33 Union Sq W Dylan Candy Bar 36-42 Union Sq E 31 Union Sq W Blue Water Grill The Children’s Place E 16TH STREET E 16TH STREET 29 Union Sq W Union Square Green Market 34 The Coffee Shop USE 21-25 Union Sq W 32 Union Sq E Starbucks The Vitamin Shoppe NYU Union Square Park 17-19 Union Sq W Babies"R"Us American Eagle 20 Union Sq E - Theatre UNION SQUARE W UNIONSQUARE UNION SQUARE E UNIONSQUARE E 15TH STREET E 15TH STREET 15 Union Sq W Starbucks Sketchers GNC Zeckendorf Towers USBC Panera Bread 5-6 Union Sq W Staples Au Bon Pain FedEx Ofce 1-3 Union Sq W Reebok Best Buy Mobile E 14TH STREET Y 8 Union Square S E reens WA V A DSW Best Buy Best AD H H Walg Citi Bank Citi T O 4 R Duane Reade Duane B Forever 21 Forever 38 E 14th38 E St Rack Nordstrom Whole Foods MAC Cosmetics 44-48 14th E St Capital BankOne 842-846 Broadway 842-846 849-853 Broadway UNIVERSITY PLACE E 13TH STREET Burlington Coat Factory 34 UNION SQUARE EAST 9 ZONING SUMMARY The Property is a 26’ x 125’ (±3,250 SF) lot located on the southeast corner of Union Square East and East 16th Street. The western 100’ of the lot is zoned C6-4 (R10 Equivalent) and is located in the Special Union Square District. The eastern 25’ is zoned C6-2A. For the purposes of our analysis, we assume that the more favorable zoning attributes of the C6-4 zoning district can be applied to the entire site due to the “25 Foot Rule.” Based on our interpretation of Section 118-21(a) of the Zoning Resolution, the maximum FAR for the Property is 8.0. The following is the applicable excerpt from the Zoning Resolution: The maximum floor area ratio permitted on property bounded by: Broadway, a line midway between East 14th Street and East 13th Street, a line 100 feet west of University Place, Union Square West and Broadway, a line midway between East 17th Street and East 18th Street, a line 100 feet east of Park Avenue South and Union Square East, East 15th Street, Union Square East, East 17th Street, Union Square West and East 14th Street is 8.0 Additionally, this section of the zoning resolution indicates that the maximum FAR for commercial use is 6.0. Given the lot size of 3,250 square feet and our interpretation of the zoning resolution, we assume that the lot can be constructed to a maximum zoning floor area of 26,000 square feet. HISTORIC DISTRICT EAST 16TH STREET UNION SQ EAST EAST 15TH STREET IRVING PLACE 10­ 34 UNION SQUARE EAST VIEWS FROM EXISTING ROOF OVERLOOKING UNION SQUARE PARK View From Existing Roof 34 UNION SQUARE EAST 11 PROPERTY PHOTOS EXTERIOR 34 USE Looking East on East 16th Street Union Square Park Looking West on East 16th Street 12­ 34 UNION SQUARE EAST INTERIOR PHOTOS EXISTING CONDITIONS TGI FRIDAY’S Ground Floor Main Bar Ground Floor Main Bar 2nd Floor Dining Area Ground Floor Dining Area Kitchen (Basement) Kitchen (Basement) 34 UNION SQUARE EAST 13 SELECT DOWNTOWN RESIDENTIAL SALES COMPARABLES — CONDOMINIUM NEW DEVELOPMENTS & CONVERSIONS 1 2 3 4 5 45 East 22nd St 116 University Place 21 East 12th St 688 Broadway 347 Bowery 6 7 8 9 75 Kenmare St 152 Elizabeth St 175 West 10th St 211 West 14th St NEW DEVELOPMENTS: CONVERSIONS 10 11 212 Fifth Avenue 145 West 11th St RESALES 12 13 14 15 15 Union Sq West 1 Irving Place 50 Gramercy Park N DEVELOPMENT SITE SALES 15 182-186 Spring St 20 16 459 West 19th St (Off Map) 17 301 Canal St 18 419 Broadway 19 253-255 10th Ave (Off Map) 20 74 Grand St 14­ 34 UNION SQUARE EAST 10 Madison Avenue Square Sixth Park Avenue ifth F Broadway 1 East 23rd St 9 14 11 Union Square 12 Park 2 13 3 East 14th St Washington Square Park 4 East 4th St 5 20 6 7 17 18 8 34 UNION SQUARE EAST 15 DETAILED SALES DATA — ACTIVE LISTINGS & CLOSED SALES Development Site Sales Comps # Sale Date Address Sale Price Zoning SF of ZFA $/SF of ZFA Note 1 6/8/2017 182-186 Spring Street $31,565,000 R7-2/C1-5 37,278 $847 Purchased in Bankruptcy auction. ZFA as per Press Release. 2 6/1/2017 459 West 19th Street $20,000,000 C2-5/R8A 22,876 $874 - 3 1/19/2017 301 Canal Street $5,400,000 M1-5B 4,535 $1,191 Part of an assemblage with 419-423 Broadway. 4 10/7/2016 419 Broadway $28,000,000 M1-5B 26,000 $1,077 Part of an assemblage with 301 Canal Street 5 9/8/2016 253-255 10th Avenue $16,000,000 C6-3/WCH 15,000 $1,067 Buyer purchased add'l SF via Highline Transfer Corridor.* 6 3/3/2016 74 Grand Street $12,500,000 M1-5B 12,493 $1,001 - Maximum $31,565,000 37,278 $1,191 Average $18,910,833 19,697 $1,009 Minimum $5,400,000 4,535 $847 Sources: CoStar, Property Shark, DoB, Eastern Consolidated Data * Eastern Sale. 75 Kenmare Street I $2,800 PSF Unit List Price Size $ PSF Bedrooms Baths 3J $2,900,000 994 $2,918 2 2 2B $1,725,000 708 $2,436 1 1 3E $2,952,000 1,021 $2,891 2 2 2D $3,400,000 1,167 $2,913 2 2 2C $1,695,000 689 $2,460 1 1 3H $1,695,000 622 $2,725 1 1 5E $3,100,000 1,021 $3,036 2 2 4J $2,975,000 994 $2,993 2 2 4D $3,550,000 1,164 $3,050 2 2 2H $1,695,000 601 $2,820 1 1 2G $2,300,000 872 $2,638 1 1 full, 1 half 2A $1,880,000 815 $2,307 1 1 Average/Wghtd.
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