EXCLUSIVE OFFERING MEMORANDUM
275 BLEECKER STREET NEW YORK, NY 10014
WWW.BRG-CRE.COM | 718.360.8801 CONFIDENTIALITY & DISCLAIMER
The information provided herein has either been given to us by the owner of the property or was obtained from sources we deem reliable. We do not guarantee the accuracy of any information. All zoning, existing square feet of buildings, available buildable square feet, permitted uses or any other information provided herein must be independently verified. The value of any real estate investment is dependent upon a variety of factors including, but not limited to, income, vacancy rates, expense estimates, tax brackets and general market assumption, all of which should be evaluated by your tax advisor and/or legal counsel. Prospective buyer(s) should carefully verify each item of information herein; there can be no guarantee that the enclosed information is accurate or that the subject property will sell for the suggested asking price. The estimates and assumptions provided herein are based on the subject property containing no environmental contamination. PROPERTY DESCRIPTION
Bestreich Realty Group (BRG) has been exclusively retained to sell 275 Bleecker Street Street (Block: 00485, Lot: 0005), located between Jones Street and Cornelia Street on one of the best blocks in Greenwich Village. The property is built 23 ft x 78 ft offering approximately 5,250 square feet. It sits on a 23 ft x 80 ft lot and is zoned R7-2, C1-5. The property is located in the protected tax class 2A. This tax class is the most desirable in todays market as tax increases are capped at 8% annually.
The property features 4 gut renovated, free market apartments and 1 store. The ground floor is currently vacant and was previously occupied by Davids Tea. Unit 1 is a 400 SF, one bedroom apartment located behind the retail store. To maximize the income per foot, an investor can reposition the ground floor by combining the one bedroom apartment with the retail unit. Unit 2 and Unit 3 are floor through, 4-bedroom apartmant with roof decks. Unit 4 is a floor through, 3-bedroom apartment with a roof deck.
The current owners purchased the building in 2016 and carried out a true gut renovation which included rebuilding of the interior structural walls to ensure stability, rebricking on the back section of the building, configuring brand new electrical and plumbing, eliminating gas lines, putting HVACs in each unit, and constructing a new staircase, roofdecks, parapet walls and top floor skylight.
The property is located within walking distance to the A, C, E, B, D, F, M and 1 subway lines, offering quick and easy access throughout Manhattan. It is also within walking distance to an array of strong retail along Bleecker Street. The property is within walking distance from neighborhood hotspots like Buvette, One if by Land Two if by Sea, John’s of Bleecker Street, Blind Tiger, Boucherie West Village, Tacombi and Bleecker Street Pizza among others. It is also in close proximity to all the new bars, restaurants, cafes, and artisan shops that Greenwich Village has to offer.
275 Bleecker Street offers prospective investors the incredibly rare opportunity to acquire a gut renovated, free market, cash flowing property on one of Manhattan’s most desirable blocks.
Zachary Ziskin Adam Lobel 718.360.0969 718.360.8815 PROPERTY DESCRIPTION
• Located between Cornelia and Jones
• Built full 23’ x 80’
• 5,250 SF
• Fully Free Market
• 4 Apartments and 1 Store
• Private Terraces
• 2A Tax Class
• Recent Upgrades, Gut Renovated
• Steps from the West 4th Station (A,C,E,B,D,F,M) and Christopher St Station (1) INCOME & EXPENSES
INCOME
UNIT TYPE APPROX. SF CURRENT PRO FORMA PF R/SF EXPIRY COMMENTS 1 1 BR 400 $3,400 $3,400 $102 7/31/2021 1 Bath, Deck, FM Lease 2 4 BR 1,489 $10,145 $10,145 $82 7/31/2021 2 Bath, Roof Deck, FM Lease 3 4 BR 1,134 $7,333 $7,333 $78 8/31/2021 2 Bath, Roof Deck, FM Lease 4 3 BR 831 $7,242 $7,242 $105 8/31/2021 2 Bath, Roof Deck, FM Lease Retail Vacant 1,364 $0 $17,500 $154 - Delivered Vacant MONTHLY: $28,120 $45,620 ANNUALLY: $337,440 $547,440
EXPENSES
CURRENT PRO FORMA
EFFECTIVE GROSS INCOME: $ 337,440 $ 556,200
REAL ESTATE TAXES (2A): $ (47,625) $ (47,625) WATER AND SEWER: $ (4,000) $ (4,000) COMMON AREA ELECTRIC: $ (1,000) $ (1,000) INSURANCE: $ (2,232) $ (2,232) REPAIRS & MAINTENANCE: $ (2,400) $ (2,400) SUPER: $ (3,600) $ (3,600) MANAGEMENT (3%): $ (10,123) $ (16,686) TOTAL EXPENSES: $ (70,980) $ (77,543)
NET OPERATING INCOME: $ 266,460 $ 478,657
Zachary Ziskin Adam Lobel 718.360.0969 718.360.8815 PROPERTY VALUATION
OFFERING PRICE $10,000,000
LISTING METRICS
5,250 4 Apts & 1 Store
Approx SF # of Units
2.66% 4.79% Current Cap Rate Pro Forma Cap Rate
$1,905 2A
Price/SF Tax Class PROPERTY PHOTOS - APT 2
Zachary Ziskin Adam Lobel 718.360.0969 718.360.8815 PROPERTY PHOTOS - APT 3 FLOOR PLANS - APT 2
Zachary Ziskin Adam Lobel 718.360.0969 718.360.8815 FLOOR PLANS - APT 3 FLOOR PLANS - APT 4
Zachary Ziskin Adam Lobel 718.360.0969 718.360.8815 TRANSPORTATION
3 minute (0.2 miles) walk to Subway stations within 3 minute (0.2 miles) walk to 5-10 min walk For more information Zachary Ziskin Adam Lobel about this exclusive 718.360.0969 718.360.8815 listing, please contact:
brg_cre BRG | Bestreich Realty Group