Greenwich Village: 8Th Street Corridor

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MetroGrid Report: Greenwich Village: 8th Street Corridor

FOCUS ON NYC SUBMARKETS

SEPTEMBER 2015

A Start-Up Friendly Corridor Where Retailers Can Find Value

With average asking retail rents rising to $3,683 per square foot Avenue is one of those places. Known as the Main Street of in Midtown, to $1,700 per square foot on the Eastside, and to Greenwich Village, Eighth Street is a demographic gold mine $977 per square foot in Soho, it would appear that the island of that blends the new and old and includes a large dose of art, Manhattan is no place for a new retailer to venture. music, and cultural history.

But that’s not the case. Manhattan contains plenty of hidden The first Whitney Museum opened in 1831 at 8 W Eighth Street; treasures where an entrepreneur can launch a new retail busi- Bob Dylan met Allen Ginsberg at a party at the Eighth Street ness in spaces leasing for under $150 per square foot. Book Shop, now Stumptown Coffee Roasters at MacDougal Greenwich Village’s Eighth Street between Broadway and Sixth Street; and at 52 Eighth Street Jimi Hendrix opened Electric Lady Studios, which is still recording hits. MetroGrid Report: Greenwich Village FOCUS ON NYC SUBMARKETS Real estate investment services

Unique mom-and-pop storefronts populate Eighth Street where At 5 W Eighth Street, the Marlton Hotel, which was built in 1900 asking rents are averaging $143 per square foot. and became a bohemian hangout in the mid-20th Century, was converted from an SRO and reopened in 2013 as a Parisian-in- Opportunities for retailers abound on Eighth Street, according spired 107-room boutique hotel. Across the street at 8 W to the Village Alliance Business Improvement District, which Eighth Street is the New York Studio School, which occupies is promoting retail leasing opportunities along the five block the eight historic buildings that were home to the first Whitney stretch from Broadway to Sixth Avenue. Museum of American Art from 1931 to 1954.

The Village Alliance BID district, which encompasses 44 blocks The Village Alliance works with building owners to create a more north of Washington Square Park, notes that over 67,500 desirable retail mix and, as a result since 2005, the number residents with an average household income of $111,734 live of restaurants on Eighth Street has increased from one to 13, in the district. Additionally, 30 percent of the residents earn while the number of shoe stores has fallen from 20 to five, and over $150,000, and 80 percent hold a bachelor’s or graduate gift and novelty shops have fallen from 10 to two. degree. Some of the greatest names in real estate own or have owned The district also boasts one of the highest concentrations of property on Eighth Street including Rose Associates, Warren college and university students in New York City. Over 50,000 Buffet, Larry Silverstein, Rudin Management, Vornado, and university students with estimated monthly discretionary spend- Buchbinder Warren and have been instrumental in the corridor’s ing of between $600 and $1,100 attend New York University, renaissance. Cooper Union, the New School, and Cardozo Law. According to the BID’s 2014 Retail Survey Analysis, 96 retail Other district attributes include 90,000 office workers employed establishments lease 155,313 square feet of space on Eighth in local businesses, and 27.3 million subway riders that pass Street between Broadway and 6th Avenue, with only nine through the subway stations each year at West 4th Street, vacancies. Astor Place, 8th Street, and Christopher Street. Overall in the Village Alliance BID district, the 2014 survey Up to 20,000 pedestrians walk on Eighth Street every day showed 374 occupied retail establishments in over 840,000 where they find a number of restaurants including the expresso square feet of space, which is a 95 percent retail occupancy bar Stumptown, the Greenwich Project, Amelie Le Bar a Vin, rate. Restaurants accounted for the largest number of estab- 8th Street Winecellar, Cho San Japanese Restaurant, Curry lishments while general merchandise and drug stores account- Kitchen, Neta, Otto Enoteca Pizzeria, and Rasa. ed for the largest portion of occupied retail square footage.

02 | MetroGrid Report: Greenwich Village FOCUS ON NYC SUBMARKETS Real estate investment services Average Asking Rents: Eighth Street (Between Broadway and Sixth Avenue) Source: CoStar

Total Available Space (SF) Average Weighted Rent 3000 $62.00 - Blended over 3 Floors 1500 $96.00 1800 $150.00 1400 $150.00 925 $166.85 625 $175.00 1280 $200.00 Average $142.84

Average Asking Rents: Selected Major NYC Retail Corridors Ground Floor Space Only Source: Real Estate Board of New York Retail Report Spring 2015

Eastside Spring 2015 Midtown South Spring 2015 Madison Avenue: 57th-72nd Street $1,700.00 Flatiron Third Avenue: 60th-72nd Street $363.00 Fifth Avenue: 14th-23rd Street $403.00 East 86th Street: Lexington Avenue-2nd Avenue $456.00 Broadway: 14th-23rd Street $435.00 Westside Herald Square Broadway: 72nd-86th Street $390.00 West 34th Street: 5th-7th Avenue $1,000.00 Columbus Avenue: 66th-79th Street $447.00 Downtown Midtown Meatpacking East 57 Street: 5th Avenue-Park Avenue $1,600.00 14th Street: 9th-10th Avenue $372.00 Fifth Avenue: 42nd-49th Street $1,200.00 Financial District Fifth Avenue: 49th-59th Street $3,683.00 Broadway: Battery Park-Chambers Street $234.00 Broadway & 7th Avenue: 42nd-47th Street $2,413.00 Soho Broadway: Houston-Broome Street $977.00 West Village Bleecker Street: 7th Ave South-Houston Street $481.00 Upper Manhattan Harlem 125th Street (River to River) $141.00

03 | MetroGrid Report: Greenwich Village FOCUS ON NYC SUBMARKETS Real estate investment services

Primary Trade Area For Eighth Street: Income 2000 Vs. 2010

Eighth Street Consumer Spending

Source: Village Alliance

04 | MetroGrid Report: Greenwich Village FOCUS ON NYC SUBMARKETS Real estate investment services

Select Eastern Consolidated Deals in Greenwich Village

14th Street Park 1 West 14th Street West 14th Street East 14th Street 2 Union Square South East 14th Greenwich Village 3 1

Hudson Street Greenwich Street Greenwich 4 1 1 West Side Highway West 13th Street Jackson West 13th Street East 13th Street East 13th Commercial Residential SquareRetail Greenwich Avenue 2 1 140 West 14th Street 1 52-54 East 13th Street 1 Little West 12th Street 132-138 Fourth Avenue West 12th Street East 12th 103,000 GSF 21 Units, 1 Comm, 8-Story (E) 20,000 GSF, 2-Story East 12th Street The Village 4

Gansevoort Street Green Eighth Avenue Eighth 2 36 East 14th Street 2 820 Broadway 2 Devonshire House Fifth Avenue 421A Tax Certificates 134 Units, 13-Story (E) 28 East 10th Street Waverly Place West 11th Street East 11th Street East 11th Horatio Street 4,841 GSF 1

3 48 West 14th Street & 3 Devonshire House 52-54 Cooper Square Jane Street 3 3 49 West 13th Street 28 East 10th Street 9,000 GSF, 2-Story Patchin West 4th Street Place West 10th Street East 10th Street 80,000 GSF 141 Units, 13-Story, (E) Sold Twice 2003 and 2004 2 Abingdon 5 Square 4 4 4 ee 61 Fifth Avenue 16-18 CharlesWest 12th Street Street 4 704-706 Broadway 9,500 GSF, 2-Story 16 Units, 4-Story (W) 10,214 GSF Greenwich Village Fourth Avenue Bank Street West 9th Street East 9th Street Wanamaker Pl. Stuyvesant Str Financed Building In 1994 6 Third Avenue 5 5 Bethune Street Waverly Place Sixth Avenue 5 21 Astor Place 31-33 West 8th Street 5 277 Bleecker Street Place University 120,000 GSF, 10-Story 23 Units, 5-Story (W) Bleecker Playground 2,297 GSF 5 West 8th Street 3 St. Mark’s Place - East 8th Street Gay Street Astor Pl. 6 Bleecker Street 373 Sixth Avenue 6 10 Fifth Avenue Seventh Avenue South 1 6 54 Bond Street

5,500 GSF, 4-Story 14 Units, 5-Story (W) MacDougal Al. Greene Street Greene

West 11th Street 4,622 GSF Street Mercer 3 Cooper 7 Broadway 7 Charles Street Square 708 Broadway 7 122 Waverly Place 7 30 Carmine Street Christopher 6 Waverly Place

140,000 GSF Perry Street W. Sq. Washington 8 Units, 5-Story (W) 1,000 GSF Park Washington Square North Washington Sq. E. Sq. Washington 7 8 Greenwich Street Sheridan 625 Broadway 8 8 Square Washington 4 315-321 Sixth Avenue 496 LaGuardia Place Square 88,000 GSF, 12-Story Hudson Street 13 Units, 1Washington Store, Street 4-Story (W) 1,304 GSF Park Washington Place 9 230 West Houston Street West 10th Street 9 9 205 Bleecker Street Washington Square South 3,810 GSF, 2-Story 23 Leroy Street 20 Units, 5-Story (W) 7,905 GSF West 4th Street

Hudson River Park Jones Street 1 Lafayette Street Lafayette West Street 5 10 9 Minetta Street Grove Street 20 Units, 5-Story (W) 8 DevelopmentHudson River Christopher Street Bedford Street West 3rd Street

Bleecker StreetCornelia Street Retail Leasing Street MacDougal

Bowery Street

Thompson Street Thompson LaGuardia Place LaGuardia

1 26 Astor Place 11 14-16 Bedford Street 1 Street Sullivan 140,000 BSF 21 Apts, 2 Stores, 6-Story (W) 1 72 University Place 6 2,500 SF Retail Space 9 10 A Commerce Street G 2 64-66 East Houston Street 12 6 Bedford Street 1 Bond Street 5 Units, 4-Story (W) 2 33 Bedford Street 7 9 145,000 BSF Minetta Lane Townhouse 500 BarrowSF Retail Street Space Bleecker Street 108 West Houston Street & 13 3 Bleecker Street 169 Thompson Street 10 East 8th Street Morton Street 2 12 Units, 5-Story (W) 4,600 SF Retail Space Mixed-Use 2 Downing 11Street Carmine Street 8 12 8 2 4 815 Broadway 13 6 1 135 West 3rd Street 900 SF Retail Space Leroy Street Co-ops/Condos Hudson 2,250 GSF Park West Houston Street East Houston Street 5 9 East Houston Street 1 18 West 14th Street & 167 Seventh Avenue South 2 508 LaGuardia Place 13 West 13th Street 500 SF Retail Space Clarkson Street 1,875 GSF, 5-Story 12-Units, 5-Story Co-op 14th Street 6 Park 496 Laguardia Place 1 2,700 SF Retail Space West 14th Street West 14th Street East 14th Street 2 Union Square South East 14th West Houston Street Greenwich Village 3 1

Hudson Street Greenwich Street Greenwich Financing Parking 4 1 1 West Side Highway West 13th Street Jackson Prince Street West 13th Street East 13th Street East 13th Commercial Residential SquareRetail Prince Street King Street Greenwich Avenue 1 Street Sullivan 159-161 Bleecker Street 1 2 18-20 Morton Street 1 140 West 14th Street 1 1 52-54 East 13th Street 132-138 Fourth Avenue Lafayette Street Residential 22 Unit, 9-Story (E) 180 Cars 103,000 GSFLittle West 12th Street 21 Units, 1 Comm, 8-Story (E) West 12th Street East 12th Street East 12th 20,000 GSF, 2-Story The Village Mulberry Street 4 Gansevoort Street Green

Charlton Street Avenue Eighth Mott Street 2 36 East 14th Street 2 820 Broadway 2 Devonshire House 28 East 10th Street Waverly Place Fifth Avenue 421A Tax Certificates Vandam Street 134Horatio Units, Street 13-Story (E) West 11th Street East 11th Street East 11th 4,841 GSF 1 Elizabeth Street Varick Street 3 48 West 14th Street & 3 Devonshire House 52-54 Cooper Square Jane Street 3 3 49 West 13th Street 28 East 10th Street Str Thompson Spring Street

9,000Broadw West GSF, 2-Story Patchin

Hudson Street Avenue of the West 4th Street Stre Wooster Place West 10th Street East 10th Street 80,000 GSF 141 Units, 13-Story, (E) Sold Twice 2003 and 2004 Stre Greene Spring Street 2

Abingdon Str Crosby

5 Broadway SoHo Square Real estate investment services 4 4 4 ee 61 Fifth Avenue 16-18 CharlesSquareWest 12th Street Street 4 704-706 Broadway 9,500 GSF, 2-Story 16 Units, 4-Story (W) 10,214 GSF Greenwich Village Fourth Avenue Bank Street West 9th Street East 9th Street Wanamaker Pl. Stuyvesant Str

Financed Building In 1994 Me Spring Street 6 Third Avenue

Sixth Avenue

e a 5 Waverly Place e

5 Bethune Street e 5 r 21 Astor Place 31-33 WestA 8th Street 5 277 Bleecker Street Kenmare Place University 120,000 GSF, 10-Story 23 Units, 5-Story (W) Bleecker K are S Playground 2,297 GSF 5 West 8th Street 3 St. Mark’s Place - East 8th Street Gay Street Astor Pl. 6 Bleecker Street 373 Sixth Avenue 6 10 Fifth Avenue Seventh Avenue South 1 6 54 Bond Street

5,500 GSF, 4-Story 14 Units, 5-Story (W) MacDougal Al. Greene Street Greene

West 11th Street 4,622 GSF Street Mercer 3 Cooper 7 Broadway 7 Charles Street Square 708 Broadway 7 122 Waverly Place 7 30 Carmine Street Christopher 6 Waverly Place

Bleecker StreetCornelia Street Retail Leasing Street MacDougal

Bowery Street

Thompson Street Thompson LaGuardia Place LaGuardia

1 26 Astor Place 11 14-16 Bedford Street 1 Street Sullivan 140,000 BSF 21 Apts, 2 Stores, 6-Story (W) 1 72 University Place 6 2,500 SF Retail Space 9 10 A Commerce Street G 2 64-66 East Houston Street 12 6 Bedford Street 1 Bond Street 5 Units, 4-Story (W) 2 33 Bedford Street 7 9 145,000 BSF Minetta Lane Townhouse 500 BarrowSF Retail Street Space Bleecker Street 108 West Houston Street & 13 3 Bleecker Street 169 Thompson Street 10 East 8th Street Morton Street 2 12 Units, 5-Story (W) 4,600 SF Retail Space Mixed-Use 2 Downing 11Street Carmine Street 8 12 8 2 4 815 Broadway 13 6 1 135 West 3rd Street 900 SF Retail Space Leroy Street Co-ops/Condos Hudson 2,250 GSF Park West Houston Street East Houston Street 5 9 East Houston Street 1 18 West 14th Street & 167 Seventh Avenue South 2 508 LaGuardia Place 13 West 13th Street 500 SF Retail Space Clarkson Street 1,875 GSF, 5-Story 12-Units, 5-Story Co-op 6 496 Laguardia Place 2,700 SF Retail Space West Houston Street Financing Parking Prince Street King Street Prince Street 1 159-161 Bleecker Street 1 18-20 Morton Street Street Sullivan Residential 22 Unit, 9-Story (E) 180 Cars Lafayette Street Mulberry Street

Charlton Street Mott Street Vandam Street Elizabeth Street

Varick Street

Thompson Str Thompson Spring Street West Broadw West

Hudson Street Avenue of the Stre Wooster

Greene Stre Greene 05 | Spring Street Crosby Str Crosby Real estate investment services SoHo Broadway Square

Spring Street Me

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A r Kenmare K are S MetroGrid Report: Greenwich Village FOCUS ON NYC SUBMARKETS Real estate investment services Eastern Consolidated’s Current Greenwich Village Exclusives & Closed Transactions

11 Fifth Avenue Property Type For Lease Location Greenwich Village Square Footage 4,712 Space 1: Corner Ground Floor: 4,012 Square Feet Approximate Size Space 2: Inline Ground Floor: 700 Square Feet Possession Immediate 144 West 4th Street

Property Type For Lease Location Greenwich Village Square Footage 1,100

Approximate Size 1,100 Square Feet Possession Immediate

273-275 West 11th Street

Property Type For Sale Location Greenwich Village Square Footage 13,900 Asking Price Submit Offers

205 Bleecker Street

Property Type Retail Condo - Sold Location Greenwich Village Square Footage 7,9 0 5 Selling Price $9,750,000

06 | MetroGrid Report: Greenwich Village FOCUS ON NYC SUBMARKETS Real estate investment services

Neighborhood Facts Source: Village Alliance

Population Characteristics University Students • 67,583 total district population The district has one of the highest concentrations of college and university students in New York City. • 39,558 total district households • 53,647 total students in the area attend: • $111,734 average household income • New York University • 30% of residents earn over $150,000 • The Cooper Union • 80% have a bachelor’s or graduate degree • Cardozo Law • The New School • $600-$1,100 estimated student discretionary spending per month

Pedestrian Traffic • Up to 20,000 pedestrians daily

Transportation • 12.5 million subway riders pass through the West 4th Street station annually • 27.3 million subway riders annually for all the nearby subway stations (West 4th, 8th Street, and Christopher Street) • 17.7 million bus riders pass through 8th Street

07 | MetroGrid Report: Greenwich Village FOCUS ON NYC SUBMARKETS Real estate investment services

Historic Facts Courtesy of Kevin Draper, New York Historical Tours

• 1600s to 1700s—The farmhouse of the Dutch • The Brevoort Hotel, now an upscale co-op, was built colonial Governor Wouter Van Twiller, a tobacco at Fifth Avenue and Eighth Street, and John Taylor farmer, stood at what is now the southwest corner Johnston, the first president of the Metropolitan Museum of MacDougal and Eighth Streets. of Art, built his home across the street.

• Early 1800s—The Rogers family owned the western • 1870s-1900s—A cross-town streetcar line ran along section of Eighth Street from Fifth to Sixth Avenues, Eighth Street. while Sailor’s Snug Harbor, a trust for retired and • 1910s-1930s—Gertrude Vanderbilt Whitney converted disabled sailors, owned the section from Fifth her house and three adjoining houses into the first Avenue to the Bowery. Whitney Museum in 1931, which is now the New York • 1810s—Eighth Street between Sixth Avenue Studio School at 8 West Street. Jackson Pollock moved and the Bowery was an Indian trail until the city into an apartment at 46 East Eighth Street in 1935. introduced the grid street system. • 1950s—E.B. White wrote Charlotte’s Web at 16A West Eighth Street.

• 1960s-1970s—Bob Dylan met Allen Ginsberg at a party at the Eighth Street Book Shop, now Stumptown Coffee Roasters. Jimi Hendrix opened Electric Lady Studios, a music studio that is still recording hits at 52 West Eighth Street.

• 1850s—American industrialist Peter Cooper founded the Cooper Union for the Advancement of Science and Art at Astor Place, setting up an endowment funded by his real estate holdings to pay for the education of men and women of all races.

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