DOCSLIB.ORG

Essex Crossing's First Phase Nears Completion As Its Last

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Essex Crossing's First Phase Nears Completion As Its Last TABLE OF CONTENTS EXECUTIVE SUMMARY FINANCIAL OVERVIEW LOCATION OVERVIEW ZONING OVERVIEW BESEN ADVISORY TEAM Shallini Mehra Senior Director (212) 951-8414 [email protected] Amit Doshi Executive Director (212) 951-8401 [email protected] Paul J. Nigido Senior Financial Analyst (646) 424-5350 [email protected] Jared Rehberg Marketing Manager (646) 424-5067 [email protected] Carine Citadelle Marketing Associate (646) 472-8750 [email protected] Besen & Associates 381 Park Avenue South 15th Floor New York, NY 10016 (212) 689-8488 EXECUTIVE SUMMARY EXECUTIVE SUMMARY Besen & Associates, as exclusive agent for Ownership, is pleased to offer for sale 245 Eldridge Street, New York, NY 10002 (the “Property”), a 37-foot wide, six-story building with ten free market units and two retail spaces. The Property was built in the early 1900’s and the previous ownership gut-renovated the building in 1982. Current ownership purchased the Property in 1992 and has updated and renovated all of the apartments. This 14,161± SF property is located between East Houston Street and Stanton Street in Manhattan’s Lower East Side (“LES”), one of the city’s trendiest and most desirable neighborhoods for millennials, students, and young professionals as well as a primary destination for culture, entertainment and nightlife. 245 Eldridge Street offers tremendous upside to an investor. The residential units at the Property feature generous layouts and are currently renting at rates which are 25% below market. In addition, the two retail tenants are renting at rates that are 40% below market. The Flower Girl shop crafts striking flower arrangements and bouquets for an array of fashionable clientele (i.e. Vogue, Chanel, Marc Jacobs). Award-winning bartender Kenta Goto opened Bar Goto in 2015 and the bar has since been featured in The New York Times and The Food Network, among other prominent outlets. Together, these spaces occupy 2,360± of prime ground floor retail space. The LES is rich with history and for most of the 20th Century, the LES was the first stop for immigrants looking for affordable accommodations in tenements. Over the past 20 years, the neighborhood has seen widespread gentrification, with new rental and condo developments, hip bars and restaurants, chic hotels, independent boutiques and art galleries. Part of the LES charm and attraction has been its ability to maintain it’s “edge,” and hang on to its vibrant past with its old-school eateries, retro businesses, and preserved public spaces. As the LES continues to develop, 245 Eldridge Street is well positioned to take advantage of the continued high demand for this neighborhood, the increasing market rents, and the opportunity for an investor to reposition the building and capture the significant upside potential. ASKING PRICE: $18,400,000 INVESTMENT HIGHLIGHTS FREE MARKET BUILDING 245 Eldridge Street is a free market building giving an investor a great deal of flexibility. There is strong demand for boutique buildings which offer amenities and privacy. Condos prices continue to be strong downtown with average prices in the $1,800-$2,000± per square foot range. The combination of the spacious units and prime location make the Property an excellent candidate for a condo conversion. SIGNIFICANT RENTAL UPSIDE The Property’s residential units have an average rent per square foot of $51±. The average market rent per square foot is approximately $65-$75± resulting in rental upside of 30-40%. The apartments have spacious layouts with the capacity to add bedrooms in all of the apartment lines. In addition, an investor could reconfigure the basement space and add convenient amenities including a gym and/or a bike room. The stores have an average rent per square foot of $45±. The average market retail rent per square foot is approximately $65-$80± resulting in rental upside of 45-65% upon lease expiration. TENANT PASS-THRU EXPENSES The property features individual gas heating systems for each apartment. The residential tenants pay for their own heat resulting in lower operating expenses for the owner. The commercial tenants pay 5% of the total real estate tax bill in addition to gas, water & sewer, heat, and electricity. EXCELLENT LOCATION Located at the nexus of Manhattan’s Lower East Side (LES) and East Village (EV), 245 Eldridge Street is situated just south of East Houston Street. The LES is a magnet for millennials, students, and young working professionals. The neighborhood is filled with hip restaurants and bars, eclectic shops, chic boutiques, music venues and art galleries. The LES has gentrified significantly over the past ten years with many new residential developments including Essex Crossing, a new unprecedented development which will spread over 1.9 million square feet and will include 1,000± new residences, 450,000± square feet of retail, 400,000± square feet of office space, community attractions, and green spaces. The development is expected to be completed by 2024. CONVENIENT TRANSPORTATION ACCESS The Property is within walking distance of the 2nd Avenue subway [F & M] trains, the B, D, F, M on Broadway and Lafayette, the N,Q,R,W on Prince Street, the 4 & 6 trains on Spring Street, the F train on Delancey Street, and the J, M, Z on Essex Street. Crosstown MTA buses along East Houston include the M9, M15, & the M21. Additionally, the Property provides easy access to the FDR Drive, the Williamsburg Bridge and the Brooklyn Bridge. 245 Eldridge Street, New York NY 10002 | 11 PROPERTY OVERVIEW – 245 ELDRIDGE STREET Neighborhood Lower East Side, NYC Block / Lot 422 / 57 Lot & Built Size 37’x 100’ & 37’x 84’ Gross Building Area ±14,161 SF Stories 6-Story Walkup Total Apartments & Rooms 10 Apartments & 2 Stores Apartment Layout 1/6, 6/5, 3/4 Zoning C4-4A FAR (built / allowed) 3.83 / 4 Year Built Circa 1900 and Renovated in 1982 Assessment & Taxes (17/18) $879,883 / $113,435 LOCATION MAP Sunshine Cinema Sara D. Roosevelt Park Rockwood Music Hall The Meatball Shop Vandals Pianos Bowery Ballroom 245 Eldridge Street Tenement Museum 245 Eldridge Street, New York NY 10002 | 13 FINANCIAL OVERVIEW INCOME & EXPENSE REVENUE: ACTUAL PROFORMA Residential Income $673,740 * $903,000 Commercial Income $105,550 ** $153,400 Tenant Reimbursements $14,640 $16,775 Vacancy & Credit Loss @ 2.0% ($15,880) ($21,475) EFFECTIVE GROSS INCOME: $778,050 $1,051,700 EXPENSES: Real Estate Taxes (17/18) $113,450 $153,800 Water & Sewer $10,250 $10,250 Payroll (Visiting Super) $12,000 $12,000 Management Feet (3%) $23,500 $31,500 Fuel (Gas) TENANTS PAY TENANTS PAY Insurance $8,500 $8,500 Utilities $6,500 $6,500 Repairs, Maintenance & Supplies $13,000 $13,000 TOTAL EXPENSES: $187,200 $235,550 NET OPERATING INCOME: $590,850 $816,150 * Residential Income projected at $70 PSF ** Commercial Income projected at $65 PSF RESIDENTIAL RENT ROLL APT # TENANT BEDROOMS SQ FT (±) BATHS RENT / MONTH LXP STATUS 1R VACANT 3 2,150 2 $10,000 Projected FM 2F Tenant 2 3 1,250 1 $5,050 7/31/2018 FM 2R Tenant 3 3 900 1 $5,400 7/31/2018 FM 3F Tenant 4 3 1,250 1 $4,750 4/30/2018 FM 3R Tenant 5 2 900 1 $4,450 4/30/2018 FM 4F Tenant 6 3 1,250 1 $5,350 5/31/2018 FM 4R Tenant 7 2 900 1 $3,900 4/30/2018 FM 5 Tenant 8 4 2,150 2 $7,995 6/30/2018 FM 6F Tenant 9 3 1,250 1 $4,750 7/31/2018 FM 6R VACANT 2 900 1 $4,500 Projected FM Total Monthly Income: $56,145 Total Annual Income: $673,740 245 Eldridge Street, New York NY 10002 | 19 RESIDENTIAL RENT ANALYSIS (By Apartment) TOTAL AVERAGE # OF UNIT LAYOUT MONTHLY MONTHLY TOTAL SF± RENT PSF UNITS % RENT RENT 2BR 3 30% $12,850 $4,283 2,700 $57.11 3BR 6 60% $35,300 $5,883 8,050 $52.62 4BR 1 10% $7,995 $7,995 2,150 $44.62 Total/Average: 10 100% $56,145 $5,615 12,900 $52.25 RESIDENTIAL RENT ANALYSIS (By Room) TOTAL MONTHLY AVERAGE RENT / LAYOUT # OF ROOMS ROOM % RENT ROOM 2BR 12 25% $12,850 $1,071 3BR 30 63% $35,300 $1,177 4BR 6 13% $7,995 $1,333 Total/Average: 48 100% $56,145 $1,170 COMMERCIAL RENT ROLL ANNUAL UNIT TENANT RENT / MONTH LXP TERM INCREASES North Store (1) Flower Girl $3,000 3% 08/31/2022 5 Years South Store (2) Bar Goto Restaurant $5,796 3% 12/31/2029 15 Years Commercial Monthly Income: $8,796 Commercial Annual Income: $105,552 Notes: (1) Includes 100 SF of basement storage space. Tenant pays $75/month for Water & Sewer. (2) Year 10 of the lease states a 6% rent increase, 3% thereafter. Tenant pays $200/month for Water & Sewer. Real Estate Tax Reimbursement: Commercial tenants pay 5% of the total real estate tax bill per annum, as well as gas, heat, and electricity. FLOWER GIRL BAR GOTO RESTAURANT “…with creations ranging from Vintage Find, which “A Tokyo native and Pegu Club vet is behind fills a vintage tin from the company’s collection with this “lovely” LES bar offering divine” Japanese- various rustic selections, to The Boho Chic City Hall inspired cocktails and “delicious” izakaya bites, Bride full of unexpected flora, to Il Tropicale using including okonomiyaki pancakes that are “a true modern glassware and eclectic colors, Flower Girl revolution starter”; fans can also leave the “small NYC is anything but basic.” but lovely” surrounds without having spent a fortune.” - Time Out - Zagat 245 Eldridge Street, New York NY 10002 | 21 LEASE ABSTRACT – FLOWER GIRL Tenant Name (Per Lease): Flower Girl, LLC Lease Commencement Date: September 1, 2013 Lease Renewal Date: September 1, 2017 Personal Guarantee: Denise Porcaro Tenant Location: North Store, Ground Floor, + Basement (Limited Use) Security Deposit: 3 Months Use: Florist Shop Rental Information LEASE YEAR MONTHLY RENT ANNUAL RENT BASE MONTHLY RENT ANNUAL INCREASE TERM 2017 $3,000 $36,000 $3,000 3% 5 Years 2018 $3,090 $37,080 Notes: 2019 $3,183 $38,192 Ground floor includes basement with 100 SF 2020 $3,278 $39,338 limit for storage.
Load more

Recommended publications
  • E Houston Street Lower East Side, Nyc
    147 RETAIL FOR LEASE E HOUSTON STREET LOWER EAST SIDE, NYC South Block between Forsyth & Eldridge Streets APPROXIMATE SIZE Ground Floor: 700 SF Basement: 1,100 SF ASKING RENT TERM Upon Request Negotiable FRONTAGE POSSESSION 20 FT Immediate COMMENTS • Fully Vented Restaurant • All Uses Considered NEIGHBORS Katz’s Deli • Yonah Schimmel Knish Bakery • Sunshine Cinema • Rompus Room • Mr. Purple • Yokoya Ramen Noodle • Lower East Side Animal Hospital • Braxton Hicks • Rockwood Music Hall • Blue Ribbon Sushi • Georgia’s Eastside BBQ • Tiki Tabu • Russ & Daughters TRANSPORTATION JAMES FAMULARO CLAYTON TRAYNHAM President Director [email protected] 212.468.5967 All information supplied is from sources deemed reliable and is furnished subject to errors, omissions, modifications, removal of the listing from sale or lease, and to any listing conditions, including the rates and manner of payment of commissions for particular offerings imposed by Meridian Capital Group. This information may include estimates and projections prepared by Meridian Capital Group with respect to future events, and these future events may or may not actually occur. Such estimates and projections reflect various assumptions concerning anticipated results. While Meridian Capital Group believes these assumptions are reasonable, there can be no assurance that any of these estimates and projections will be correct. Therefore, actual results may vary materially from these estimates and projections. Any square footage dimensions set forth are approximate. 147 E HOUSTON STREET RETAIL FOR LEASE LOWER EAST SIDE, NYC | South Block between Forsyth & Eldridge Streets LOWER LEVEL GROUND FLOOR INTERIOR JAMES FAMULARO CLAYTON TRAYNHAM President Director [email protected] 212.468.5967 All information supplied is from sources deemed reliable and is furnished subject to errors, omissions, modifications, removal of the listing from sale or lease, and to any listing conditions, including the rates and manner of payment of commissions for particular offerings imposed by Meridian Capital Group.
    [Show full text]
  • Knight Frank 2017 Wealth Report
    FINE HOMES RESIDENTIAL The global perspective on prime property and investment THE WEALTH REPORT 2017 REPORT THE WEALTH 2017 11th Edition THE WEALTH REPORT THE WEALTH REPORT WELCOME TO The Wealth Report 11th Edition The Wealth eading the 11th edition of The Wealth Report and looking Report 2017 ahead to the rest of 2017, there is no doubt that the world COMMISSIONED BY is at a crossroads. Lord Andrew Hay R As the report enters its second decade, the global milestones of 2017 will include the first year of Donald Trump’s WRITTEN BY Knight Frank Research presidency, the opening overtures of the UK’s Brexit negotiations, pivotal German and French elections and a critical succession DESIGNED BY of power in China. All have the potential to be as far reaching Knight Frank Creative and influential on wealth creation and wealth flows as the global PRINTED BY financial crisis, which defined the first decade Theof Wealth Report. Optichrome In this time of rapid change and volatility, Knight Frank remains independent and committed to matching people and property Knight Frank Sub-editor perfectly, identifying and understanding residential and commercial EDITOR Louise Bell, Sunny Creative property opportunities in key global markets, and working increasingly Andrew Shirley closely with our clients, both new and long standing. To achieve this, we have three unwavering points of focus: GLOBAL HEAD OF RESEARCH Photography Liam Bailey Portraits of Lord Andrew Hay, • Market-leading research, providing our clients with the Liam Bailey and Andrew Shirley deepest insight RESEARCH by John Wright • An industry-leading technology platform, keeping our Gráinne Gilmore Anthony Duggan Calvin Klein Villa by Bruce Weber clients informed and enabling them to transact efficiently Kate Everett-Allen Georgio Armani Yacht by Frederike Helwig • A total commitment to outstanding client service, James Roberts Selected images by Getty delivered by the best professionals.
    [Show full text]
  • 250 South Street ARTIST’S RENDERING
    250 south street ARTIST’S RENDERING THE BUILDING THE LOWER EAST SIDE THE NEIGHBORHOOD The section of the Lower East Side situated 250 between the Manhattan and Williamsburg Bridges 80 1020 150 72 6 5.5MM SF of existing offices space in a .25 mile STORY GLASS TOWER RESIDENCES & RENTALS BARS GALLERIES MUSEUMS radius with an additional 1.5MM sf under construction 3,866 total units coming to market south 50,000 residents in a .5 mile radius 100K 45K 91 107 15 25,000 employees work in a .5 mile radius SQUARE FEET SQUARE FEET ZAGAT COFFEE SHOPS SPECIALTY F train entrance at corner of Rutgers and Madison OF SERVICES OF PRIVATE RATED FOOD Streets, two blocks away from the building, with an street & AMENITIES OUTDOOR GARDENS RESTAURANTS MARKETS annual ridership of 4,752,739 ARTIST’S RENDERING RETAIL A RETAIL C RETAIL B RETAIL A RETAIL C RETAIL B RETAIL A OVERALL GROUND FLOOR PLAN OVERALL LOWER LEVEL FLOOR PLAN CHERRY STREET SERVICE RETAIL A RETAIL A CORRIDOR RETAIL B PIKE SLIP RETAIL B SERVICE RETAIL C CORRIDOR LOADING DOCK SOUTH STREET FLOOR PLANS - RETAIL SPACE A CHERRY STREET 115’ - 2 1/2” RETAIL A RETAIL A 78’ - 4 1/4” PIKE SLIP 36’ - 8 1/2” GROUND FLOOR LOWER LEVEL 8,029 SF 7,091 SF 21’-7” Ceilings 15’-3” Ceilings Approximately 220’ of wraparound frontage FLOOR PLANS - RETAIL SPACE B CHERRY STREET 43’ - 3 3/4” 24’ - 0” 9’ - 11 1/2” 8’ - 4” RETAIL B RETAIL B GROUND FLOOR LOWER LEVEL 14,068 SF 10,554 SF 21’-4” Ceilings 15’-9” Ceilings Approximately 80’ of frontage on Cherry Street Venting Permitted FLOOR PLANS - RETAIL SPACE C 23’ - 8 1/4” RETAIL C 29’ - 8 1/2” PIKE SLIP GROUND FLOOR 565 SF 21’-1” Ceilings Approximately 53’-4 3/4” of wraparound frontage/exposure Ground to Ceiling Glass Exterior AROUND THE NEIGHBORHOOD IN THE PRESENT LOOKING INTO THE FUTURE WATERFRONT RENAISSANCE SOUTH STREET SEAPORT WATERFRONT RENAISSANCE ESSEX CROSSING SOUTH STREET SEAPORT THE LOWLINE Actively programmed open spaces including parks, Unprecedented 1.9 Million Square Foot LES Revitalization of Manhattan’s Historic Seaport.
    [Show full text]
  • Icp Focuses on Its Future Signs Deal with Delancey Street Associates to House Its Museum and School at Essex Crossing
    MEDIA RELEASE ICP FOCUSES ON ITS FUTURE SIGNS DEAL WITH DELANCEY STREET ASSOCIATES TO HOUSE ITS MUSEUM AND SCHOOL AT ESSEX CROSSING Lower East Side Unification Slated for Completion in 2019 NEW YORK, NY (OCTOBER 2017) – The International Center of Photography (ICP), the world’s leading institution dedicated to photography and visual culture, today revealed its plans to reunite the ICP Museum and ICP School in one location on the Lower East Side. The center will be housed on Ludlow Street and will serve as the cultural anchor of Essex Crossing, a $1.5 billion mixed-use project. Essex Crossing is being developed by Delancey Street Associates, which comprises Taconic Investment Partners, BFC Partners, and L+M Development Partners. The ICP School, which serves more than 3,500 students each year, will make the move downtown in summer 2019. The ICP Museum will also shift from its current space at 250 Bowery to Essex Crossing in early 2019, following the close of its fall 2018 exhibition program. “We are thrilled to be reuniting the ICP Museum and the ICP School under one roof. This is something towards which we’ve been working for nearly twenty years,” says ICP Board President Jeffrey Rosen and ICP Board Chair Caryl Englander. “It’s gratifying to bring this exciting goal to fruition.” “ICP is that rare institution in today’s cultural landscape—we exhibit, we collect, and we educate. Thanks to the vision and support of our board, the synergy between these different elements of our mission and our identity will be strengthened by this move,” says ICP Executive Director Mark Lubell.
    [Show full text]
  • Musical Explorers Is Made Available to a Nationwide Audience Through Carnegie Hall’S Weill Music Institute
    Weill Music Institute Teacher Musical Guide Explorers My City, My Song A Program of the Weill Music Institute at Carnegie Hall for Students in Grades K–2 2016 | 2017 Weill Music Institute Teacher Musical Guide Explorers My City, My Song A Program of the Weill Music Institute at Carnegie Hall for Students in Grades K–2 2016 | 2017 WEILL MUSIC INSTITUTE Joanna Massey, Director, School Programs Amy Mereson, Assistant Director, Elementary School Programs Rigdzin Pema Collins, Coordinator, Elementary School Programs Tom Werring, Administrative Assistant, School Programs ADDITIONAL CONTRIBUTERS Michael Daves Qian Yi Alsarah Nahid Abunama-Elgadi Etienne Charles Teni Apelian Yeraz Markarian Anaïs Tekerian Reph Starr Patty Dukes Shanna Lesniak Savannah Music Festival PUBLISHING AND CREATIVE SERVICES Carol Ann Cheung, Senior Editor Eric Lubarsky, Senior Editor Raphael Davison, Senior Graphic Designer ILLUSTRATIONS Sophie Hogarth AUDIO PRODUCTION Jeff Cook Weill Music Institute at Carnegie Hall 881 Seventh Avenue | New York, NY 10019 Phone: 212-903-9670 | Fax: 212-903-0758 [email protected] carnegiehall.org/MusicalExplorers Musical Explorers is made available to a nationwide audience through Carnegie Hall’s Weill Music Institute. Lead funding for Musical Explorers has been provided by Ralph W. and Leona Kern. Major funding for Musical Explorers has been provided by the E.H.A. Foundation and The Walt Disney Company. © Additional support has been provided by the Ella Fitzgerald Charitable Foundation, The Lanie & Ethel Foundation, and
    [Show full text]
  • Harry Allen Valerie Capers Linda May Han Oh Charnett Moffett
    202509_HH_July_0 6/24/19 12:27 PM Page 1 The only jazz magazine THE LATIN SIDE in NY in print, online and on apps! OF HOT HOUSE P31 July 2019 www.hothousejazz.com Jazz Forum Page 10 Village Vanguard Page 10 Charnett Moffett Linda May Han Oh Valerie Capers Harry Allen Jazz at Kitano Page 17 Zinc, 75 Club and 92Y Page 21 Where To Go & Who To See Since 1982 202509_HH_July_0 6/24/19 11:39 AM Page 2 2 202509_HH_July_0 6/24/19 11:39 AM Page 3 3 202509_HH_July_0 6/24/19 11:39 AM Page 4 4 202509_HH_July_0 6/24/19 11:39 AM Page 5 5 202509_HH_July_0 6/24/19 12:26 PM Page 6 6 202509_HH_July_0 6/24/19 11:39 AM Page 7 7 202509_HH_July_0 6/24/19 11:39 AM Page 8 8 202509_HH_July_0 6/24/19 11:39 AM Page 9 9 202509_HH_July_0 6/24/19 11:39 AM Page 10 WINNING SPINS By George Kanzler WO MUSICIANS KNOWN FOR under Charnett's chant of "Free the slaves, intrepidly anchoring vibrant rhythm let 'em go." Jana contributes one composi- sectionsT over the years explore other tion to the album, "Precious Air," a song aspects of their artistry on new albums. with her own lyrics, delivered in a breathy Both Charnett Moffett and Linda May Han voice and the musical textures of folk-rock. Oh are bassists and the principal com- Linda May Han Oh's Aventurine posers on their latest releases, but for the (Biophilia), is what was called third- first time, Charnett exclusively plays fret- stream music in the mid-20th century.
    [Show full text]
  • The New York City Waterfalls
    THE NEW YORK CITY WATERFALLS GUIDE FOR CHILDREN AND ADULTS WELCOME PLAnnING YOUR TRIP The New York City Waterfalls are sited in four locations, and can be viewed from many places. They provide different experiences at each site, and the artist hopes you will visit all of the Waterfalls and see the various parts of New York City they have temporarily become part of. You can get closest to the Welcome to THE NEW YORK CIty WATERFALLS! Waterfalls at Empire-Fulton Ferry State Park in DUMBO; along the Manhattan Waterfront Greenway, north of the Manhattan Bridge; along the Brooklyn The New York City Waterfalls is a work of public art comprised of four Heights Promenade; at Governors Island; and by boat in the New York Harbor. man-made waterfalls in the New York Harbor. Presented by Public Art Fund in collaboration with the City of New York, they are situated along A great place to go with a large group is Empire-Fulton Ferry State Park in Brooklyn, which is comprised of 12 acres of green space, a playground, the shorelines of Lower Manhattan, Brooklyn and Governors Island. picnic benches, as well as great views of The New York City Waterfalls. These Waterfalls range from 90 to 120-feet tall and are on view from Please see the map on page 18 for other locations. June 26 through October 13, 2008. They operate seven days a week, You can listen to comments by the artist about the Waterfalls before your from 7 am to 10 pm, except on Tuesdays and Thursdays, when the visit at www.nycwaterfalls.org (in the podcast section), or during your visit hours are 9 am to 10 pm.
    [Show full text]
  • 20 Clinton Street, New York NY
    Investment Opportunity Lower East Side New York RETAIL CONDOMINIUM AT 20 CLINTON STREET FOR LEASE OR SALE ASKING PRICE Exclusively Offered by RKF INVESTMENT SALES $2 M & ADVISORY SERVICES Executive Summary RKF Investment Sales & Advisory Services (“RKF”) has been retained as the exclusive agent for the sale of 20 Clinton Street, vacant retail condo with 1,250 SF on the Ground Floor and 450 SF in the Lower Level. The Property is situated mid-block with 28 FT of frontage along the east side of Clinton Street between Stanton and East Houston Streets in Manhattan’s historic Lower East Side. The property can accommodate black iron venting for food use. Investment Highlights DYNAMIC LOCATION Located in the Lower East Side, the property benefits from a market that is currently undergoing a dramatic makeover. There is a steady increase in pricing in both the residential and retail rents year-over- year in the Lower East Side, indicative of the market demand and robust market conditions. The neighborhood is “hip” for millennials and has also seen rising interest from families creating an eclectic mix of nightlife, music, art, upscale boutiques, hotels and high-end residential developments. Situated in close proximity to two subway stations with access to the B, D, F, M, J and Z subway lines make it ideal for the surrounding residential and retail developments. NEW DEVELOPMENT Driving the transformation is the $1.1 billion mixed-use Essex Crossing mega project, which is set to deliver 1,100 residential units along with 350,000 SF of office space and 450,000 SF of retail across ten buildings.
    [Show full text]
  • Community Involvement in Redevelopment After the Expiration of Urban Renewal Plans
    Renewing Renewal: Community Involvement in Redevelopment After the Expiration of Urban Renewal Plans A Thesis Presented to the Faculty of Architecture, Planning and Preservation COLUMBIA UNIVERSITY In Partial Fulfillment of the Requirements for the Degree Master of Science in Urban Planning by Caroline Thompson May 2020 Abstract Communities impacted by urban renewal in the mid-twentieth century were largely unable to stop the changes brought to their neighborhoods. The plans that operationalized urban renewal remained in place for over 40 years, with significant legislative, legal, and financial effort required to make any alterations. In New York City, many of the urban renewal areas and their governing plans have since expired, ushering in market-driven development and neighborhood changes. This thesis uses a mixed-methods approach to analyze the subsequent built environment changes and to explore community involvement through case studies of redevelopment in the former Seward Park Extension Urban Renewal Area (SPEURA) and Two Bridges Urban Renewal Area (TBURA). While many lots remain unchanged since the urban renewal era, those that have changed reflect local development preferences or the results of major rezonings. The case studies reveal the wide variety of methods of community involvement in site redevelopment, with implications for future participation in redevelopment in the city. Key words: urban renewal, participation, Two Bridges, Essex Crossing, Large-Scale Developments ii Table of Contents List of Figures .......................................................................................................................
    [Show full text]
  • Copyrighted Material
    09_573837 ch05.qxd 12/14/04 11:17 PM Page 85 5 Family-Friendly Dining In the gastronomic universe, New revolving showcase of whipped York has a fair number of star-quality cream–topped desserts. A number of restaurants, but are they worth it if trendy retro coffee shops have opened you’re eating out with your kids? in recent years, adding upscale parent- Fuhgeddaboudit. Le Bernardin and pleasing food to the traditional menu Nobu be damned—what I look for of burgers, omelets, and grilled cheese these days is a restaurant that’s noisy sandwiches. and casual, where the service is rela- I’m not a big fan of eating at side- tively speedy, and where the menu walk tables—I’d rather get away from includes at least one or two items from traffic and exhaust—but as soon as the my kids’ major food groups: chicken weather warms up, many families opt fingers, burgers, pasta, pancakes, and for restaurants with sidewalk seating. pizza, any or all of which could come The open-air arrangement minimizes with a side of fries. You can find your child’s noise, provides endless plenty of such restaurants in New distraction, and makes messes less York, and they won’t cost you an arm important (there’s always a pigeon or and a leg. two around to peck up dropped DINING OUT WITH YOUR KIDS french fries after you’ve cleared off). You know a restaurant welcomes kids Knowing how many Manhattan when they’ve printed up a place mat restaurants don’t work for smaller chil- for young customers to color and dren, for the most part I’ve tried to when you get to keep the crayons steer you towards those that do, you’re given to color it with.
    [Show full text]
  • The Epsteins
    the epstein family teacher guide family article family article teacher guide the epsteins who Kalman and Rivka Epstein were Holocaust survivors who immigrated to they the United States in 1947 as refugees. They were unable to return home, are but had difficulty coming to the United States because of restrictive immigration laws. They got help from Kalman’s aunt and uncle who sponsored and supported their journey to New York City. The Lower East Side had a strong Jewish community that also helped to welcome the Epsteins. There were Jewish schools that their daughters Bella and Blima could attend, Yiddish theatres, and synagogues for every Jewish community. The children also explored the diversity of their community by making friends in their building and in the park. primary Video: Bella Returning to 97 Orchard Street sources Bella talks about the mezuzah that is placed on the front doorpost of the apartment, a traditional object used in many Jewish families. This object was both a protective amulet for the home, and also a symbol and portrayal of faith. Bella reflects on the fact that it was a brave statement to put a mezuzah on the front door, considering her parents and family had been persecuted during the Holocaust in Europe. Questions • How do you think Bella feels returning to her for Student childhood home after more than 50 years? Exploration • Why does Bella say it was brave for her parents to put up a Mezuzah? • Do you have anything in your home that expresses your culture and identity? immigration & migration upper elementary unit plan 1 the epstein family teacher guide family article primary Oral History: Bella Discusses Paul Anka sources Bella speaks about the music that permeated the walls of her 103 Or- chard Street apartment.
    [Show full text]
  • The City of New York Manhattan Community Board 3
    THE CITY OF NEW YORK MANHATTAN COMMUNITY BOARD 3 59 East 4th Street - New York, NY 10003 Phone (212) 533- 5300 - Fax (212) 533- 3659 www.cb3manhattan.org - [email protected] Gigi Li, Board Chair Susan Stetzer, District Manager November 2013 Full Board Minutes Meeting of Community Board #3 held on Tuesday, November 26, 2013 at 6:30pm at PS 20, 166 Essex Street. Public Session: David Langra (speaking in support of Rivington F&B SLA Item 8): Resident for 4 years and noted that Jonas Pelli has been a good manager and will do a good job at this establishment. Sarah Lewitinn (speaking in support of Rivington F&B): Pelli has been a good manager and the establishment will be good for the community. Alex Luvdmir (owner of Rizzo's Pizza and speaking in support of Rivington F&B): Pelli will be a great manager. Taylor Ward (speaking in support of Rivington F&B): Pelli will be an excellent manager. Matt Pilieci (speaking in support of Rivington F&B): Omri is a great operator and this will be a great establishment. Anne Mitcheltree: Speaking to promote Toys for Tots and against Santacon. We should not have to overpay rent at the World Trade Center. Pascal DuBois (CUNY School of Public Health): Speaking to promote the NYC HANES survey – it designed to identify health policy issues through voluntary surveys in order to generate data on NYC's health issues. The results lead to policies and solutions. Jan Hanvik: Speaking on behalf of the LES Arts Jobs Training Program, which will pay non-profit arts groups to train youth in arts-related jobs.
    [Show full text]