128 Mulberry Street (180 Hester Street)

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128 Mulberry Street (180 Hester Street) 128 Mulberry Street (180 Hester Street) NEW YORK, NY Offering Memorandum Disclaimer This Confidential Offering Memorandum (“Memorandum”) is being delivered subject to the terms of the Confidentiality Agreement (the “Confidentiality Agreement”) signed by you and For more information, please contact constitutes part of the Confidential Information (as defined in the Confidentiality Agreement). one of the following individuals: It is being given to you for the sole purpose of evaluating the possible investment in 128 Mulberry Street (the “Property”), and is not to be used for any other purpose or made available to any Robert Burton other party without the prior written consent of the owner, or its exclusive broker, Cushman +1 212 660 7770 & Wakefield. This Memorandum was prepared by Cushman & Wakefield based primarily on [email protected] information supplied by Managing Member. It contains select information about the Project and the real estate market but does not contain all the information necessary to evaluate the Project. The financial projections contained herein (or in any other Confidential Information) Maurice Suede are for general reference only. They are based on assumptions relating to the overall economy +1 212 589 5131 and local competition, among other factors. Accordingly, actual results may vary materially [email protected] from such projections. Various documents have been summarized herein to facilitate your review; these summaries are not intended to be a comprehensive statement of the terms or a legal analysis of such documents. While the information contained in this Memorandum and Bobby Carrozzo any other Confidential Information is believed to be reliable, neither Cushman & Wakefield nor +1 212 589 5118 [email protected] Managing Member guarantees its accuracy or completeness. Because of the foregoing and since the investment in the Project is being offered on an “As Is, Where Is” basis, a prospective investor or other party authorized by the prospective investor to use such material solely to Daniel Soyak facilitate the prospective purchaser’s investigation, must make its independent investigations, +1 212 698 5552 projections and conclusions regarding the investment in the Project without reliance on [email protected] this Memorandum or any other Confidential Information. Although additional Confidential Information, which may include engineering, environmental or other reports, may be provided to qualified parties as the marketing period proceeds, prospective purchasers should seek Olivia Faria advice from their own attorneys, accountants, engineers and environmental experts. Neither +1 212 698 2590 Cushman & Wakefield nor Managing Member guarantees the accuracy or completeness of the [email protected] information contained in this Memorandum or any other Confidential Information provided by Cushman & Wakefield and Managing Member. Managing Member expressly reserves the right, at its sole discretion, to reject any offer to invest in the Project or to terminate any negotiations with any party at any time with or without written notice. Managing Member shall have no legal commitment or obligations to any prospective investor unless and until a written sale agreement has been fully executed, delivered and approved by Managing Member and any conditions to Managing Member’s obligations thereunder have been satisfied or waived. Managing Member has retained Cushman & Wakefield as its exclusive broker and will be responsible for any commission due to Cushman & Wakefield in connection with a transaction relating to the Project pursuant to a separate agreement. Cushman & Wakefield is not authorized to make any representation or agreement on behalf of Managing Member. Each prospective investor will be responsible for any claims for commissions by any other broker in connection with an investment in the Project if such claims arise from acts of such prospective investor or its broker. This Memorandum is the property of Managing Member and all parties approved by Managing Member and may be used only by parties approved by Managing Member. No portion of this Memorandum may be copied or otherwise reproduced or disclosed to anyone except as permitted under the Confidentiality Agreement. 2 cushmanwakefield.com Table of Contents Executive Summary .....................................................4 Pictures .......................................................................... 6 Rent Roll and Expenses .............................................. 9 Retail Lease Comparables ....................................... 10 Market Overview .........................................................12 Due Diligence .............................................................16 Financing Options ....................................................38 128 Mulberry Street 3 ExecutiveExecutive SummarySummary 205 / 1101-1105 BLOCK LOT 25’ x 50’ LOT DIMENSIONS (APPROX.) 1,254 LOT SQUARE FOOTAGE (APPROX.) 6,193 SQUARE FOOTAGE WITH BASEMENTS (APPROX.) C6-2G 5.1 4.1 ZONING COMMERCIAL FAR RESIDENTIAL FAR 2C TAX CLASS $327,515 $41,307 ASSESSMENT (2018/2019) TAXES (2018/2019) Little Italy - Area A1 SPECIAL DISTRICT Asking Price: $11,000,000 Robert Burton Maurice Suede +1 212 660 7770 +1 212 589 5131 [email protected] [email protected] Bobby Carrozzo Olivia Faria Daniel Soyak +1 212 589 5118 +1 212 689 2590 +1 212 698 5552 [email protected] [email protected] [email protected] Opportunity • 100% Occupied • Approximately 1,700 SF of unused air rights • 2nd Floor zoned use group 6 retail - opportunity to put in restaurant use over two floors and boost revenue • Space is already fully vented • Tax Class 2C - limits on how much the assessed value can increase per year Highlight Cushman & Wakefield has been exclusively retained to arrange for the sale of 128 Mulberry Street, a 7-story mixed-use multifamily building located on the southeast corner of Mulberry and Hester Streets. The building is 100% occupied and is comprised of 5 free market residential units and 1 retail unit. The retail is occupied by Little Italy Famous Gift Shops and is leased until May, 2024. The residential portion of the building is comprised of three 1-bed/1-bath units, one 2-bed/1-bath unit and a penthouse duplex which is a 2-bed/2-bath unit. The property has an additional 1,686 square feet of air rights available and is centrally located near various transportation options. Property Photos Unit 4 Bedroom Unit 4 Living Room 6 nyinvestmentsales.com Unit 4 Bathroom In-Unit Elevator Access 1 Unit 4 Kitchen 128 Mulberry Street 7 Rent Roll & Expenses Revenue & Expenses Monthly Units Tenant Status Lease Expires GSF Beds Bath P.P.S.F Rent Annual Total Sub-Basement Storage 909 Included Included Included Cellar Retail Storage 909 Included Included Included Little Italy Famous Gifts Retail 5/31/2024 909 $155 $23,475 $281,704 2 FM 6/6/2020 909 2 1 $59 $4,500 $54,000 3 FM 8/31/2019 684 1 1 $64 $3,650 $43,800 4 FM 4/30/2020 684 1 1 $70 $3,995 $47,940 5 FM 5/31/2019 684 1 1 $70 $3,995 $47,940 PH (Duplex, 6th Floor) FM 9/30/2019 653 2 2 $80 $6,250 $75,000 PH (Duplex, 7th Floor) FM 9/30/2019 285 TOTAL 6,193 $45,865 $550,384 Expense Expense Amount Real Estate Taxes (18/19) Actual (Tax Class 2C*) $41,307 Insurance Actual $9,043 Utilities (Water & Sewer / Electric) Actual $6,467 Elevator Maintenance Actual $2,156 Management Projected $15,988 Total: $74,960 * Tax Class 2C is protected from large increases. The assessed value of the property cannot increase by more than 8% in one year, and cannot increase by more than 30% over 5 years. Net Operating Income Gross Monthly Income $45,865 Gross Annual Income $550,384 Less Expenses -$74,960 NET OPERATING INCOME $475,424 8 nyinvestmentsales.com Rent Roll Lease Abstract Tenant Lease Abstract Tenant: Little Italy Famous Gift Shop Premise: Ground Floor of 128 Mulberry Street (aka 180 Hester Street) Use of Premise: NYC gift shop retail store Lease Commencement Date: June 1, 2014 Lease Expiration: May 31, 2024 Rent Increase: 3% Remaining Term: Starting June 2019 June 2020 June 2021 June 2022 June 2023 Monthly Rent: $23,475 $24,179 $24,904 $25,652 26,421 Annual Rent: $281,703 $290,154 $298,859 $307,825 317,059 Option to Renew: One 5-year option at fair market fixed rent Water: Tenant Pays Utilities: Tenant Pays HVAC & Electrical/Plumbing Install/maintain at tenants cost Tenant required to have “all risk” insurance, rental insuance,+ $250,000 single limit for Insurance: personal injury, workers compensation insurance Real Estate Taxes: Tenant pays any increase of taxes over the Base Tax Year (2014/2015) Assignment & Subletting: Tenant cannot assign Signage/Alterations Subject to landlords reasonable consent 128 Mulberry Street 9 Retail Lease Comparables Qtr. Year Address Tenant Business Type GF SF Aggregate Starting Rent GF Rent PSF 1.) 3 2018 11 Howard Street Cotton Citizen apparel 1,152 $252,438 $219 2.) 2 2018 166 Mott Street Polusud food user 445 $67,800 $152 3.) 1 2018 406 Broome Street Gran Tivoli food user 2,000 $550,000 $250 4.) 1 2018 152 Elizabeth Street Issey Miyake apparel 2,224 $375,000 $168 195-199 Lafayette 5.) 1 2018 Koio shoes 900 $234,000 $260 Street Source: Cushman & Wakefield Research 10 nyinvestmentsales.com 4 5 3 2 1 TO INSERT FOOTER TEXT, GO TO: Type>Text Variables>Define>MASTER Footer Text 11 Market Overview Little Italy The Manhattan neighborhood which encompasses 128 Mulberry The cobblestone streets are reminiscent of the old days
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