Bankruptcy Sale: 55-59 Chrystie Street, Nyc

Home , Broome Street, Chrystie Street, Mott Street, Nolita

Bankruptcy Sale: 55-59 Chrystie Street, nyc

46,365 Sq. Ft. Vacant Elevator Building Stunning Upgrades | 75’ of Frontage 1 Outdoor Patio and Roof Deck JERSEY CITY One World Trade Center

Marketplace Brookﬁeld 28 Place

New York by Gehry Woolworth Building

LOWER MANHATTAN

City Hall TRIBECA

TWO New York County Supreme Court Canal St BRIDGES 1 2 3 Canal St A C E Columbus Park Canal St N Q Canal St R W

Canal St SOHO 4 5 6 6

Canal St J Z

CHINATOWN LOWER LITTLE EAST SIDE Sara D. ITALY Spring St Roosevelt 4 5 6 6 Park

Grand St B D 2 3 TABLE OF CONTENTS

6 Executive Summary

9 Property Overview

11 Financial Overview

19 Property Photos

47 Events/Photo Shoots

61 Property Specifics

73 Floor Plans 6 47 EXECUTIVE SUMMARY EVENTS/PHOTO SHOOTS

Tax Assessment Address 55 Chrystie Street City, State New York, NY Block 303 Lot 27 Year Built 1900 NRA 39,547 Assessed $ $3,282,290 Assessed $/SF $87.53 Total Taxes $348,567 Taxes per SF $9.30 FINANCIAL OVERVIEW 11 19 FLOOR PLANS 73 4 PROPERTY PHOTOS 5 Executive Summary

R osewood Realty is pleased to present the opportunity to joint venture or purchase 55-59 Chrystie Street, a 6 story elevator office/retail building currently in Bankruptcy.

The 46,365 square foot property, located in the up-and-coming Lower Manhattan area, is architecturally significant and boasts 75 feet of frontage. The ground floor is comprised of two retail spaces, and the second through sixth floors consist of office/commercial.

Just 3 minutes from the Grand Street subway station the property has stunning vaulted ceilings, original beams, modern upgrades, and outdoor patio and roof deck, providing sweeping views of Manhattan and Brooklyn.

Built in 1900, the building underwent significant capital improvements in 2014 and 2016, modernizing while accentuating the character of the existing structure. $1,900,000 was spent on updates to the common areas, loft, and office spaces.

55-59 Chrystie will attract a diverse office tenant roster across an array of industries, both established and startup, such as media, tech, art, health & wellness, fashion, and finance, thereby insulating an owner from industry specific risk. The Property, in part or in entirety, can also be used as a luxury gallery or high end event space.

This deal presents investors the opportunity to purchase a unique mixed-use asset with incredible upside. Due to its vacancy, it is a blank slate.

Whereas the property is currently in Chapter 11 and is slated for sale, ownership is also actively seeking joint venture proposals.

6 7 JERSEY CITY One World Trade Center

Marketplace Brookﬁeld 28 Place

New York by Gehry Woolworth Building

LOWER MANHATTAN

City Hall TRIBECA Property Overview • 46,365 square foot office and retail property rising six stories • 75’ of frontage divided into two retail units • $1.9 Million of recent renovations (2014 and 2016), which include upgrades to lobby, common New York County corridors, and loft/office spaces. TWO Canal St Supreme Court • Patio and roof deck lounge provides sweeping views of New York City BRIDGES 1 2 3 • Located between Canal & Hester Street, just 3 minutes from the Grand Street subway station • Perfect for an array of office tenants: media, tech, art, health & wellness, fashion,Canal and financeSt A C E Columbus • In addition to office & retail, the property can be used as luxury gallery / event space Canal St Park Property Snapshot N Q Property Name 55-59 Chrystie Street Canal St Property Type Office-Retail R W Address 55-59 Chrystie St, New York, NY 10002 Market Downtown Canal St SOHO Soho Submarket 4 5 6 6 Assessor Parcel Block 303, Lot 27 Lot Sq. Ft. Canal St 7, 50 0 Lot DimensionsJ Z 75 x 100 ft Gross Square Footage 46,365 SF AVAILABLE AIR RIGHTS 7, 50 0 SF CHINATOWN YEAR BUILT/RENOVATED 1900, 2014 & 2016 NUMBER OF STORIES 6-Stories, plus Basement LOWER ZONING DISTRICTS C6-1G OWNERSHIP LITTLEFee-Simple Interest EAST SIDE Structural/Mechanical Overview Sara D. ITALY Spring St EXTERIOR Brick masonry with stucco 4 5 6 6 Roosevelt HEATING Split system heat pumps and a packaged RTU Park AIR-CONDITIONING Split system air conditioner and a packaged RTU ELECTRICAL WIRING Copper Grand St ELEVATORS One cable passenger unit B D ROOF Built-up with aluminum coating and granular cap sheet FIRE SPRINKLER 100% coverage

8 9

FINANCIAL OVERVIEW

10 11 Financial Overview Financial Overview

Historical Stabilized 2014 2015 2016 2017 Pro Forma PROPER TY PRO-FORMA Tax Assessment Revenue: Address 55 Chrystie Street Base Rental Revenue (i): $1,690,322 $1,885,971 $2,133,575 $1,743,803 $2,766,179 City, State New York, NY Expense Reimbursement Revenue: $91,920 $41,416 $65,606 $52,870 $70,000 Block 303 Potential Gross Revenue: $1,782,242 $1,927,387 $2,199,181 $1,796,673 $2,836,179 Lot 27 Vacancy & Collection Loss (ii): ($141,809) Year Built 1900 Effective Gross Revenue: $1,782,242 $1,927,387 $2,199,181 $1,796,673 $2,694,370 Assessed $ $3,282,290 Assessed $/SF $87.53 Operating Expenses: RE Taxes (iii): $237,110 $268,865 $297,294 $320,494 $365,361 Total Taxes $348,567 Utilities: $80,330 $81,547 $73,134 $65,374 $80,000 Taxes per SF $9.30 Contract Services: $8,264 $7,740 $9,014 $8,326 $7,000 Payroll & Associated Benefits: $23,920 $24,700 $27,825 $27,820 $25,000 Repairs and Maintenance: $12,625 $2,426 $7,371 $17,505 $10,000 Tax Information (2018/2019) Tax Year Insurance: $33,225 $39,228 $45,063 $49,995 $45,000 Assessor’s Parcel No. Block 303, Lot 27 Management Fees (iv): $35,645 $38,548 $43,984 $35,933 $53,887 Tax Code Area City of New York Miscellaneous: $4,310 $9,992 $5,124 $6,113 $5,000 Tax Rate 10.5140% Total Operating Expenses $435,429 $473,046 $508,809 $531,560 $591,249 Tax Class 4 Tax Assessment Transitional

Net Operating Income (NOI): $1,346,813 $1,454,341 $1,690,372 $1,265,113 $2,103,121 Estimated Market Value $7,737, 0 0 0 Assessed Value NOI Margin %: 75.6% 75.5% 76.9% 70.4% 78.1% Actual Transitional Notes To Financials: Land $ 387,9 0 0 $ 387,9 0 0 (iii) Pro Forma Vacancy & Collection Loss @ 5% of PGR. (iii) Pro Forma RE Taxes assume 6 months of taxes incurred based on FTY 19/20 Dept. Of Finance Billing and 6 months with 3% inflation (H2 2020). Improvements $3,093,750 $2,894,390 (iv) Pro Forma Mgmt. Fee @ 2% of EGR.

Total Assessed Value $3,481,650 $2,894,390 Floor Gross SF Rentable SF* PPSF Monthly Rent Annual Rent Taxable Assessed Value $3,282,290 Cellar 7,528 SF 7,461 SF $40.00 $24,871.20 $298,454.40 Base Tax $345,100 1st Floor 7,545 SF 6,645 SF $110.00 $60,910.58 $730,926.90 Additional Charges/Abatements/Exemptions 2nd Floor 7,550 SF 6,842 SF $60.00 $34,210.80 $410,529.60 Bldg-Hazardous Re-Inspection Fee $85.00 3rd Floor 7,550 SF 7,223 SF $55.00 $33,104.09 $397,249.05 Chinatown BID $3,382.16 4th Floor 7,550 SF 7,366 SF $55.00 $33,760.38 $405,124.50 Total Additional Charges $3,467 5th Floor 7,550 SF 6,887 SF $65.00 $37,306.26 $447,675.15 Total Base Tax & Additional Charges $348,567 6th Floor 1,092 SF 1,173 SF $65.00 $6,351.64 $76,219.65 TOTAL 46,365 SF 43,597 SF $63.45 $230,514.94 $2,766,179.25 *Rentable SF assumes REBNY Add on Factor.

12 13 Property Sale Comparables AUCTION DETAILS Address: Sub Market Sale Price Sale Date Office SF Retail SFGLA (SF) Class Built/Renovated PPSF 149 Canal Street Chinatown $7,300,000 10/10/19 5,764 1,441 7,205 C 1910 $1,013 United States Bankruptcy Court Southern District of New York - In Re: C.T.W. REALTY 53 E Broadway Two Bridges $5,500,000 1/11/19 5,127 1,709 6,836 C 1915 $805 CORP., - Case # 19-11425-mkv 161 Bowery Lower East $24,300,000 8/30/18 13,921 5,073 18,994 C 1920/1989 $1,279 Side INFORMATION PROVIDED AT: www.55Chrystie.com 135 Bowery Lower East $24,300,000 8/29/18 18,750 2,557 21,307 B 2015 $1,140 Side 139 Mott Street Little Italy $6,800,000 8/24/17 4,900 2,430 7,330 C 1910 $928 Should a private sale or joint venture not be consummated by January 24th, 2020, 30-32 Howard Street Soho $46,000,000 1/9/18 42,407 0 42,407 B 1910/2018 $1,085 the following dates will apply: 85 Worth Street TriBeCa $21,000,000 8/4/17 5,000 20,000 25,000 C 1920 $840 174-178 Mott Street* NoLiTa $44,000,000 12/15/16 39,998 8,190 48,188 B 1920/2015 $913

29, 31 Leonard Street, Tribeca $24,500,000 7/11/18 29,400 0 29,400 C 1920 $833 BID DEADLINE: 198 W Broadway th 79 Walker Street Chinatown $19,000,000 9/29/16 21,582 0 21,582 C 1920/2016 $880 January 28 , 2020 35-37 East Broadway Chinatown $20,200,000 3/14/18 24,157 9,000 33,157 C 1910/1985 $836 • All offers are requested on or before the offer due date by 5:00 PM EST. 106 Franklin Street TriBeCa $11,500,000 1/25/17 11,000 2,400 13,400 C 1987 $858 64-66 White Street TriBeCa $13,445,000 3/27/18 15,036 0 15,036 B 1869 $894 44 Hudson Street TriBeCa $14,000,000 9/27/18 12,000 3,570 15,570 C 1910/2019 $899 Average $20,299,667 21,704 $940 AUCTION DATE: th Office Lease Comparables January 30 , 2020 at 2 PM Address: Sub Market: Lease Signed Term Floor SF Leased Rent/SF • Only Qualified Bidders as defined in the Bidding Procedures and Terms & 75 Spring Street Soho Jun-19 8 Years 6 6,400 75.00 Conditions of Sale that have submitted Qualified Bids and provide deposits 338 Broome Street Soho Feb-18 5 Years 2 1,819 69.00 are eligible to participate. 135 Bowery LES May-19 2 years 2 1,657 67.00 161 Bowery Street Soho Oct-19 2 Years 3 3,300 63.00 84 Bowery SoHo Sep-17 5 Years 2 2,200 46.36 173 Canal Street SoHo Jun-18 5 Years 3 1,500 48.09 AUCTION LOCATION: 167-169 Canal Street SoHo Apr-16 5 Years 2 1,180 48.00

Average 1,819 $63.00 Herrick, Feinstein LLP 2 Park Avenue, New York, NY 10016 Retail Lease Comparables Address: Sub Market: Lease Signed Term Floor SF Leased Rent/SF 26 Bowery City Hall Nov-18 10 Years Ground 6,486 147.00 50 Bayard Street Chinatown Oct-17 7 Years Ground 1,000 132.00 ADDITIONAL DETAILS: 125 Canal Street SoHo Sep-17 5 Years Ground 1,000 132.00 79 Mott Street Chinatown Aug-17 10 Years BSMT, Ground 1,600 141.39 • The property is being sold on an as is, where-is basis. 79 Mott Street Chinatown Mar-17 5 Years Ground 870 179.31 • Bid procedures available upon request 116-120 Mott Street Chinatown Dec-16 7 Years Ground 500 177.79 7 Division Street City Hall Jan-15 10 Years Ground 1,650 90.42 • Purchaser will be required to pay all costs and expenses it incurs in 14-16 Orchard Street Chinatown Apr-14 5 Years Ground 637 74.07 connection with its evaluation of the property 145 Canal Street SoHo Mar-14 10 Years Ground 1,200 107.37 • Rights are reserved to modify this process and the time frames set forth 9 Elizabeth Street City Hall Mar-13 8 Years Ground 1,800 112.21

Average 1,200 $132.00

14 Viewings: Available by Appointment Upon Request. 15

PROPERTY PHOTOS

16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43

Events/Photo Shoots

44 45 46 47 Fabled Event

48 49 50 51 Fabled Event

52 53 Traumland

54 55 56 57 58 59

Property Specifics

60 61 Property Specifics Property Specifics

Immediate Area Profile Local Area Profile Significant development in the immediate area consists of office, retail, The subject property is located in Chinatown, within the borough of mixed-use and multifamily residential development. Manhattan in New York City. Chinatown is bordered to the north by Little Italy, to the east by the Lower East Side, to the south by Civic Center, and to • Canal Street is the primary retail corridor in the neighborhood and the west by Tribeca and Soho. over time has come to include a handful of national chain restaurants and branch banks, in addition to the existing restaurant and retail stores As a historically Chinese ethnic enclave, Manhattan’s Chinatown has the typical of Chinatown. highest concentration of ethnic Chinese in the Western Hemisphere. The area also serves the larger population base in the New York metro area, • In addition to the tenement style housing that has historically existed which includes a significant Chinese population with additional Chinatown in the neighborhood, new condominium development has taken place neighborhoods spread across the five boroughs. over the past ten years, primarily along the borders with more desirable neighborhoods of Soho, Little Italy and the Lower East Side. As the surrounding neighborhoods have seen significant redevelopment and rising prices, the make-up of Chinatown has begun to shift, with existing, • The neighborhood represents a secondary office market within Manhattan formerly affordable, housing stock being renovated and leased at higher that is included in the Soho submarket. As rents rise within the submarket, rates. the desirability of Chinatown office as a lower cost alternative continues to increase, particularly for small and start-up creative, technology, and New development has also taken place over the last ten years, primarily in media tenants. the form of luxury condominiums and hotels. Tourism and hospitality have always played a role in the Chinatown economy given the historic significance • There are currently several mid-size office and residential development of the neighborhood, but over the last several years this has increased with projects in the immediate area, and a number of hotels have been the increase in new construction, including luxury, hotels attracting tourists completed in recent years. to the neighborhood.

Retail Restaurants Attractions R eformation Grand Seoul SoHo Transportation Coop & Spree Shabushabu Macoron Color Factory Public Transportation is available near the subject property. The D train is 3x1 Le Coucou Tenement Museum available at Grand St. two blocks north of the subject, and the F train is Michele Varian Gohan-ya Miette Culinary Studio available at East Broadway, 6 blocks east. Blue in Green DOMODOMO New Museum of Contemporary Art

62 63

D F

QU EENS M IDT O W Madison N Pershing Square TU Field Park NL

Whitney S MANHATTAN Museum R D

WEST GRAMERCY D Property Specifics F VILLAGE Economic Factors NYU Hamilton HOLLAND TUNL Throughout the past decade both private and public investments have Park Newport Tompkins Centre Square Park transformed the economy of Lower Manhattan. Numerous office buildings Mall 2 EAST VILLAGE have been built and renovated, and many are still under construction. Mass 4 transit infrastructure and connections have been improved and, in some cases, East River 1 rebuilt entirely. The region has also seen a significant increase in the amount WILLIAMSBURG BRG World Trade LOWER of new retail complexes. Commuters and residents from other parts of the Center MANHATTAN BRGEAST SIDE metro area have moved to the region. While the financial sector continues 3 BROOKLYN BRG to dominate Lower Manhattan’s economy, there has been a considerable South Liberty Cove diversification of the overall workforce. State Park WILLIAMSBURG N R D Bridge R Information and media companies including Time, Inc. and Conde Nast have F D Park relocated to the area, which is currently the fourth largest business district in the country. Lower Manhattan is also home to the South Street Seaport, Noteworthy Developments Nearby City Hall, and Wall Street. As of 2015, private sector employment accounted Long Island University-Brooklyn 1 for 228,300 jobs in the region, with one tenth of all private sector jobs in Essex Crossing is a mixed use project of overNew 1,000 York new residences, 350,000 square feet of officeGOVERNORS space, 100,000 squareTransit feet Museum of green space and 300,000 Pratt Statue ISLAND Institute the borough located within Lower Manhattan. In addition to finance, other of Libertysquare feet of retail spaces that478 will enhance the culture and unique flavor of 278 FORT GREEN economic sectors that are particularly strong include healthcare, business New York City’s Lower East Side. This large complex is located just a few short BOERUM blocks from the property. services, hospitality, and information. Tourism has also become an important HILL part of the local economy, with over 14 million tourists visiting the region 2 215 Chrystie Street, Ian Schrager’sCoffey world-class hotelCARROLL development, is a each year. 160,000 square foot, 32-story, 370-roomPark luxury hotelGARDENS located five blocksBROOKLYN north of the Property. RED HOOK

Community Services 278 Prospect Park BELT PKWY Community services and facilities are readily available in the surrounding 3 252 South Street, also known as One Manhattan Square has sold the most area. These include public services such as fire stations, hospitals, police condos in 2019. The building rises 800 feet tall, with 815 magnificent condos Y KW P with unique luxury amenities. LT stations, and schools (all ages). The subject property is located in the NYC E 278 B Geog District # 2 - Manhattan. Prospect Park GREENWOOD Lake 4 The Sione, located at 171 Suffolk Street is a 14 story building, featuring 88 RED HOOK luxury rental units with high end amenities. 278 Sunset 64 Park 65

T SUNSET PARK EL B

Y W K P LT E B

BELT

KWY BELT P T ami Startups

66 67 10/4/2019 Digital Tax Map - New York City Department of Finance

DOF - Digital Tax Map CURRENT TAX MAP LIBRARY OF TAX MAPS HISTORY OF TAX MAP CHANGES HISTORICAL ALTERATION BOOKS USER GUIDE Search for a Location 1001 - 1081 Map Type Advanced Searched Locations

MANHATTAN Block: 303 Lot: 27 1001 - 1063 Show Additional Information...

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70 71

FLOOR PLANS

72 73 74 75 CELLAR 1ST FLOOR

TOTAL CELLAR 7,528 SQ. FT. 7,545 SQ. FT. EX STORE #105 1ST FLOOR

EX STORE #106 TOTAL 1ST FLOOR 7,545 SQ. FT. EX STORE #104 2ND FLOOR

TOTAL 2ND FLOOR 7,550 SQ. FT. EXIT PASSAGEWAY

3RD FLOOR 75'

EX STORE TOTAL 3RD FLOOR 7,550 SQ. FT. #106 #103

4TH FLOOR EX. EX. TOILET TOILET

EX. EX. TOTAL 4TH FLOOR 7,550 SQ. FT. TOILET MECH. EX STORE 5TH FLOOR #102 EX STORE

#107 EX. TOILET EX STORE TOTAL 5TH FLOOR 7,550 SQ. FT. #101

EX.

6TH FLOOR STORAGE 100'

TOTAL 6TH FLOOR 1,092 SQ. FT.

1 1ST FLOOR PLAN TOTAL GROSS SQ. FT. 46,365 SQ. FT. SCALE: 3/32" = 1'-0" (EXCLUDING VAULT) 55 CHRYSTIE ST. METAMECHANICS 11/05/19 1 TAX MAP SCALE: N.T.S. 55 CHRYSTIE ST. METAMECHANICS 11/05/19

CELLAR 2ND FLOOR OFFICE OFFICE 7,528 SQ. FT. #206 OFFICE OFFICE #203 7,550 SQ. FT. #205 #204 OFFICE #101 #207 #102 OFFICE

#202

A/C EX. EX. TOILET MECH. RM TOILET

HATCHED AREA STORAGE NOT INCLUDED 75' 75' #102 OFFICE OFFICE #201 #208

STORAGE #103 EX. EX. EX. EX. TOILET STORAGE STORAGE STORAGE

EX. TOILET

EX. EX. TOILET TOILET OFFICE OFFICE OFFICE #104 #105 #209 #210 #200

EX.

STORAGE

EX. WATER METER ROOM

100' 100'

1 2ND FLOOR PLAN 1 CELLAR PLAN SCALE: 3/32" = 1'-0" SCALE: 3/32" = 1'-0" 55 CHRYSTIE ST. 55 CHRYSTIE ST. METAMECHANICS 11/05/19 METAMECHANICS 11/05/19

76 77 3RD FLOOR OFFICE 5TH FLOOR 7,550 SQ. FT. OFFICE #303 7,550 SQ. FT. OFFICE #302 #500

TERRACE

OFFICE #301

EX. TOILET MECH. RM EX. TOILET EX. TOILET

EX. EX. MECH. STORAGE RM.

OFFICE OFFICE #501 75' 75' OFFICE #307 OFFICE #308

OFFICE #502

EX. TOILET OFFICE EX. #310 OFFICE TOILET #309 OFFICE #503 OFFICE

#504

100' 100'

1 3RD FLOOR PLAN 1 5TH FLOOR PLAN SCALE: 3/32" = 1'-0" SCALE: 3/32" = 1'-0" 55 CHRYSTIE ST. 55 CHRYSTIE ST. METAMECHANICS 11/05/19 METAMECHANICS 11/05/19

CL. EX. TOILET CL. 4TH FLOOR OFFICE OFFICE 6TH FLOOR 7,550 SQ. FT. OFFICE OFFICE #402 #403 1,092 SQ. FT. TERRACE BELOW OFFICE #401

OFFICE

EX. EX. TOILET EX. MECH TOILET RM ROOF

EX. ELEV MECH RM OFFICE OPEN #407 TO 75' 75' BELOW

OFFICE #408

OFFICE EX. TOILET OFFICE #410 EX. #409 TOILET 503

EX. PENTHOUSE TOILET

100' 100'

1 4TH FLOOR PLAN 1 6TH FLOOR PLAN SCALE: 3/32" = 1'-0" SCALE: 3/32" = 1'-0" 55 CHRYSTIE ST. 55 CHRYSTIE ST. METAMECHANICS 11/05/19 METAMECHANICS 11/05/19

78 79 80 81 For more information or to set up a viewing, please contact The Corbin Group at Rosewood Realty:

Greg Corbin Aaron Kline President, Bankruptcy and Restructuring Director Direct: 212.359.9904 Direct: 212.359.9930 Cell: 917.406.0406 Cell: 914.482.4635 [email protected] [email protected]

B randon Serota Chaya Milworn E lliot Haft Associate Associate Associate Direct: 212.359.9928 Direct: 212.359.9936 Direct: 212.359.9925 Cell: 516.233.5293 Cell: 917.804.7458 Cell: 516.509.1943 [email protected] [email protected] [email protected]

Disclaimer: This is a confidential brochure (the “Brochure”) intended solely for your limited use and benefit in determining whether you desire to express any further interest in the proposed sale of 55-59 Chrystie Street, New York, New York (the “Property”). The information contained herein, including any pro forma income and expense information (collectively, the “Information”) is based upon assumption and projections and has been compiled or modeled from sources we consider reliable and is based on the best available information at the time the brochure was issued. However, the Information is subject to change and is not guaranteed as to completeness or accuracy. While we have no reason to believe that the Information set forth in this brochure, underwriting, cash flows, valuation and other financial information (or any Information that is subsequently provided or made available to you) contains any material inaccuracies, no representations or warranties, express or implied, are made with respect to the accuracy or completeness of the Information. Independent estimates of pro forma income and expenses should be developed before any decision is made on whether to invest in the property. Summaries of any documents are not intended to be comprehensive or all-inclusive, but rather only outline some of the provisions contained therein and are qualified in their entirety by the actual document to which they relate. You understand that the Information is confidential and is furnished solely for the purpose of your review in connection with a potential investment in the property. You further understand that the Information is not to be used for any other purpose or made available to any other person without the express written consent of Rosewood 80Realty Group. This offering is subject to prior placement and withdrawal, cancellation or modification without notice.