286 Spring Street Vented Retail Condo
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INVESTMENT OPPORTUNITY 286 SPRING STREET VENTED RETAIL CONDO HUDSON SQUARE | NEW YORK RKF INVESTMENT SALES & ADVISORY SERVICES 286 SPRING - Digital Tax Map - New York City Dept. of Finance (12/20/2016) 286 SPRING STREET | INVESTMENT OPPORTUNITY RKF INVESTMENT SALES & ADVISORY SERVICES TAX MAP HAS BEEN EXCLUSIVELY RETAINED FOR THE SALE OF THE RETAIL CONDO AT 286 SPRING STREET. 286 SPRING STREET is a 5,124-SF retail condo located at the base of an iconic 1920s loft building in New York City's Hudson Square. SPRING STREET Located on the south block of Spring Street between Hudson Street 286 SPRING STREET and Varick Street, the asset has 15 FT of frontage on Spring Street 1501 and 20 FT on Hudson Street and is in close proximity to major public 6 transportation including the at Spring Street and the at Houston and Canal Streets. PROPERTY SNAPSHOT HUDSON STREET BLOCK/LOT 579/5 LOT DIMENSIONS 20 FT X 100 FT (IRREGULAR) DOMINICK STREET GROUND FLOOR SIZE 3,303 SF BASEMENT SIZE 1,821 SF TOTAL EXISTING SF 5,124 SF INVESTMENT HIGHLIGHTS ZONING M1-6 n Delivered vacant and with liquor license RE TAXES (16/17) $29,000 n Flexible space can be easily divided into separate retail units CAM (16/17) $15,000 n Frontage on both Hudson and Spring Streets n Recent rezoning and significant development in the Hudson Square FOR MORE INFORMATION PLEASE CONTACT submarket offers buyers the potential opportunity for significant BRIAN SEGALL GEORGE MARTINECZ future gains, particularly with its current under market rent Vice President Associate 212.351.9346 212.916.3381 [email protected] [email protected] RKF INVESTMENT SALES & ADVISORY SERVICES 521 FIFTH AVENUE, FLOOR 7, NEW YORK, NY 10175 212.599.3700 | [email protected] | rkf.com © 2017 ROBERT K. FUTTERMAN & ASSOCIATES, LLC All information is from sources believed reliable, not independently verified, and thus subject to errors, omissions, and modifications such as price, listing, square footage, rates and commissions. All information, estimates and projections subject to change, market assumptions, unknown facts and conditions, and future potentialities. RKF makes no express or implied representations or warranties, as facts and results may vary materially from all information, estimates and projections. All renderings presented are conceptual. | INVESTMENT OPPORTUNITY INVESTMENT | HUDSON STREET FRONTAGE 286 STREET SPRING [email protected] | rkf.com INTERIOR CORNER OF SPRING STREET AND HUDSON STREET PROPERTY IMAGES MECH WASH STATION WALK-IN REF BATHROOM OFFICE STORAGE BATHROOM UNEXCAVATED 34/5/2 20 FT 656 SF STAIRS WASHING AREA UP STORAGE 34/5/2 1,765 SF HUDSON STREET CRAWL SPACE TOILETS TOILETS CORRIDOR 2 hr RATING STORAGE EXISTING STAIRS UP A A EXISTING STAIRSTAIR CELLAR NO CHANGE EXIT B STAIRS STAIR M EXISTING E UP STAIRS 5 EXISTING GAS METER RM 3 4 SON STREET SON M E STORAGE HUD RATING EXISTING PASSAGE 8-0 x 23-0 hr ELEVATOR 2 EXIT 2HR SHAFT 1 1/2HR DRS 1 2 1,165 SF 1,538 SF ELEV EXIT M E UP FA PANEL B NEW EXIT MOP SINK STAIR NEW © 2017 ROBERT K. FUTTERMAN & ASSOCIATES, LLC All information is from sources believed reliable, not independently verified, and thus subject to errors, omissions, and modifications such as price, listing, square footage, rates and commissions. All information, estimates omissions, and modifications such as price, listing, square not independently verified, and thus subject to errors, believed reliable, sources LLC All information is from © 2017 ROBERT K. FUTTERMAN & ASSOCIATES, All all information, estimates and projections. may vary materially from renderings or warranties, as facts and results or implied representations potentialities. RKF makes no express subject to change, market assumptions, unknown facts and conditions, and future and projections conceptual. are presented RKF INVESTMENT SALES & ADVISORY SERVICES RKF INVESTMENT SALES & ADVISORY FLOOR 7, NEW YORK, NY 10175 212.599.3700 | 521 FIFTH AVENUE, EXIT CLOSET BOILER S ELEC B-1 LOBBY SPRING STREET BOILER RM ELEC STAIR ELEC DN CELLAR 3/16" = 1'-0" N COMMERCIAL UNIT 1 -- UPPER LEVEL NEW 34/5/2 CELLAR 1,479 SF N FIRST FLOOR 3,179 SF IC +48 IC 15 FT 15 TOTAL 4,778 SF SPRING STREET SPRING 0 5 10 20 30 BASEMENT GROUND FLOOR GROUND NOTE: ALL DIMENSIONS ARE APPROXIMATE AND SUBJECT TO NORMAL CONSTRUCTION VARIANCES. 286 SPRING STREET | INVESTMENT OPPORTUNITY RENT ROLL MONTHLY ANNUAL SPACE SIZE RENT RENT RENT/SF Retail 3,303 SF $41,288 $495,450 $150 Basement 1,821 SF VALUATION FEB 2018 FEB 2019 FEB 2020 FEB 2021 FEB 2022 PROJECTED GROSS INCOME Tenant $495,450 $510,314 $525,623 $541,392 $557,633 TOTAL INCOME $495,450 $510,314 $525,623 $541,392 $557,633 EXPENSES RE Taxes $30,766 $31,689 $32,640 $33,619 $34,627 CAM $15,914 $16,391 $16,883 $17,390 $17,911 TOTAL EXPENSES $46,680 $48,080 $49,523 $51,008 $52,539 NET OPERATING INCOME $448,770 $462,233 $476,100 $490,383 $505,095 RKF INVESTMENT SALES & ADVISORY SERVICES 521 FIFTH AVENUE, FLOOR 7, NEW YORK, NY 10175 212.599.3700 | [email protected] | rkf.com © 2017 ROBERT K. FUTTERMAN & ASSOCIATES, LLC All information is from sources believed reliable, not independently verified, and thus subject to errors, omissions, and modifications such as price, listing, square footage, rates and commissions. All information, estimates and projections subject to change, market assumptions, unknown facts and conditions, and future potentialities. RKF makes no express or implied representations or warranties, as facts and results may vary materially from all information, estimates and projections. All renderings presented are conceptual. 286 SPRING STREET | INVESTMENT OPPORTUNITY NEW AREA DEVELOPMENTS B E CLARKSON STREET D F O BPROPERTY ADDRESS TOTAL SF UNITS DATE WEST R LE D EC VILLAGE DOWNING STREET S KE T R R ST E RE ET À1 77 CHARLTONET STREET 208,365 SF 162 TBD WEST HOUSTON STREET GREENWICH HUDSON MAC DOUGAL STREET VILLAGE/NOHOÀ2 110 CHARLTON STREET 225,802 SF 167 TBD RIVER PS 721 PARK ANNUAL RIDERSHIP LA GUARDIA PLACE PIER 4.4 MILLION À3 70 CHARLTONNEW STREET 138,555 SF 72 2017 40 YORK KING STREET UNIVERSITY À4 68 CHARLTON STREET 84,674 SF 44 2017 ÀÆ1 À5 100 VANDAM STREET 150,000 SF 62 TBD CHARLTON STREET HUDSON STREET HUDSON ÀÆ2 ÀÆ3 ÀÆ4 À6 261 HUDSON STREET 160,751 SF 160 2017 WEST STREET À7 111 VARICK STREET 61,543 SF 49 2017 HUDSON WASHINGTON STREET VANDAM STREET STREET VARICK RIVER HUDSON PRINCE STREET ANNUAL RIDERSHIP GREENWICH STREET GREENWICH Æ SQUARE À5 3.8 MILLION À8 568-570 BROOME STREET 60,000 SF 30 2018 286 SPRING STREET À9 565 BROOME STREET 320,000 SF 115 2018 SPRING STREET SULLIVAN STREET HOLLAND TUNNEL THOMPSON STREET TP SOHO TUNNEL CONOTEL DOMINICK STREET ÀÆ6 CANAL STREET ÀÆ8 ÀÆ7 RENWICK STREET RENWICK BROOME STREET Æ À9 SOHO GREENE STREET WEST BROADWAY WOOSTER STREET S A C WATTS STREET WATTS STREET I R METROPOLITAN E ANNUAL RIDERSHIP COLLEGE M MILLION A 1.8 OF NEW YORK HUD SON E H RIVER 1 T HOLLAND TUNNEL HUDSONEXIT PARK F WASHINGTON STREET WASHINGTON SQUARE DESBROSSES STREET O PIER E 34 U N TRIBECA E V FOR MORE INFORMATION MERCER STREET PLEASE CONTACT A VESTRY STREET GRAND STREET SOHO BRIAN SEGALL GEORGE MARTINECZ AN HOTEL Vice President Associate 212.351.9346 BROADWAY 212.916.3381 LAIGHT STREET [email protected] [email protected] RKF INVESTMENT SALES & ADVISORY SERVICES 521 FIFTH AVENUE, FLOOR 7, NEW YORK, NY 10175 212.599.3700 | [email protected] | rkf.com © 2017 ROBERT K. FUTTERMAN & ASSOCIATES, LLC All information is from sources believed reliable, not independently verified, and thus subject to errors, omissions, and modifications such as price, listing, square footage, rates and commissions. All information, estimates and projections subject to change, market assumptions, unknown facts and conditions, and future potentialities. RKF makes no express or implied representations or warranties, as facts and results may vary materially from all information, estimates and projections. All renderings presented are conceptual..