<<

STONE STREET PORTFOLIO

FREE MARKET MIXED-USE LOFT RESIDENTIAL BUILDINGS FOR SALE Page 2 EXECUTIVE SUMMARY

Douglas Elliman Commercial, as exclusive agent for ownership, is pleased to offer for sale 52 and 53-55 Stone Street, , NY.

The Stone Street portfolio is comprised of three mixed used buildings centrally located on historic Stone Street in ’s famed Financial district. Stone Street is a long favored destination for downtown and professionals, local residents and global tourists seeking the inspired Manhattan of yore. These 3 elevator buildings (22,852 SF blended) offer a total of 10 free-market 2 & 3 bedroom loft rental residences and 3 operating restaurants and collectively generate approximately $1,464,685 in annual income.

The offering presents an excellent opportunity to acquire a prize investment portfolio, or an ideal headquarters for an owner-operator.

AREA MAP

Page 3 PROPERTY INFORMATION

52 STONE STREET 53 - 55 STONE STREET

52 STONE STREET 85 53 STONE STREET 17 S. WILLIAM STREET 55 STONE STREET 15 S. WILLIAM STREET

North side of the Building South side of the Building South side of the Building North side of the Building South side of the Building North side of the Building

ADDRESS 52 Stone Street (85 Pearl) Street, New York, New York 53-55 Stone Street (15-17 William), New York, New York

LOCATION Southeast side of Stone Street between William & Broad Streets North side of Stone Street between William & Broad Streets

BLOCK & LOT 29/26 29/46 $ 47

LOT DIMENSIONS 24’ x15’ -1”X57’-11”X26”-10”X71”-4” 46’-6”x83’-1”x33’-11”x79’-3”

LOT SIZE 1,928 SF 3,244 SF

STORIES 4 5

TOTAL RESIDENTIAL UNITS 3 Units (6,234 SF) 7 Units (11,924 SF)

TOTAL RETAIL UNITS 1 Unit (1,928 SF) 2 Units (2,766 SF)

GROSS BUILDING FLOOR AREA CALCULATION FLOOR 5 1,713 SF FLOOR 4 MEZZANINE* 450 SF FLOORS 1-4 7,712 12,977 SF CELLAR* 1,928 SF 3,244 SF

TOTAL BUILDING GROSS AREA 10,090 SF 17,934 SF ZONING C5-5, LM C5-5, LM RESIDENTIAL FAR 10 10 32,440 TOTAL BUILDING SF 19,280

AVAILABLE AIR RIGHTS 11,118 SF 17,750 SF

TAX CLASS 2A 2A FULY SPRINKLERED YES YES ELEVATOR 1 1

HISTORIC STONE STREET DISTRICT YES YES

*Mezzanine and Cellar is not counted toward the building’s gross area square footage Note: All square feet measurements are approximate

ASKING PRICE $20,750,000 Page 4 PROJECTED REVENUE

52 STONE STREET Alternate Address: 85 Pearl Street

Residential Units Rentable Square Feet Layout Status Occupied 2 1,500 2 Bedroom FM Leased 3 1,300 2 Bedroom FM Leased 4 2,200 3 Bedroom FM Leased Retail 1, Cellar 1,643 Leased

Total Projected Annual Income $482,803

53-55 STONE STREET Alternate Address: 15-17 S. William Street

53 STONE STREET Alternate Address: 17 S. William Street Residential Units Rentable Square Feet Layout Status Occupied

2B 1,300 2 Bedroom FM Pending

3B 1,300 2 Bedroom FM Leased

4B 1,300 3 Bedroom FM Pending

5B 1,300 3 Bedroom FM Pending

Retail 1B, LL 1,350 Leased

Total Projected Annual Income $515,718

55 STONE STREET Alternate Address: 15 S. William Street

Residential Units Rentable Square Feet Layout Status Occupied

2A 1,400 2 Bedroom FM Leaesd

3A 1,400 2 Bedroom FM Leased

4A 1,400 2 Bedroom FM Leased

Retail 1A, Cellar 2,200 Leased

Total Projected Annual Income $466,164

Page 5 EXPENSES ESTIMATED

52 STONE STREET 53 STONE STREET 55 STONE STREET

2020-21 Real Estate Taxes (Actual) $147,400 $154,862 $109,822

Insurance $9,267 $9,267 $9,267

Electric $4,812 $8,004 $1,680

Gas $4,140 $5,268 $2,064

Water/Sewer $20,616 $6,780 $6,780

Service Contracts $12,355 $6,861 $6,861

Repairs & Maintenance $7,332 $6,300 $3,192

Total Expenses $205,753 $197,122 $139,609

Gross Revenue $482,803 $515,718 $466,164 (Less Expenses) $205,753 $197,122 $139,609

NET OPERATING INCOME $277,050 $318,596 $326,555

INTERIOR

Page 6 ZONING C5 -5

C5 is a central commercial district with continuous retail frontage intended for offices and retail establishments that serve the en- tire metropolitan region. Famous shopping streets, such as , and East are C5 districts. Parts of , Downtown and Long Island City are also within C5 districts.

Department stores, large office buildings, and mixed buildings with residential space above office or commercial floors, are typ- ical C5 uses. Use Groups 5 (hotels), 6, 9 and 10 (retail shops and services) and 11 (custom manufacturing) are permitted in C5 districts. Home maintenance services, auto rental establish- ments and other uses not in character with the district, including illuminated signs, are not permitted.

The maximum commercial floor area ratio (FAR) ranges from 4.0 to 15.0, and the maximum residential FAR is 10.0. Floor area may be increased by a bonus for a public plaza or Inclusionary Housing.

In the two contextual C5 districts—C5-1A and C5-2A—residential bulk and density are governed by R10A regulations. In non- contextual C5-2 through C5-5 districts, a building occupied by commercial, residential and/or community facility uses may be configured as a tower. A residential tower is also allowed in C5-1 districts.

All commercial uses in C5 districts are exempt from off-street parking requirements because public transportation is easily accessible.

Restricted Commercial District

C5-3 C5 C5-1 C5-2 C5-5 C5-4 C5-1A C5-2A Commercial FAR 4.0 10.0 10.0 10.0 4.0 10.0 Residential District Equivalent R10 R10 R10 R10 R10A Required Accessory Parking PRC-B None Permitted Sign Regulations 3 X street frontage 3 X street frontage 3 X street frontage 5 X street frontage 3 X street frontage (200 sf total) (surface area) (200 sf total) (200 sf total) (200 sf total) (200 sf total)

Page 7 ZONING LM SPECIAL LOWER MANHATTAN DISTRICT The Special Lower Manhattan District (LM) was established to enhance the vitality of Lower Manhattan, home of the city’s oldest central business district and a growing residential com- munity. The district regulations allow for the conversion of older commercial buildings to residential use and encourage a dynamic mix of uses in the area while protecting its distinc- tive skyline and old street patterns. The built character of the area is enhanced by heights and setback regulations and limitation on the dimensions of tall buildings. The pedestrian environment is enriched by requirements for retail continuity, pedestrian circulation space and subway station inprove- ments.

The Special Lower Manhattan District covers the area south of Murray Street, City Hall Park and the approaches to the , excluding . Two subar- eas are located within the special district: the Seaport Subdistrict and the Historic and Commercial Core. The Subdistricts protects the scale and character of 18th and 19th century mercantile buildings by allowing the transfer of development rights to ensure that new development in the area bounded by Wall Street, Broad- way, Water Street and will be compatible with existing buildings that line streets mapped in the Streetplan of New Amsterdam and Colonial New York, a street layout ac- corded landmark status by the NYC Landmarks Preservation Commission.

A transfer of development rights (TDR) allows for the transfer of unused developments rights from one zoning lot to another in limited circumstances, usually to promote the pres- ervation of historic buildings, open space or unique cultural resources. For such purposes, a TDR may be permitted where the transfer could not be accomplished through a zoning lot merger. In the case of landmark building, for example, a transfer may be made by CPC specail permit from the zoning lot containing the designaged landmark to an adjacent zoning lot or one that is directly across a street or, for a corner lot, another corner lot on the same intersection.

Page 8 Page 9 FOR FURTHER INFORMATION & INSPECTION, PLEASE CONTACT:

MARC PALERMO

Licensed Associate Real Estate Broker M: 646.285.6015 [email protected]

LOUIS PUOPOLO

Licensed Associate Real Estate Broker M: 917.374.0099 [email protected]

This Offering Memorandum has been prepared exclusively by Douglas Elliman Commercial, LLC (“DEC”) on behalf of Ownership, the (“Owner”), regarding the purchase of the property described herein at 52 Stone Street, and 53-55 Stone Street New York (the “Property”). The materials and information contained in this Offering Memorandum do not purport to be all-inclusive or to contain all of the information which prospective investors may need or desire. All materials have been developed by DEC, the Owners and other sources and are subject to variation.

No representation is made by DEC or the Owners as to the accuracy or completeness of the information contained herein and nothing contained herein is or shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, DEC and the Owners and their employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, DEC, the Owners and their employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the recipient.

The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the Property or the Owners since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser. Additional information and an opportunity to inspect the Property will be made available upon request to interested and qualified investors. The Owners and DEC each expressly reserve the right, in their sole discretion, to reject any and all expressions of interest or offers regarding the Property and/or terminate discussions with any entity at any time with or without notice. The Owners shall have no legal commitment or obligation to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase of the properties has been fully executed, delivered and approved by the Owners and its legal counsel and any conditions to the Owners’ obligations thereunder have been satisfied or waived. DEC is not authorized to make any representations or agreements on behalf of the Owners.

This Offering Memorandum and its contents, except such information which is a matter of public record or is provided in sources available to the public (such contents as so limited herein called the “Contents”) are of a confidential nature. By accepting the Offering Memorandum, you agree (i) to hold and treat it in the strictest confidence, (ii) not to photocopy or duplicate it, (iii) not to disclose the Offering Memorandum or any of its contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of the Owners or Douglas Elliman, (iv) not to use the Offering Memorandum or any of its contents in any fashion or manner detrimental to the interest of the Owners or DEC, and (v) to return it to DEC immediately upon request of DEC or the Owners.

If you have no further interest in the Property, please return the Offering Memorandum forthwith. No inspections of the Property are permitted unless accompanied by the Owners or a representative from DEC.