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.