Prime Corner Retail Condominium at Bowery/Bleecker for Sale

PRIME CORNER RETAIL CONDOMINIUM AT BOWERY/BLEECKER FOR SALE

Bowery Frontage Bleecker Frontage

Retail Condominium located at 316 Bowery and 4-6 Bleecker Street

Asking Price: $15,000,000

Alan Shmaruk x11 Michael Sherman x16 The Manhattes Group LLC 54 Thompson Street New York, NY 10012 212-334-4666 [email protected] [email protected] www.Manhattes.com

The Retail Condominium at 316 Bowery encompasses the retail condominium at 316-318 Bowery (aka 2 Bleecker Street) as well as the adjacent retail component at 4-6 Bleecker Street in the NoHo and North Bowery trade area of New York City. The combined retail property features 6,600 square feet of restaurant space on two lev- els, which is fully leased to Saxon + Parole and Madam Geneva. The space has approximately 90 feet of frontage on Bleecker Street and 40 feet on the Bowery. The Ground Floor and Lower Level space feature 16-foot and 9-foot ceilings, respectively.

Saxon + Parole and Madam Geneva, a restaurant and lounge began a 15-year lease which commenced in 2008, for the entire space that expires In January 31, 2023. The tenant then has a 5 year option beginning on February 1, 2023 with a 10% rent increase for that year. There are currently two existing liquor licenses in place, as well as a fully built-out kitchen. In addition to annual rent increases, the tenant is responsible for 100% of the real estate tax liability, as well as sub-metered utilities for the space.

316 Bowery was originally constructed in 1866 and newly converted and restored in 2008. There are three full-floor residential loft condominiums above the retail at 316 Bowery and residential rental apartments above 4-6 Bleecker Street.

PROPERTY DESCRIPTION

ADDRESS 316-318 Bowery aka 2 Bleecker Street and 4-6 Bleecker Street LOCATION Southwest corner of Bowery and Bleecker Street BLOCK/LOT 521/74 and 521/73 LOT SIZE 90.58' x 40.28' (approximately) BUILDING SIZE 90.58’ x 40.28' (approximately) FRONTAGE 90 feet on Bleecker Street 40 feet on Bowery ZONING C6-1/LI and C6-2 SQUARE Ground Floor 3,400 sf FOOTAGE Lower Level 3,200 sf Total 6,600 sf PRICE $15,000,000

Alan Shmaruk x11 Michael Sherman x16 The Manhattes Group LLC 54 Thompson Street New York, NY 10012 212-334-4666 [email protected] [email protected] www.Manhattes.com TENANT PROFILES AvroKO Hospitality Group

Award-winning AvroKO Hospitality Group (AHG) is a New York City-headquartered hospitality group, comprised of Micheiin-starred PUBLIC restaurant, The Daily, Saxon + Parole, Madam Geneva and The Thomas and Fagiani's Bar. Saxon and Parole occupies the space at 316-318 Bowery. Saxon and Parole is an upscale restaurant focusing on Grilled Meats and Aquatic Delights. They were re- cently named "World's Best Restaurant Bar" at the Tales of the Cocktail 2013 Spirited Awards. Madam Geneva occupies the space at 4-6 Bleecker Street and has a separate street en- trance as well as an interior connection with Saxon + Parole conceptually and physically through the interior. The sister lounge comple- ments the restaurant by featuring a menu focused on drinks and small plates rather than a tradi- tional dinner experience.

316 Bowery

Saxon + Parole Madam Geneva

Alan Shmaruk x11 Michael Sherman x16 The Manhattes Group LLC 54 Thompson Street New York, NY 10012 212-334-4666 [email protected] [email protected] www.Manhattes.com Floor Plans

Alan Shmaruk x11 Michael Sherman x16 The Manhattes Group LLC 54 Thompson Street New York, NY 10012 212-334-4666 [email protected] [email protected] www.Manhattes.com FINANCIALS RENT SCHEDULE TERM BASE ANNUAL LANDLORD RENT 316 Bowery Realty Corp Year 1 starting February 1, 2008 $420,000 TENANT Year 2 starting February 1, 2009 $450,000 Superior Restaurant NYC, L.P. Year 3 starting February 1, 2010 $480,000 BUILDING ADDRESS 316 Bowery and 4-6 Bleecker Street Year 4 starting February 1, 2011 $539,935 New York, NY 10012 Year 5 starting February 1, 2012 $561,532 DEMISED PREMISES Year 6 starting February 1, 2013 $583,993 Ground Floor and Lower Level as set forth in attached diagram Year 7 starting February 1, 2014 $607,353 Year 8 starting February 1, 2015 $631,647 LEASE TERM Fifteen (15) years and fifteen (15) Year 9 starting February 1, 2016 $656,913 days Year 10 starting February 1, 2017 $683,190 INCREASES UNDER LEASE TERM Year11 starting February 1, 2018 $710,517 4% per annum. 10% Option 1 Year 12 starting February 1, 2019 $738,938 LEASE COMMENCEMENT Year 13 starting February 1, 2020 $768,495 January 16, 2008 Year 14 starting February 1, 2021 $799,235 EXPIRATION DATE Year 15 starting February 1, 2022 $831,205 January 31,2023 RENT COMMENCEMENT DATE TENANT RENEWAL OPTIONS May 1, 2008 One (1), five (5) year option

SECURITY One hundred five thousand ($105,000) TENANT RENEWAL OPTIONS RENT SCHEDULE TERM ANNUAL REAL ESTATE TAXES RENT Tenant is responsible for all Real Estate Taxes and assessments to the retail portion Option Year 1 starting February 1, 2023 $914,326 of 316 Bowery and 4-6 Bleecker Street Option Year 2 starting February 1, 2024 $950.869 Option Year 3 starting February 1, 2025 $988,934 Option Year 4 starting February 1, 2026 $1,028,492 Option Year 5 starting February 1, 2027 $1,069,632

Alan Shmaruk x11 Michael Sherman x16 The Manhattes Group LLC 54 Thompson Street New York, NY 10012 212-334-4666 [email protected] [email protected] www.Manhattes.com MAP The Bowery is emerging as one of Manhattan’s best retail shopping corridors with superb co-tenancies as shown by the below map. National retailers such as Whole Foods and Patagonia are drawn to the rapidly transforming street because of its high vehicle and pe- destrian traffic.

Alan Shmaruk x11 Michael Sherman x16 The Manhattes Group LLC 54 Thompson Street New York, NY 10012 212-334-4666 [email protected] [email protected] www.Manhattes.com