249 Broome Street TABLE of CONTENTS

MARKETING TEAM

Peter Von Der Ahe 260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5114 Fax: (646) 349-3308 [email protected]

Joe Koicim 260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5147 Cell: (516) 425-2785 [email protected]

Corey Isdaner 260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5162 Cell: (917) 242-1899 [email protected]

Jared Bernstein 260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (646) 805-1451 Cell: (862) 207- 9441 [email protected]

Andrew Dansker | Financing Inquiries 260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5168 Fax: (212) 500-5110 [email protected]

249 Broome Street TABLE OF CONTENTS

INVESTMENT OVERVIEW Section I

PRICING & FINANCIAL ANALYSIS Section II

PROPERTY DESCRIPTION Section III

MARKET OVERVIEW Section IV

249 Broome Street

INVESTMENT OVERVIEW 249 Broome Street | $23,500,000 Is being offered at

THE OFFERING Recent High-End Renovations. This turn-key asset has been significantly renovated over the past few years including hallways and Marcus & Millichap is pleased to offer the following opportunity the lobby, a communal rooftop, and a newly upgraded video system. located in the booming Lower East Side neighborhood. 249 Broome The free market units have been renovated to include brand new Street is located on Broome Street between Orchard and Ludlow kitchens with stainless steel appliances, dishwashers, upgraded Street, and contains a gross square footage of 19,053. The building is bathrooms, exposed brick, recessed lighting and new hardwood floors. built 41.5 ft X 76 ft feet on a 41.5 ft X 87.5 ft lot (Block: 408 Lot: 11). In addition, there are brand new washer and dryers in every newly The property is zoned C4-4A. renovated apartment as well as plumbing lines throughout the building. Also, every unit and retail space has been converted and THE OPPORTUNITY upgraded to electric. This significantly reduces cost to Landlord and eliminates the risk of suspending gas service to the building which is a Rare Opportunity. This property represents a rare opportunity to major problem for Manhattan Landlords. All the apartments include acquire a 19,053 Square Foot mixed-use building in the heart of the large bedrooms with large open space common areas, unlike most of Lower East Side. The property contains 33 apartments and 2 retail buildings in the Lower East Side. stores. Of the 33 apartments, there are 12 three-bedroom apartments, 13 two-bedroom apartments, 6 one-bedroom Proven Location. 249 Broome Street is located one block south of apartments, and 2 studio apartments. Delancey Street. Within a short walk are galleries, museums, and popular night-life spots including: The DL, Hotel Chantelle, Grey Lady, The Future of the Lower East Side. One block away from 249 Los Feliz, The Flower Shop, and Son’s of Essex. Trendy restaurants Broome Street is the Essex Crossing Development, which is include the world renown Russ & Daughter’s Café, Vandal, and Dirty transforming the largest stretch of undeveloped land in Manhattan French. The F train is located two blocks away at Delancey Street, the B below 96th Street. With an estimated cost of $1.1 Billion, Essex & D train is located a few blocks away at Chrysie Street and the M, J, & Z Crossing will bring 2 Million SF of development, 1,000 apartments, trains are located a few blocks away at Essex Street as well. and 850,000 SF of commercial space among other amenities. Essex crossing will also include a public park, residential and commercial rooftop terraces, an urban farm, and a publicly accessible interior LISTING METRICS garden facing Broome Street. Most recently, the Essex Crossing developers have closed on a deal for a new Trader Joe's to lease 30K SF at the base of the mixed-use building at 145 Clinton St., and Planet 35 19,053 Fitness will lease 22K SF in the second floor of the same building. TOTAL UNITS TOTAL SQUARE FEET NYU Langone Medical Center signed a 15-year lease taking 55K SF for an ambulatory facility at 175 Delancey St., and Regal Cinemas signed a 15-year lease for 65K SF on the second and third floors of the building on Essex and Delancey streets. In addition, world renown investment bank Goldman Sachs has been a main equity source for 4.3 $156,000 the entire project to come to fruition. CAP RATE PROJECTED TAXES

Cash Flow with Upside. With a going in cap rate at over 4% and 30% of units regulated, the property presents an investor a rare opportunity to acquire a cash flowing deal with long term upside. 42' 17.2 There is also 2,000 SF of usable basement space to create a potential FRONTAGE GRM duplex in both front units, or extra amenity space for tenants.

OFFERING MEMORANDUM

PRICING & FINANCIAL ANALYSIS PRICING & FINANCIAL ANALYSIS

FINANCIAL OVERVIEW

INCOME CURRENT PRO FORMA $23,500,000 Gross Potential Residential Rent $1,141,038 $1,249,806 OFFERING PRICE Gross Potential Commercial Rent $197,760 $203,693 Gross Income $1,338,798 $1,453,499 PRICE PER SQUARE FOOT $1,233 Vacancy/Collection Loss ($34,231) ($37,494) PRICE PER UNIT $671,429 Other Income $27,099 $27,099 TOTAL SQUARE FEET 19,053 Effective Gross Income $1,331,666 $1,443,103 TOTAL UNITS 35 Average Residential Rent/Month/Unit $2,881 $3,156 CURRENT CAP RATE 4.3% CURRENT GRM 17.2 EXPENSES PRO FORMA CAP RATE 4.8% Property Taxes Tax Class: 2 $156,000 $156,000 PRO FORMA GRM 15.9 Fuel - Oil #2 $39,770 $39,770 PRO FORMA CASH ON CASH RETURN 2.89% Insurance $25,000 $25,000 Water and Sewer $29,700 $29,700 Repairs and Maintenance $7,250 $7,250 PROPOSED DEBT Common Electric (PPSF) $4,763 $4,763 Loan Amount $13,500,000 Super Salary $8,500 $8,500 Interest Rate 4.50% Management Fee $49,937 $54,116 Amortization 30 Total Expenses $320,921 $325,100 Annual Debt Service ($828,786) Net Operating Income $1,010,745 $1,118,004 Debt Coverage Ratio 1.22 Net Cash Flow After Debt Service $289,218

UPSIDE ANALYSIS

$7,000 SCHEDULE OF INCOME $6,000 UNIT BREAKDOWN TOTAL % OF TOTAL RENT $5,000 Studio 2 6% $2,650 $4,000 1 Bedroom 6 18% $2,450 $3,000 2 Bedroom 13 39% $2,087 $2,000 3 Bedroom 12 36% $3,996 $1,000

$0 Studio 1 Bedroom 2 Bedroom 3 Bedroom

Current Avg RS Units Market Rents Current Avg FM Rents

19,053 $1,233 17.20 4.3% SQUARE FEET

GROSS TOTAL SF $/SF GRM CAP RATE

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.Any projections, 249 Broome Street opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property.Marcus & MillichapReal EstateInvestmentServicesis aservicemarkof Marcus&MillichapReal EstateInvestmentServices,Inc.©2018 Marcus&Millichap PRICING & FINANCIAL ANALYSIS

RENT ROLL COMMERCIAL RENT UNIT TENANT NAME REIMBURSEMENTS NOTES LEASE START SF EXPIRATION ACTUAL PRO FORMA $/PSF

25% of Tax Increase Over Base Year 2017/2018, 2,000 Jan-60 $10,300 $10,609 $64 1 Zest 3% Annual Increases 25% of Tax Increase Over Base Year 2016/2017, 1,000 Jan-60 $6,180 $6,365 $76 2 Yaf Jewelry 3% Annual Increases MONTHLY COMMERCIAL REVENUE 3,000 $16,480 $16,974

RESIDENTIAL RENT UNIT# LEASE STATUS NOTES BEDROOMS ROOMS SF EXPIRATION ACTUAL PRO FORMA

1 FM Private Terrace Studio 2 May-19 $2,800 $3,000 2 FM Studio 2 Jul-19 $2,500 $3,000 3 FM Private Terrace 2 Bedroom 4 Aug-19 $3,900 $4,000 4 FM 2 Bedroom 4 Sep-19 $2,750 $4,000 5 FM 1 Bedroom 3 Aug-19 $3,250 $3,600 6 RC 2 Bedroom 4 Jan-19 $145 $145 7 FM Private Terrace 3 Bedroom 5 Aug-19 $5,400 $5,750 8 FM 3 Bedroom 5 Aug-19 $5,450 $5,750 9 FM 2 Bedroom 4 Oct-18 $3,050 $4,000 10 FM 1 Bedroom 3 Jul-19 $3,150 $3,600 11 RS Vacant 2 Bedroom 4 Apr-20 $804 $804 12 RS 3 Bedroom 5 Apr-20 $1,152 $1,152 13 FM 3 Bedroom 5 Aug-19 $5,150 $5,750 14 FM 2 Bedroom 4 Jul-19 $2,850 $4,000 15 FM 1 Bedroom 3 May-19 $3,250 $3,600 16 RC 2 Bedroom 4 Jan-19 $134 $134 17 FM 3 Bedroom 5 Jun-19 $5,650 $5,750 18 FM 3 Bedroom 5 Jun-19 $5,700 $5,750 19 FM 2 Bedroom 4 Jul-19 $3,500 $4,000 20 RS 1 Bedroom 3 May-19 $986 $986 21 RS 2 Bedroom 4 Jan-19 $826 $826 22 RS 3 Bedroom 5 Jul-20 $841 $841 23 FM 3 Bedroom 5 May-20 $5,300 $5,750 24 FM 2 Bedroom 4 Jul-19 $3,450 $4,000 25 RS Vacant 1 Bedroom 3 May-19 $917 $917 26 FM 2 Bedroom 4 Jun-19 $4,100 $4,264 27 RS 3 Bedroom 5 Aug-20 $1,101 $1,101 28 FM 3 Bedroom 5 Jul-19 $5,700 $5,750 29 RS 2 Bedroom 4 Jun-20 $842 $842 30 FM 1 Bedroom 3 Aug-19 $3,150 $3,600 31 RS 2 Bedroom 4 Sep-20 $777 $777 32 RS 3 Bedroom 5 Feb-20 $963 $963 33 FM 3 Bedroom 5 May-19 $5,550 $5,750 MONTHLY RESIDENTIAL REVENUE 70 134 $95,087 $104,151

ANNUAL RESIDENTIAL REVENUE $1,141,038 $1,249,806 ANNUAL COMMERCIAL REVENUE $197,760 $203,693

ACTUAL PRO FORMA TOTAL ANNUAL REVENUE $1,338,798 $1,453,499 There are currently 2 vacant units in the building. The super lives off site.

INCOME AND EXPENSE ANALYSIS

GROSS POTENTIAL INCOME ACTUAL PRO FORMA %EGI $/UNIT %EGI $/UNIT AVERAGE RENT Gross Potential Residential Rent $1,141,038 85% $32,601 $1,249,806 86% $35,709 PER MONTH Gross Potential Commercial Rent $197,760 15% $5,650 $203,693 14% $5,820 Gross Income $1,338,798 $38,251 $1,453,499 $41,529 $2,881 Vacancy/Collection Loss ($34,231) 3% ($978) ($37,494) 3% ($1,071) Other Income $27,099 $774 $27,099 $774 PERCENT Effective Gross Income $1,331,666 $38,048 $1,443,103 $41,232 FAIR MARKET Average Residential Rent/Month/Unit $2,881 $3,156

EXPENSES Property Taxes Tax Class: 2 $156,000 12% $4,457 $156,000 11% $4,457 Fuel - Oil #2 $39,770 3% $1,136 $39,770 3% $1,136 64% Insurance $25,000 2% $714 $25,000 2% $714 Water and Sewer $29,700 2% $849 $29,700 2% $849 Repairs and Maintenance $7,250 1% $207 $7,250 1% $207 Common Electric (PPSF) $4,763 0.4% $0.25 $4,763 0.3% $0.25 Super Salary $8,500 1% $243 $8,500 1% $243 Management Fee $49,937 4% $1,427 $54,116 4% $1,546 Total Expenses $320,921 24% $9,169 $325,100 23% $9,289 TAXES AS Net Operating Income $1,010,745 $1,118,004 PERCENT OF EGI

LEASE STATUS MIX UNIT BREAKDOWN % OF TOTAL RENT TOTAL AVG. RENT Total Units -- $111,567 33 $3,381 Total RS Units 30% $9,207 10 $921 12% Total RC Units 6% $280 2 $140 Total FM Units 64% $85,600 21 $4,076 Total Commercial -- $16,480 2 $8,240

RENTAL ANALYSIS BY UNIT TYPE TYPE % OF TOTAL RENT TOTAL AVG. RENT Studio 6% $5,300 2 $2,650 EXPENSE RATIO 1 Bedroom 18% $14,703 6 $2,450 2 Bedroom 39% $27,127 13 $2,087 3 Bedroom 36% $47,956 12 $3,996 4 Bedroom 0% $0 0 $0 5 Bedroom 0% $0 0 $0 24% 6 Bedroom 0% $0 0 $0 SRO 0% $0 0 $0

UPSIDE ANALYSIS $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Studio 1 Bedroom 2 Bedroom 3 Bedroom

Current Avg RS Units Market Rents Current Avg FM Rents

CITY: New Yorki

STATE: NYi

BLOCK & LOT: 408 / 11i

LOT DIMENSIONS: 41.5 ft X 87.5 fti

LOT SF: 3,630i

BUILDING DIMENSIONS: 42 ft X 76 fti

BUILDING SF: 19,053i

ZONING: C4-4Ai

MAX FAR: 4.00i

AVAILABLE AIR RIGHTS: 0i

LANDMARK DISTRICT: Nonei

HISTORIC DISTRICT: Nonei

ANNUAL TAX BILL: __$144,026i

TAX CLASS: 2i

249 Broome Street BOROUGH

Manhattan is a significant part of a much larger population system; the New York City metropolitan area is the largest in the United States, with more than 19 million inhabitants in three states.

CONFIDENTIAL

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap

PROPERTY DESCRIPTION | PROPERTY PHOTOS

249 Broome Street PROPERTY DESCRIPTION | PROPERTY PHOTOS

249 Broome Street

ESSEX CROSSING THE FUTURE OF THE LOWER EAST SIDE

OVERVIEW AMENITIES

The retail corridors located near Jones l.e.s., such as Canal Ludlow Hotel – Led by hotelier Sean MacPherson and Street, Orchard Street and Ludlow Street, are a bustling developers BD Hotels, the hotel aims to capture the vivid mix of coffee shops, banks, and hip dining and drinking history and gritty, urban charm of the iconic neighborhood. establishments and art galleries. When The New York Food and beverage features restaurant “Dirty French” by Times released its ten best new restaurants of 2014, five of the acclaimed Major Food Group. the ten were located on the Lower East Side (Dirty French, Cherce Midi, Ivan Ramen, Contra and Russ & Daughters Public Hotel and Condominiums – Ian Schrager is Café). These establishments attract visitors from across developing a 370-room Public Hotel with an 11-unit New York City and have quickly diversified the customer condominium tower above at 215 Chrystie Street. Pricing base beyond its traditional neighborhood clientele. Higher for the condominiums are approximately $4,000 PSF. The end condominiums are being constructed in the building will be designed by Herzog & de Meuron. neighborhood. Two condominiums developments on the Lower East Side – 100 Norfolk and Clinton Street SoHo House – The members only club is opening its second Condominiums – are projected to sell for approximately New York City location on Ludlow Street and will be called $2,000 PSF Ludlow House. The club is expected to have a rooftop bar and ground floor community facility space. Major institutional capital has moved into the neighborhood to take advantage of its growth potential. Hotel Indigo Lower East Side – InterContinental Hotels These high profile developments in the immediate vicinity Group is developing a 290-room hotel on Ludlow Street just of the Property will further cement the arrival of the south of Katz’s Deli. The hotel is scheduled to open in 2015 neighborhood as a destination for fashionable travel, and will include a restaurant, bar, fitness center and dining and nightlife and will draw additional amenities to outdoor pool. the area: Essex Crossing (Seward Park Mixed-Use Development Project) – Essex Crossing will transform the Jarmulowsky Bank Building Hotel – The historic largest stretch of undeveloped City-owned land in Jarmulowsky Bank Building, located at Canal and Orchard Manhattan below 96th Street. Approved plans were Streets, is currently under conversion by DLJ Real Estate released in September 2013 showing a $1.1 billion, 1.65 Capital Partners into an upscale boutique hotel with 105 million SF of development, including 1,000 apartments, a rooms. Renovation is underway and the hotel is scheduled new 15,000 SF of open space, a new and expanded Essex to open in the second half of 2015. Street Market, the Andy Warhol Museum, and 250,000 SF of office space. Other amenities include a bowling alley, a Cherry Street Condominiums – In early 2013, Extell dual-generation school (childhood and adult education), a Development purchased a lot that formerly housed a supermarket and a community center. The development is Pathmark supermarket for $153 million. Plans calls for a being executed by a joint venture of L+M Development 1.1 million SF, 70-story luxury residential tower between Partners, BFC Partners, Taconic Investment Partners and Cherry Street and the East River. Prusik Group. MARKET OVERVIEW MANHATTAN

The island of Manhattan is one of New York City's five boroughs, New York Harbor contains docks for freight and approximately 13 miles long and two miles wide. Solid bedrock passenger ships and provides ferry service to New provides a firm foundation for the high-rise buildings that dominate Jersey and around the city. the skyline.

Manhattan's deep-water port and proximity to the nation's interior bolster its position as a global economic powerhouse. Manhattan MARKET HIGHLIGHTS also contains Central Park, which encompasses 843 acres in the center of the island and is considered one of the nation's premier public spaces. Large population: New York City is the United States’ largest BOROUGH city, with upwards of 8 million residents.

Manhattan is home to over 1.6 million residents who are part of a Top address for corporate headquarters: much larger population system. The New York City metropolitan 40+ Fortune 500 companies call New York area is the largest in the United States, with more than 19 million City home. inhabitants in three states. New York City consists of five boroughs with about 8.4 million people. High barriers to development: few parcels of developable Manhattan is well placed, situated 100 miles from Philadelphia, 210 land + high costs = limits to new construction. miles from Boston, 230 miles from Washington, D.C., and 790 miles from Chicago.

INFRASTRUCTURE GROWTH PATTERNS

New York City has an extensive mass-transportation network. Subway and bus systems serve virtually every area in the five boroughs. There are 468 stations in the New York City Transit subway system, including 147 stations in Manhattan. Grand Central Station and Penn Station, both in Midtown Manhattan, provide rail service to the suburbs and long-distance connections, while three international airports offer flights to most global destinations.

The island of Manhattan is linked to the other boroughs and New Jersey by 11 bridges and four tunnels for vehicular traffic, with numerous additional tunnels for subway and rail lines. Highways along the borough's eastern and western edges connect to freeways throughout the five boroughs.

249 Broome Street MANHATTAN

ECONOMY Manhattan is also an important location for many retailers, both national and local. Retail sales in the borough typically New York City is home to around 40 Fortune 500 grew faster than the U.S. rate over the past decade. companies, more than any other MSA in the country, and most are located in Manhattan. The city serves as the LABOR epicenter for a wide variety of industries, making the performance of its local economy integral to the nation. The Job growth in Manhattan slowed over the past five years as Port of New York is also a vital component of New York’s the economic downturn weighed on the local centrality to American and regional trade. manufacturing, information, trade, transportation and utilities, and financial activities sectors. As one of the leading financial centers in the world, New York City boasts many international banks and financial Professional and business services is the largest firms maintaining offices in the city. employment sector, accounting for over 470,000 positions, or 20 percent of the labor force. The government sector Wall Street is a major driver of the local economy, as a follows closely, with 19 percent of jobs in Manhattan. These significant number of people are employed directly in the sectors will post average annual gains of 2.3 percent and 1.2 securities industry. The city is also a hub for the media, percent, respectively, over the next five years. communications and publishing industries. The major television networks have substantial operations in The leisure and hospitality and education and health Manhattan, while hundreds of newspapers, magazines and services sectors will record the largest growth through 2015, several music recording companies are headquartered in increasing at average annual rates of 3.1 percent and 2.9 the city. In addition, New York City is the advertising capital percent, respectively. An annual gain of 2.9 percent is also of the United States and has a growing presence in the expected in the other services sector. Internet/new media field. The entertainment and tourism industries are crucial to the Manhattan economy, with numerous theaters and attractions drawing billions of dollars each year.

CONFIDENTIAL

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap MANHATTAN

EMPLOYERS DEMOGRAPHICS

Over half of Manhattan’s labor market is involved in New York City is the largest city in the United States, with financial activities and the services sectors. This is due to over 8 million residents. An estimated 19 million people live New York City being the headquarters of some of the within the tristate metro area. Among the five boroughs, largest U.S.-based consulting businesses, accounting Manhattan is third largest behind Brooklyn and Queens, offices, insurance companies and legal firms, as well as the with a population of over 1.6 million. Manhattan grew 0.7 United Nations. In addition, Manhattan is the financial percent annually during the past decade, a rate expected to center of the country and home to the New York Stock continue through 2015. Exchange, being one of the only two Alpha++ cities in the world, sharing the title with London. Many of the world's The share of Manhattan residents with a Bachelor’s degree top securities firms and banks are located here. Major is more than 34 percent, far above the national average of employers in the finance industry based in Manhattan almost 28 percent. Additionally, more than 14 percent of include Goldman Sachs, JPMorgan Chase and Morgan the borough residents over age 25 have a graduate degree, Stanley Smith Barney. compared to just over 10 percent nationally. There are significant and noteworthy differences between Media conglomerate Time Warner is the largest company in Manhattan’s demographic profile and the profile of the the information sector, employing thousands of people in nation. Manhattan from its headquarters at the Time Warner Center in Midtown. Other large media employers in the In particular, residents under age 20 make up only 20 borough are Viacom and Verizon. The education and health percent of Manhattan's population, compared to 27 percent services sector accounts for 13 percent of jobs in at the U.S. level. Additionally, residents ages 25 to 44 Manhattan. Large employers include New York University, comprise 37 percent of the local population, up from 27 Columbia University, New York-Presbyterian Healthcare, percent nationally, as this vital job market attracts many in Mount Sinai Hospital and Continuum Health Partners Inc. their prime working years.

249 Broome Street MANHATTAN

Although Manhattan’s median household income stands at There are two MLB teams, two NFL teams, two NHL teams a healthy $68,100 annually, the borough also has one of the and two NBA teams within the metro area. New York City highest housing costs in the country, with the median home has an extensive public park system, the jewel of which is price resting at nearly $1.2 million. Central Park in Manhattan offering natural areas, lawns, playing fields, running trails, biking paths, boating facilities QUALITY OF LIFE and a zoo.

Manhattan offers a quality of life unique even within the Manhattan also boasts world class art museums including nation’s largest cities. Although housing costs are among the Metropolitan Museum of Art, the Guggenheim and the the most expensive in the country, the borough provides a Museum of Modern Art. The city's international flavor is variety of cultural, entertainment and employment always on display in the island's many restaurants, featuring opportunities. The area is one of the few places in the recipes from around the world. United States where a person can live without a car and rely completely upon mass transit. You can get anywhere New York’s island of Manhattan continues to rise in culture, easily by taking the subway, buses or taxicabs, and rail quality of life, and wealth. As a global gateway city, New terminals and airports make long-distance travel accessible. York will continue to deliver promising opportunities and A variety of entertainment options are available to investment potential. Manhattanites, including Broadway shows, first-run films and famous nightlife venues.

CONFIDENTIAL

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap THE LOWER EAST SIDE

OVERVIEW AMENITIES

The vibrancy of the community is readily felt in the diversity With its many art galleries, museums, and cultural of its people. First generation communities, with their institutions, the area is rich with history, diversity and many customs and traditions, easily blend with the young excitement. professionals and artists who are increasingly attracted to the neighborhood. New condos, upscale boutiques, trendy Broome Street, with its trendy shops, has become a New restaurants, night clubs, and art galleries are springing up York tourist destination, connecting the Lower East Side to and contributing to the allure of the Lower East Side. SoHo.

Together with The Bowery and East Village, its immediate Once the site of flophouses, pawnshops and dive bars, the neighbors, these communities are literally transforming Bowery and Lower East Side are fast becoming a before our eyes. The assembled parcels present a rare destination for art lovers. Sperone Westwater Gallery has development opportunity in the emerging renaissance of created a stir with its opening at 257 Bowery. There are the Lower East Side. over 60 galleries in the area with more opening almost monthly. The Lower East Side BID hosts Lower East Side Orchard Street, once known for its supply shops and dry Third Thursday, where a number of galleries in the area roll goods stores is now home to designer shops, boutiques, out the red carpet and stay open late every third Thursday and trendy restaurants. from March to October.

Sprinkled among the area’s many bars, nightclubs, coffee Museums abound in these neighborhoods. The New shops and restaurants are dozens of stores selling vintage Museum in the Bowery has recently been renovated and is apparel, vegan shoes, one-of-a-kind sneakers, old- a leading destination for new art and new ideas. It is fashioned candy, books, and many other unique offerings. Manhattan’s only dedicated contemporary art museum and Up and down the streets of the Lower East Side, one is respected internationally. The Lower East Side Tenement notices the number of new boutique residential Museum is one of the biggest attractions in all of developments as well as large scale condominiums that Manhattan; recreating life in the tenements typical of the rival developments in the most upscale areas of turn of the century. Manhattan. Many other cultural centers include The Abrons Art Center,, The neighboring communities in The Bowery and East Museum at Eldridge Streets/Eldridge Street Synagogue, The Village have experienced gentrification with a host of Lower East Side Jewish Conservancy/Kling & Niman Family amenities. A 70,000-square-foot Whole Foods opened on Visitor Center, Angel Orensanz Center and Seward Park the ground floor of Avalon Christie Place which is Library. emblematic of this transformation.

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