5 WHITE STREET (AKA 221-223 WEST BROADWAY) & 225-227 WEST BROADWAY NEW YORK, NEW YORK
RARE COVERED LAND BLOCK-THROUGH DEVELOPMENT OPPORTUNITY TABLE OF CONTENTS
EXECUTIVE SUMMARY 2
LOCATION OVERVIEW 6
ASKING PRICE: OWNERSHIP REQUESTS PROPOSALS
FOR MORE INFORMATION, PLEASE CONTACT EXCLUSIVE AGENTS:
WILL SUAREZ HARRY HOCHMAN Managing Director Associate +1 212 377 2824 +1 212 843 4655 [email protected] [email protected]
This is a confidential brochure intended solely for your limited use and benefit in determining whether you desire to express any further interest in 24 Beaver Street, New York, NY 10004 (the “Property”). This brochure has been reviewed by representatives of Owner. It contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information that prospective purchasers may desire. It should be noted that all financial projections are provided for general reference purposes only in that they are based on assumptions relating to the general economy, competition, and other factors beyond the control of Owner and, therefore, are subject to material variation. Additional information and an opportunity to inspect the Property and plans will be made available to interested and qualified investors. Neither Owner, Jones Lang LaSalle, nor any of their respective officers nor employees have made any representation or warranty, expressed or implied, as to the accuracy or completeness of this brochure or any of its contents, and no legal commitments or obligations shall arise by reason of this brochure or any of its contents.
Owner expressly reserves the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and /or to terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligation to any entity reviewing this brochure or making an offer to purchase the Property unless and until a written agreement satisfactory to Owner has been fully executed, delivered, and approved by Owner and any conditions to Owner obligations thereunder have been satisfied or waived. By receipt of this brochure, you agree that this brochure and its contents are of a confidential nature, that you hold and treat it in the strictest confidence, and that you will not disclose this brochure or any of its contents to any other entity without the prior written authorization of Owner, nor will you use this brochure or any of its contents in any fashion or manner detrimental to the interest of Owner or Jones Lang LaSalle. It is essential that all parties to real estate transactions be aware of the health, liability and economic impact of environmental factors on real estate. Jones Lang LaSalle does not conduct investigations or analyses of environmental matters and, accordingly, urges its clients to retain qualified environmental professionals to determine whether hazardous or toxic wastes or substances (such as asbestos, PCBs, and other contaminants or petrochemical products stored in underground tanks) or other undesirable materials or conditions are present at the Property and, if so, whether any health danger or other liability exists. Such substances may have been used in the construction or operation of buildings or may be present as a result of previous activities at the Property. Various laws and regulations have been enacted at the Federal, State and Local levels dealing with the use, storage, handling, removal, transport, and disposal of toxic or hazardous wastes and substances. Depending upon past, current, and proposed uses of the Property, it may be prudent to retain an environmental expert to conduct a site investigation and /or building inspection. If such substances exist or are contemplated to be used at the Property, special governmental approvals or permits may be required. In addition, the cost of removal and disposal of such materials may be substantial. Consequently, legal counsel and technical experts should be consulted where these substances are or may be present.
No representation or warranty is being made by Owner or Jones Lang LaSalle with respect to the Property’s compliance with any applicable statutes, laws, ordinances, rules, regulations, requirements and /or codes (collectively, the “Laws”). It is expressly understood that it is the responsibility of any prospective purchaser to investigate whether or not the Property is in compliance with the Laws and such prospective purchaser will be relying strictly and solely upon its own inspections and examinations and the advice and counsel of its own consultants, agents, legal counsel and officers with respect to the condition of the Property and its compliance with the Laws. 1 JLL 24 BEAVER STREET EXECUTIVE SUMMARY
JLL’s Lower Manhattan investment sales specialists have been retained on an exclusive basis to arrange for the sale of 24 Beaver Street, an extremely rare covered land turnkey opportunity in the Financial District. The Property is a 4-story mixed-use block-through building, (Beaver Street to Marketfield Street, between Broadway and Broad Street). 24 Beaver Street can be vacated for redevelopment. The Property offers a total 18,900 as-of-right buildable square feet.
24 BEAVER STREET JLL 2 PROPERTY SNAPSHOT
South side of Beaver St between Broadway LOCATION and Broad St, block-through to Marketfield St
PROPERTY ADDRESS 24 Beaver St, New York, NY 10004
BLOCK / LOT 11 / 12
STORIES 4
EXISTING GROSS SF 5,046
LOT DIMENSIONS 21.31' x 59.0' HOLLAND TUNNEL LOT SQUARE FOOTAGE 1,260
ZONING C5-5
MAX FAR (COMM.) 15.00
MAX FAR (RESI.) 10.00
MAX BSF (COMM.) 18,900
MAX BSF (RESI.) 12,600
ASSESSMENT (19/20) $1,408,950
FULL TAXES (19/20) $125,184
Note: All square footages and measurements are approximate
TAX MAP BEAVER ST 21.31’
24 BROAD ST BLOCK 11
MARKETFIELD ST
3 JLL 24 BEAVER STREET GRAND ST HOLLAND TUNNEL
GREENWICH ST HUDSON ST CANAL ST
VARICK ST
6TH AVE
WHITE ST MANHATTAN COMMUNITY COLLEGE FRANKLIN ST
BROADWAY WEST BROADWAY MANHATTAN BRIDGE ROCKEFELLER CHAMBERS ST PARK CITY HALL
BARCLAY ST
VESEY ST BROOKLYN BRIDGE FULTON ST SOUTH WORLD FULTON STREET BROOKFIELD CENTER PLACE TRADE JOHN ST SEAPORT
CENTER CHURCH ST CHURCH LIBERTY ST
WEST ST
NASSAU ST
WATER ST
FDR DR NY STOCK WALL ST EXCHANGE
BEAVER ST
BATTERY PARK
CAREY TUNNEL 24 BEAVER STREET JLL 4 24 Beaver Street - Interiors
2nd Floor (Commercial) 3rd Floor (Commercial) 24 Beaver Street - Interiors
4th Floor (Residential) 5 JLL 24 BEAVER STREET LOCATION OVERVIEW
24 BEAVER STREET JLL 6 BEAVER STREET HISTORY
Original street plan of New Amsterdam as mapped in 1660.
Beaver Street is one of Manhattan’s oldest streets and was named in the 1660s and commemorates the beaver, whose pelts were a significant portion of commerce between Dutch settlers and Native Americans during New Amsterdam’s earliest days from the 1620s through the 1650s.
Beavers continued to be much prized for centuries. The wealthiest man in America at the time, John Jacob Astor, made his fortune on beaver fur, and representations of the beaver are seen in the official seal of New York City. Terra cotta beavers can be seen in the Astor Place subway station, named for Mr. Astor.
Despite some landfill at both river edges, this street plan, with additions and modifications, is the same one found today in lower Manhattan. In fact the street plan itself has been recognized by the NYC Landmarks Preservation Commission, designated in 1983.
7 JLL 24 BEAVER STREET 18 FAR ZONING OVERVIEW commercial building
Tower can penetrate C5-5 LM sky exposure plane provided it is set back at least 10’ from a wide street and 15’ from 10 FAR a narrow street commercial building
18 FAR commercial building
Tower can penetrate sky exposure plane provided it 85’ maximumis set back at least 10’ from a wide street and 15’ from 10 FAR height of base a narrow street commercial building within sky exposure plane
85’ maximum height of base within sky exposure plane
C5–3
C5–3
C5–2 C5–2
Floor areaFloor of area building of building can be increased up to 20% can be increasedif public plaza up isto provided 20% if public plaza is provided
C5 Commercial Districts
C5–1 C5–1A C5–2 C5–4 C5–2A C5–3 C5–5 C5 Commercial Districts Commercial FAR 4.0 4.0 10.01 10.0 15.01
Residential FAR2 C5–1 10.01C5–1A10.0 C5–2 10.0 C5–41 10.0 C5–2A10.01 C5–3 C5–5
Residential District Equivalent R10 R10A R10 R10A R10 Commercial FAR 4.0 4.0 10.01 10.0 15.01 1 FAR bonus up to 20% for a public plaza 2 Increase in FAR with Inclusionary Housing Program bonus Residential FAR2 10.01 10.0 10.01 10.0 10.01
Residential District Equivalent R10 R10A R10 R10A R10
1 FAR bonus up to 20% for a public plaza 2 Increase in FAR with Inclusionary Housing Program bonus
24 BEAVER STREET JLL 8 POPULATION GROWTH = FOOT TRAFFIC
Downtown Manhattan has one of the fastest growing populations of any neighborhood in New York City, catalyzing Lower Manhattan’s mixed-use evolution. A growing variety of housing options also delivers walk-to-work convenience for the growing number of Downtown professionals who now live, work, and play in the thriving Financial District.
The median age within a half mile is NEIGHBORHOOD just 33 years old, POPULATION which represents a YOUTHFUL POPULATION Radius from with ample 1/4 Mile 1/2 Mile 1 Mile Property DISPOSABLE INCOME.
2024 Projection 16,662 58,682 125,670
2019 Estimate 15,503 54,862 119,870 The current average household income within this radius is 2010 Census 12,212 44,912 105,469
$209,558 per year, 2000 Census 5,563 24,519 83,299 more than 2000-2024 THREE-AND-A-HALF TIMES 200% 139% 51% Increase the New York City median.
More than 28% of residents living within a half mile of the Property WALK TO WORK, enhancing the residential, office, and retail value and illustrating the VIBRANT MIXED-USE CHARACTER OF THE FINANCIAL DISTRICT.
9 JLL 24 BEAVER STREET LOWER MANHATTAN RESIDENTIAL SNAPSHOT
EXISTING BUILDINGS 33,223 units in 336 buildings
BUILDINGS IN DEVELOPMENT 2,837 units in 16 buildings
GROWING POPULATION 62,000 estimated residents in 2018
TOURISM 14.6 M unique visitors 2018 40 hotels with 8,400 guest rooms
OFFICE WORKERS 247,000 private sector 51,000 public sector employees
STUDENTS 54,000 students enrolled in 18 higher learning institutions
24 BEAVER STREET JLL 10 Lower Manhattan is one of the most well-connected sub-markets in all of New York City. 24 Beaver Street is only a few blocks from multiple subway lines and other transportation options.
AREA TRANSPORTATION MAP
CHAMBERS ST
GREENWICH ST CITY ROCKEFELLER HALL PARK BARCLAY ST
BROADWAY
VESEY ST BROOKLYN BRIDGE
WFC FERRY TERMINAL, FULTON ST NY WATERWAY SOUTH & NY WATER TAXI BROOKFIELD WORLD FULTON STREET PLACE TRADE CENTER SEAPORT CENTER LIBERTY ST DIU ING RA S ALK NY WATER TAXI WEST ST W TE U WATER ST IN M 5 NY STOCK FDR DR WALL ST EXCHANGE HORNBLOWER CRUISES
BEAVER ST
NYC FERRY
BATTERY
PARK GOVERNORS ISLAND FERRY
CAREY TUNNEL
STATEN ISLAND FERRY STATUS CRUISES
LOWER MANHATTAN MASS TRANSIT
13 MTA Subway Lines PATH Train to New Jersey 17 Commuter Ferry Routes 30 MTA Bus Routes
27 CitiBike Stations
11 JLL 24 BEAVER STREET TRANSPORTATION = ACCESSIBILITY
The Fulton Center opened in 2014, radically improving the accessibility and convenience for millions of people visiting Downtown every year.
The beautifully-designed The hub has STREAMLINED CONNECTIONS between eight subway lines $1.4 billion hub in five subway stations, with the opened to commuters in NOVEMBER 2014, lines providing direct service radically improving to ALL MAJOR RESIDENTIAL the convenience and value NEIGHBORHOODS & BUSINESS CENTERS of the Property’s location. throughout New York City.
Fulton Center is connected via underground passageway to the spectacular SANTIAGO CALATRAVA-DESIGNED WORLD TRADE CENTER TRANSPORTATION HUB. The hub includes a major PATH Train station that provides DIRECT COMMUTER SERVICE TO NEW JERSEY. Completed in 2016, the PATH station services
250,000 riders per day. The hub also accesses additional subway lines and Hudson River ferry terminals, further expanding convenient transportation options.
Fulton Center is the A total of 5TH BUSIEST SUBWAY STATION in the entire network, 300,000 with more than commuters, 91,000 daily riders. residents, & tourists This represents a 56% INCREASE pass through the facility over the past five years. EACH DAY.
24 BEAVER STREET JLL 12 SHOPPING & DINING
The Property’s core FiDi location is surrounded by the best shopping and dining Lower Manhattan has to offer. The district’s retail and restaurant offerings have expanded dramatically as the residential population and business base has grown. Lower Manhattan now has approximately 1,200 stores and restaurants, with total Downtown annual retail spending of $7.7 billion. Any business operating out of 24 Beaver Street will enhance and compliment the neighborhood's offerings. City Hall
City Hall Park WoolworthWoo wort BuildingBui in BROOKLYNBROO LYN BRIDGEBRID E
Beekman Hote Hotel Au ustine Restaurant GehryGe ry Augustine Restaurant BuildingBui in TempleTem e Court Restaurant TheT e Lara One WorldWor 2 MoxyMo y TradeTra e Center Downtown HotelHote FULTON STREETSTREET 94 FULTON STREET 4 19 DutchDut 1 ApartmentsA artments 130 WILLIAM STREET FDRDRIVE 9/11 WEST STREETSTREET 9/11 Memorial 3 Pier 17 RETAIL LEASING ACTIVITY
Tenant Property Address Year Qtr GF SF Total SF Starting Rent $/GF SF
Citibank 1 Broadway 2019 4 13,000 13,000 $2,145,000 $165 FedEx 110 William St. 2019 4 4,000 4,000 $520,000 $130 Fedoroff's Steaks 173 Broadway 2019 3 215 215 $156,090 $726 AT&T 45 Wall St. 2019 2 2,952 2,952 $708,480 $240 &Pizza 63 Wall St. 2019 1 1,132 1,132 $216,320 $188 65 Market Place 65 Broadway 2019 1 8,500 11,600 $1,200,000 $141 Blo Blo Dry Bar 105 Nassau St. 2019 1 550 1,050 $87,450 $159 Café Duke 65 Broadway 2019 1 8,500 11,600 $1,200,000 $141 City MD 24 Broad St. 2019 1 3,300 3,300 $630,000 $191 Charles Schwab 44 Wall St. 2018 4 4,700 4,700 $944,700 $201 Joe's Pizza 124 Fulton St. 2018 3 875 1,025 $360,000 $411 Don Wagyu 75 Broad St. 2018 1 590 590 $144,000 $244 Pret A Manger 147 Fulton St. 2017 2 2,169 2,169 $600,813 $277 Dita Eyewear 21 Fulton St. 2017 1 600 600 $180,000 $300 Poke Chan 100 William St. 2017 1 765 1,165 $144,000 $188
13 JLL 24 BEAVER STREET 1
City Hall
2 City Hall Park Woolworth Building BROOKLYN BRIDGE
Beekman Hotel Gehry Augustine Restaurant Building Temple Court Restaurant The Lara One World 2 Moxy Trade Center Downtown Hotel FULTON STREET 94 FULTON STREET 4 19 Dutch 1 Apartments 130 WILLIAM STREET FDR DRIVE
WEST STREET 9/11 Memorial 3 3 Pier 17
4 15 JLL 24 BEAVER STREET 24 BEAVER STREET JLL 16 FOR MORE INFORMATION, PLEASE CONTACT EXCLUSIVE AGENTS:
WILL SUAREZ HARRY HOCHMAN Managing Director Associate +1 212 377 2824 +1 212 843 4655 [email protected] [email protected]
330 Madison Avenue, 3rd Floor New York, NY, 10017 jll.com