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353-Broadway-OM.Pdf RETAIL CONDOMINIUM 353 BROADWAYOFFERING MEMORANDUM 1 353 BROADWAY VICKRAM JAMBU Senior Managing Director | Investment Sales 212.776.1255 [email protected] CHRIS VARJAN Senior Managing Director | Investment Sales 212.776.1272 [email protected] GEORGE STEFFANI Director [email protected] 212.776.1207 JONATHAN BRAUN Director [email protected] 212.776.4341 2 TABLE OF CONTENTS 4 – 5 EXECUTIVE SUMMARY PROPERTY SUMMARY 6 – 7 GROUND FLOOR PLAN CELLAR FLOOR PLAN 9 – 10 INVESTMENT HIGHLIGHTS & FINANCIALS RENT ROLL INCOME & EXPENSE SUMMARY 12 – 16 MARKET OVERVIEW COMPARABLES TRIBECA POINTS OF INTEREST MAP ZONING SUMMARY RESIDENCES AT 91 LEONARD CONDO DECLARATION EXHIBIT 17 CONFIDENTIAL OFFERING 3 353 BROADWAY EXECUTIVE SUMMARY Lee & Associates NYC is pleased to exclusively present for sale the retail condominium located at 353 Broadway a.k.a. 91 Leonard Street (“The Property”). The retail condominium sits at the base of a newly constructed, 19 story condominium complex with 98 condos and almost ±193,000 SF in new mixed-use space. The ±89 feet of highly desirable frontage on Broadway in Tribeca offers the opportunity for an investor to own a well-located trophy retail asset. The Property is divisible between ±7,954 SF of above grade space as well as ±4,145 SF of below grade space. The space allows for the creation of up to three spaces for various uses, allowing an investor to capitalize on a more diverse tenant mix while optimizing the available frontage. The 14 FT high ceilings complement the large Broadway frontage to allow for maximization of storefront windows, displays, and tenant branding. The Property is located equal walking distances to the Franklin Street subway station, servicing the N Q R W trains, and the Canal Street subway station, servicing the 1 2 trains. The Property will be delivered vacant. 4 PROPERTY SUMMARY DEAL HIGHLIGHTS SITE LOCATION • Beautifully stacked at the base of an elegant newly built ±98 unit residential ADDRESS 353 Broadway condominium complex Frontage on Broadway between Leonard Street • Ideal location on major retail corridor between optimal mix of residential and LOCATION and Franklin Street in Tribeca Neighborhood of office land use Manhattan, NY 10013 • Opportunity to grow retail tenant mix with underutilized surrounding blocks OPPORTUNITY TYPE Retail Condominium • Unit ideally divisible up to three spaces • Opportunity to attract a diverse tenant mix, by offering unique size options • Close proximity to Canal Street station, servicing the N Q R W trains, and BLOCK / LOT 174 / 36 (Condo lot number pending) the Franklin St Station, servicing the 1 2 trains LOT SIZE ±15,362 SF YEAR BUILT 2018/2019 W M N Q R W ABOVE GRADE SPACE ±7,954 SF M ChurPETRARCA LOWER LEVEL SPACE ±4,145 SF W TOTAL UNIT SPACE ±12,099 SF Da Mikele M FRONTAGE ±89 FT on Broadway LA Split Zone: C6-4A/R10A Equivalent & C6-2A/R8A ZONING Equivalent M CEILING HEIGHTS 14 FT (Above) & 16 FT (Below) Chur Leonar 353 BROADWAY Lafayette USE RESTRICTIONS Inquire for full list P Cafe Centr GYM TAX CLASS 4 Broadway W TOTAL COMMON AREA INTEREST 8.9772% Leonar Park Chur FAMIL T ASKING PRICE W CIVIC DELI ASKING PRICE $15,000,000 T PRICE PSF $1,240 CAP RATE 5.80% 5 353 BROADWAY GROUND FLOOR PLAN 3 TENANT SCENARIO N S A BROADWAY C B 6 CELLAR FLOOR PLAN 2 TENANT SCENARIO N S BROADWAY 7 353 BROADWAY INVESTMENT HIGHLIGHTS & FINANCIALS 8 FINANCIALS RENT ROLL ABOVE GRADE – PROJECTED TENANT TYPE LOCATION UNIT ABOVE GRADE SF RENT PSF MONTHLY RENT ANNUAL RENT Small Space Front - North A 1,350 $160 $18,000 $216,000 Small Space Front - South B 2,676 $150 $33,450 $401,400 Large Space Rear C 3,928 $100 $32,733 $392,800 Total 7,954 $127 $84,183 $1,010,200 BELOW GRADE - PROJECTED TENANT TYPE UNIT LOWER LEVEL SF RENT PSF MONTHLY RENT ANNUAL RENT Small Space Basement A - Basement 328 $50 $1,367 $16,400 Large Space Basement B - Basement 3,817 $50 $15,904 $190,850 Total 4,145 $50 $17,271 $207,250 EXPENSE SUMMARY PROJECTED OPERATING EXPENSES % OF INCOME $ PSF TOTAL Real Estate Taxes (1) 22% $22.37 $270,643 Insurance (2) 1% $1.00 $12,099 Common Charges (3) 5% $5.35 $64,702 Total 29% $28.72 $347,444 Net Operating Income $71.91 $870,006 Notes: (1) Real Estate Taxes are an estimate per information provided from exhibit A of the condo declaration. Reference exhibits in rear of offering memorandum. (2) Insurance is an estimate at $1.00/SF of above and below rentable space. (3) Common Charges are an estimate per information provided from exhibit A of the condo declaration. Reference exhibits in rear of offering memorandum. ESTIMATED LEASE UP COST Free Rent $304,363 3 Months Leasing Commissions $304,363 3 Months Total $608,725 9 353 BROADWAY MARKET OVERVIEW 10 TRIBECA Encompassing 73 blocks of downtown New York City, the Tribeca neighborhood in Manhattan is home to some of the most valuable commercial and residential real estate in the world. The name Tribeca refers to the area as the “Triangle Below Canal Street,” although it is actually trapezoidal-shaped. The majority of Tribeca is included in a historical district that is protected by the Landmark’s Preservation Commission of New York City consisting of approximately 200 acres. Containing one of the greatest collections of cast-iron buildings in the world, the neighborhood has now transformed from highly unique artist lofts and eclectic art galleries to one of Manhattan’s most fashionable and desirable neighborhoods well known for celebrity sightings. In addition to Forbes ranking its 10013 zip code as Manhattan’s most expensive neighborhood, it was also ranked the safest in New York City. Its boundaries are defined by Canal Street to the north, Broadway to the east, West Street to the west and either Chambers or Vesey Streets to the South. 11 353 BROADWAY COMPARABLES RETAIL LEASE COMPARABLES - UNDER 2,000 SF # ON MAP ADDRESS SF DATE MONTHLY & PSF RENT TENANT & TERM G: 1,100 $15,583 Max’s Restaurant 1 138 W Broadway Sep-18 1 B: ‘- - $170 12 Yrs 2 S N G: 1,183 $14,984 2 138 W Broadway Feb-18 - - B: ‘- - $152 oadway G: 1,225 $15,313 Evette Boutique 3 321-323 Broadway Aug-17 B: ‘- - $150 10 Yrs G: 1,000 $12,000 - - 4 4 297 Church St Sep-18 B: 1,000 $144 5 Yrs Chur M G: 1,200 T 1 $15,000 Allied Market 5 81-83 Franklin St B: 1,200 Jun-17 $133 10 Yrs MZ: 150 5 G: 900 $9,975 Cote A Coast 7 6 350 Broadway Jan-17 Chur B: ‘- - $133 - - T 4 W 8 G: 1,653 $17,219 INCOLOUR Paint & Design 7 104 Lafayette St Apr-17 2 B: ‘- - $125 10 Yrs 3 G: 600 $5,000 - - Leonar Chur 8 87-93 Worth St Jul-17 B: ‘- - $100 1 Yr 5 3 RETAIL LEASE COMPARABLES - OVER 2,000 SF Broadway ROWAY W # ON MAP ADDRESS SF DATE MONTHLY & PSF RENT TENANT & TERM W 6 Leonar 8 G: 4,203 $59,543 - - 1 285 W Broadway Sep-18 6 B: ‘- - $170 12 Yrs G: 2,500 $34,375 SLT NYC 2 87-93 Worth Street Oct-17 B: ‘- - $165 10 Yrs G: 2,016 $25,000 Church St School of the Arts 3 41 White Street Dec-17 B: 2,222 $148 15 Yrs W G: 2,500 $30,000 Jason Scott 4 102 Franklin Street Oct-17 B: 2,500 $144 5 Yrs Park G: 2,325 $20,000 - - 5 57 Leonard Street May-17 B: 2,500 $103 10 Yrs 7 G: 2,150 $18,000 - - 6 61 Walker Street Mar-18 B: 2,000 $100 5-15 Yrs Centr G: 3,400 $26,000 - - M M 7 9-11 White Street Nov-17 B: ‘- - $91 5 Yrs G: 2,832 $20,060 Paul Ruggeri Gym 8 356 Broadway Apr-18 B: ‘- - $85 - - 12 COMPARABLES RETAIL SALES COMPARABLES ADDRESS UNIT # YEAR BUILT BLDG SQFT UNIT SQFT ZONING CLASS SALE DATE SALE PRICE PRICE PSF 271 Church St A & B 1915 86,640 8,025 C6-2A RM 7/13/18 $15,550,000 $1,938 424 Broadway COM 1915 26,000 7,570 M1-5B RK 4/12/18 $11,000,000 $1,453 19-21 Greene St - - 1888 19,500 6,470 M1-5B R8 12/12/17 $6,600,000 $1,020 124 Hudson St COM 2000 81,306 12,912 C6-2A RK 10/3/17 $15,275,000 $1,183 7 Hubert St COM 2004 109,382 2,928 C6-2A RK 9/14/17 $3,200,000 $1,093 65-67 Leonard St COM 1915 10,000 2,745 C6-2A R8 5/25/17 $6,000,000 $2,186 210 Canal St STORE 1 1920 43,326 7,580 C6-1G RK 5/11/17 $23,550,000 $3,107 339-343 Greenwich St 1 1915 42,860 6,959 C6-2A R8 4/27/17 $11,718,500 $1,684 Min 980 $2,265,000 $662 Max 12,912 $23,550,000 $3,107 Average 5,929 $8,556,905 $1,470 Weighted Average $1,443 271 Church Street 424 Broadway 124 Hudson Street 13 353 BROADWAY SURROUNDING RETAIL & POINTS OF INTEREST W M N Q R W M ChurPETRARCA W Da Mikele M LA M Chur Leonar 353 BROADWAY Lafayette P Cafe Centr GYM Broadway W Leonar Park Chur FAMIL T W CIVIC DELI T 14 TRIBECA RETAILER ENVIRONMENT Over the past 5 years, the Tribeca environment.
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