32 EAST 1ST New Construction Corner Retail Condo in the Bowery Property Gallery Property Features
EXECUTIVE SUMMARY JLL has been retained on an exclusive basis to market for sale 32 East 1st Street, a new construction retail condo in The Bowery neighborhood of Manhattan. The condo offers multiple configurations on grade and includes a large below grade space. The ground floor contains approximately 6,000 Net Rentable SF and the below grade space has 2,500 Net Rentable SF. 32 E 1st Street presents investors with a white-box opportunity in newly built space with outstanding corner presence. This property sits at the tri-border of the East Village, Nolita and The Lower East Side – an area of increasing popularity and investment. 32 E 1st Street is steps away from the Broadway Lafayette (B/D/F/M) and Bleecker Street (4/5/6 ) subway stations, making it easily accessible from almost anywhere in Manhattan.
PROPERTY INFORMATION
32 East First Street, New York, NY 10012 The subject property is located on the northeast corner of Second Avenue and E 1st Street.
BUILDING INFORMATION Ground Floor NSF 5,947 Lower Level NSF 2,500 Total Commercial SF 8,447
Lot Dimensions 112.5’ x 134.17’ Lot Square Footage 15,094
Assessment (19/20) $1,998,311 Full Taxes (19/20) $213,839
Block / Lot 443/7505 81.42 C2858 60.69 108.58 32 East 1ST Street Neighborhood Character
Extending north from Hester Street to E 4th Street and bound by Bowery and Alan/First Street, HOTELS the eponymous Bowery neighborhood joins the East Village, Lower East Side, and Nolita. This Ian Schrager’s 370-key, PUBLIC Hotel, pioneered affordable luxury in the New York City hotel experience. The Herzog convergence of neighborhoods is exploding with new developments, chic retail and popular nightlife, & de Meuron designed building emanates the Studio-54 energy that Schrager founded in the 1970’s. and has seen a massive influx of art galleries in recent years. Numerous new hotels and convenient public transportation has transformed the area surrounding 32 E 1st Street into a highly desirable The Bowery Hotel has quickly become a popular celebrity-spotting destination in the NoHo neighborhood of Manhattan. tourist destination. Many new residential projects, both recently completed and currently under way, define investor sentiment in the neighborhood. Among those new developments are a collection of The citizenM hotel is the first prefabricated modular hotel in New York City. This boutique hotel company founded in modern-luxury hotels in the NoHo-Nolita neighborhood, including the Bowery Hotel, Ian Schrager’s Amsterdam prides itself in small guest rooms with luxury finishes. Its rooftop bar has some of the best sweeping views Public Hotel, citizenM, and SIXTY LES. of downtown and midtown Manhattan. ART The New Museum is among the most respected contemporary art museums in New York City. The building’s striking FLOORPLANS architecture pierces the skyline and acts as a beacon for tourists and residents alike. Sperone Westwater opened in SoHo in 1975 before moving to the Meatpacking district with all the other major galleries. As has been the trend, those galleries are leaving Chelsea and Meatpacking for new purpose-built spaces like this Foster + Partners designed gallery on the Bowery. Affirming this migration are relocations of Derek Eller Gallery and Nicelle Beauchene Gallery, among others, that have recently left Chelsea to open bigger and better spaces in the Bowery. Perrotin Gallery has eight (8) locations across the world including galleries in Hong Kong, Paris, and Tokyo. This location on Orchard Street is indicative of the international art community’s collective agreement that the Bowery is COMMERCIAL New York City’s preeminent location for contemporary art. 5947 SF FOOD 2
ND Institutions like Kat’s Delicatessen and Russ & Daughters are interspersed with new-to-the-scene Michelin Star
AVENUE restaurants like Momofuku Ko, The Musket Room, and Uncle Boons. A high percentage of ventilated retail spaces in The Bowery provides terrific infrastructure for new restaurants, many of which seem to pop-up overnight. RETAIL Notable retail tenants in the surrounding area include Rag & Bone, Fjallraven, Swatch, Kenneth Cole, Allbirds, Scotch & Soda, Carhartt, Kith, Uniqlo, Patagonia, C.C. Filson, BestBuy, Urban Outfitters, Club Monaco, and REI. TRANSPORTATION The confluence of Nolita, East Village and Lower East Side has an unsurprising abundance of convenient public transportation. 32 E 1st Street, and The Bowery moreover, is serviced by:
TRAIN LINES: BUSES: TRAVEL TIME TO MAJOR TRANSIT HUBS: M21 / M15 / M15 SBS / 14A Penn Station 18 Mins Grand Central 17 Mins John F. Kennedy International Airport 35 Mins LaGuardia Airport 22 Mins Newark Liberty International Airport 30 Mins EAST 1ST STREET ashington Place
M15 01 MOMOFUKU KO 02 RUSS & DAUGHTERS est 3rd Street 03 LIL’ FRANKIE’S 04 UNCLE BOONS 05 MR. PURPLE East th Street 06 IL BUCO ALIMENTARI est th Street Thom son Street Saint Mark s Place