EXCLUSIVE OFFERING PRIME LOWER EAST SIDE RETAIL CONDO for SALE 263 Bowery, New York, NY Price Reduction: $4,850,000
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EXCLUSIVE OFFERING PRIME LOWER EAST SIDE RETAIL CONDO FOR SALE 263 Bowery, New York, NY Price reduction: $4,850,000 140 Broadway New York, NY 10005 it’s who you know | www.gfirealty.com Property Overview 263 Bowery | New York, NY | Lower East Side Property Description GFI Realty Services, LLC is pleased to offer the exclusive opportunity to acquire 263 Bowery, a fully leased 6,500 SF retail condo located in the heart of the Lower East Side. The asset is comprised of three levels which includes the ground floor duplex (including basement), second and third floors. The subject offering is situated at the base of Karl Fischer’s recently constructed (9)-story luxury residential condo building located along a major commercial thoroughfare. The ground floor duplex unit and third floor is occupied by the same tenant, who recently excecuted their renewal option. Retail condo units in the neighborhood are currently leased at an average of $127 per square foot (see pg. 13 for comps). The Bowery is a main thoroughfare situated in Downtown Manhattan that extends through Chinatown, the Lower East Side and ending in the East Village. The Bowery is known for its dense population of trendy cafes, boutique hotels, bars and chic restaurants such as Vandal, The Bowery and The Wren. Popular retail along the thoroughfare include Whole Foods Bowery, Blue & Cream and Patagonia. This offering provides an investor with the opportunity to acquire a prime retail asset in a highly sought after area known as one of Manhattan’s most fashionable and trendy Block/Lot: 427/7503 neighborhoods. The neighborhood’s attractiveness is due Year Built: 2009 to its rustic appearance that has remained from its grittier Lot Size: 24.3 x 102 Rentable SF: Approx. 6,500 Total RSF days intermingled with new luxury constructions including the Ground Floor Duplex- 2,500 RSF highly anticipated Essex Crossing, a mixed-use development 2nd Floor- 2,000 RSF located at the intersection of Essex and Delancey Streets. This 3rd Floor- 2,000 RSF megaproject will be comprised of nearly two million square Zoning: R8X, C6-1, C2-5 feet of mixed-use space on six acres of land and is expected Mortgage: Delivered free and clear. to be completed in 2024. Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not 3 been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice. Income & Expenses 263 Bowery | New York, NY | Lower East Side Effective Gross Income Commercial $349,617 Total $349,617 Expenses Real Estate Taxes $27,000 Common Charges $43,701 Total $70,701 141st St Main Street NOI $278,916 Union Tpke ASKING PRICE $4,850,000 Grand Central Pkwy 150th St CAP Rate 5.8% 82nd Ave 138th St Hoover Ave *Floors Can be Purchased Separately Street Main 82nd Dr Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not 4 been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice. SF 2500 2000 2000 Rent Roll 263 Bowery | New York, NY | Lower East Side Unit Tenant Rent SF Rentable SF 1st Floor (Duplex) Novo Realty $9,500.00 2,500 $96.00 2nd Floor Hair Salon $10,454.79 2,000 $60.57 3rd Floor Novo Realty $9,180.00 2,000 $54.00 Total Monthly Income $29,134.79 Total Annual Income $349,617.48 Unit Common Taxes Lease Term Options/ Charges Escalations 1st Floor (Duplex) 38.77% $8,822.00 Expires 9/30/2020 2nd Floor 33.24% $7,564.00 Expires 7/30/2021 Tenant Executed Option 3rd Floor 27.99% $6,369.00 10/1/2017 - 9/30/2020 3% Annual Increase Totals 100% $22,755.00 Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not 5 been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice. Property Photos 263 Bowery | New York, NY | Lower East Side Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not 6 been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice. Property Photos 263 Bowery | New York, NY | Lower East Side Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not 7 been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice. Aerial 263 Bowery | New York, NY | Lower East Side Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not 8 been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice. Retail Map 263 Bowery | New York, NY | Lower East Side 3 1 E 3rd St E Houston St Bleeker St 2 7 2nd Ave Greene St Bowery E Houston St E 2nd St E Houston St 4 2 Mercer St E Houston St Bowery E 1st St Prince St 3 Broadway 2nd Ave Crosby St E Houston St Mercer St E Houston St Lafayette St Prince St Mulberry St 1 E Houston St 263 Bowery,E Houston St Mott St New York, NY Broadway 4 2 Bowery 5 Crosby St Prince St Elizabeth St 3 Spring St Chrystie St Lafayette St 4 Stanton St 5 Mulberry St Bowery Forsyth St Mott St 2 1 6 Allen St 7 5 Bowery Crosby St Spring St 6 Elizabeth St Rivington St Lafayette St Cleveland Pl Kenmare St Broome St Eldridge St 1 Allen St Allen St Kenmare St 8 Chrystie St Mott St Broome St Bowery Delancey St Forsyth St Grand St Centre St Broome St Delancey St Allen St Allen St Mulberry St Grand St Delancey St Orchard St Mott St Delancey St Grand St Elizabeth St Ludlow St Bowery Chrystie St Allen St Allen St Restaurants Retails & Shops Museums/Galleries Hotels 1 Vandal 1 Whole Foods 1 New Museum 1 The Bowery 2 Il Buco 2 Patagonia 2 International Center of 2 The Bowery House 3 The Wren 3 Blue & Cream Photography Museum 4 Saxon + Parole 4 Tokyobike 3 Sperone Westwater 5 Cata 5 Camper Lab 4 GR Gallery 6 La Gamelle 5 Soho Contemporary Art 7 The Bowery Electric 6 Parasol Projects 8 The Bowery Ballroom 7 Expo Arte Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not 9 been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice. Floor Plans 263 Bowery | New York, NY | Lower East Side First Floor Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not 10 been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice. Floor Plans 263 Bowery | New York, NY | Lower East Side Second Floor Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not 11 been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice. Floor Plans 263 Bowery | New York, NY | Lower East Side Third Floor Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not 12 been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice. Comparables 263 Bowery | New York, NY | Lower East Side MARKETING UNITS AVERAGES 72nd Rd KEW GARDENS HILLS 72nd Dr SQ FT MONTHLY RATE PPSF 1075 150th St $13,520.83 $175.22 73rd Ave 75th Ave ADDRESS ZIP LEASE TYPE SQ FT MONTHLY RATE PPSF DISTANCE 232-234 Elizabeth Street 10012 Full Service 88075th Rd $18,500.00 $252.27 0.08 Miles Parsons Blvd 248 Mott Street 137th St 10012 Modified Gross 450 $9,950.00 $265.33 0.11 Miles 136th St 342 Bowery 10012 Modified Gross 700 76th Ave $13,000.00 $222.86 0.20 Miles 57 Great Jones Street 10012 Modified Gross 900 76th Rd $15,003.00 $200.04 0.21 Miles 165 Elizabeth Street 10012 Modified Gross 1522 $15,500.00 $122.21 0.22 Miles 57-59 Second Avenue 10003 Modified Gross 2050 77th Ave$22,999.00 $134.63 0.22 Miles