EXCLUSIVE OFFERING PRIME LOWER EAST SIDE RETAIL CONDO for Sale Or Lease 263 Bowery, New York, NY
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EXCLUSIVE OFFERING PRIME LOWER EAST SIDE RETAIL CONDO for sale or lease 263 Bowery, New York, NY 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 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 2,500 sf retail unit on the ground floor (including basement) will be delivered fully vacant (leasing terms can be negotiated). The second and third floors which are 2,000 sf each, are fully occupied. 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 Block/Lot: 427/7503 acquire a prime retail asset in a highly sought after area Year Built: 2009 known as one of Manhattan’s most fashionable and trendy Lot Size: 24.3 x 102 neighborhoods. The neighborhood’s attractiveness is due to Rentable SF: Approx. 6,500 total rsf its rustic appearance that has remained from its grittier days Ground Floor Duplex- 2,500 rsf intermingled with new luxury constructions including the 2nd Floor- 2,000 rsf 3rd Floor- 2,000 rsf highly anticipated Essex Crossing, a mixed-use development Zoning: R8X, C6-1, C2-5 located at the intersection of Essex and Delancey Streets. This Mortgage: Delivered free and clear. megaproject will be comprised of nearly two million square feet of mixed-use space on six acres of land and is expected 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 72nd Rd KEW GARDENS HILLS 72nd Dr 150th St Effective Gross IncomeMain Street 73rd Ave Commercial (Actual) $229,144 Commercial (Projected @ $96/sf) 75th Ave $240,000 75th Rd Total 137th St $469,144 Parsons Blvd 136th St 76th Ave Expenses 76th Rd 77th Ave Common Charges $43,701150th St 77th Rd 78th Ave Total 141st St $43,701 Main Street NOI $425,443 Union Tpke 138th St 138th 79th Ave 78th Rd Union Tpke Village Rd 78th Dr ASKING PRICE $12,750,000 Grand Central Pkwy 150th St Projected CAP Rate 3.33% 82nd Ave 138th St Hoover Ave Main Street Main 84th Ave 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 RSF 1st Floor (Duplex) Vacant (Projected) $20,000.00 2,500 $96.00 2nd Floor Hair Salon $10,095.33 2,000 $60.57 3rd Floor Novo Realty $9,000.00 2,000 $54.00 Total Monthly Income $39,095.33 Total Annual Income $469,143.96 Unit Common Taxes Lease Term Options/ Charges Escalations 1st Floor (Duplex) 38.77% $10,523.20 2nd Floor 33.24% $7,015.44 8/1/2011 - 6/30/2017 (7)-Year Term + (3)-year term; Tenant exercised (3)-year renewal option 3rd Floor 27.99% $5,846.24 10/1/2017 - 9/30/2020 3% Annual Increase Totals 100% $23,384.88 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 basement 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 first 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 second 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 SQ FT KEW GARDENSMONTHLY HILLS RATE PPSF 72nd Dr1030 $14,095.20 $164.18 150th St 73rd Ave 75th Ave ADDRESS ZIP LEASE TYPE SQ FT MONTHLY RATE PPSF DISTANCE 232-234 Elizabeth Street 10012 Full Service 880 75th Rd$18,500.00 $252.27 0.08 Miles 248 Mott Street 137th St 10012 Modified Gross 450 $9,950.00 $265.33 0.11Parsons BlvdMiles 342 Bowery 136th