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 St 10012 Modified Gross 700 76th$13,000.00 Ave $222.86 0.20 Miles 57 Great Jones Street 10012 Modified Gross 900 $15,003.00 $200.04 0.21 Miles 165 Elizabeth Street 10012 Modified Gross 1522 76th$15,500.00 Rd $122.21 0.22 Miles 57-59 Second Avenue 10003 Modified Gross 2050 $22,999.00 $134.63 0.22 Miles 77th Ave 173 Orchard Street 10002 Modified Gross 1000 $12,500.00 $150.00 0.23 Miles 100 Stanton Street 10002 Modified Gross 600 $11,000.0077th Rd $220.00 0.28 Miles 123-125 Orchard Street 10002 Modified Gross 1000 $9,000.00 $108.00 0.30 Miles 114 Stanton Street 10002 Modified Gross 1200 $13,500.0078th Ave $135.00 0.31 Miles
78th Rd
Union Tpke 79th Ave 78th Rd
RENTED UNITS AVERAGES
SQ FT MONTHLY RATE PPSF 1483 $16,072.17 $127.33
ADDRESS TENANT TERM SQ FT MONTHLY RATE PPSF DISTANCE Van Leeuwen Ice Cream $18,229.00 $125.00 0.29 Miles 172 Ludlow Street Union Tpke 10 Years 1750 NY, NY 10002 Village 150th St 0.48 Miles 150 Spring Steet Starbucks 82nd Ave 10 Years 1050 $9,362.50 $107.00 NY, NY 10012 Hoover Ave
398 Broome Street Project Cozy 15 Years 1650 $20,625.00 $150.00 0.30 Miles NY, NY10013 (Coffee/Juice Bar)
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not 13 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. Neighborhood Map 263 Bowery | New York, NY | Lower East Side
263 Bowery New York, NY
Transit Map
263 Bowery New York, NY
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not 14 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. Zoning Map 263 Bowery | New York, NY | Lower East Side
263 Bowery New York, NY
1 & C2 (C1-6, C1-7, C1-8, C1-9) & (C2-6, C2-7, C2-8) - C1-6 through C1-9 Cand C2-6 through C2-8 districts are commercial districts that are predominantly residential in character. They are mapped along major thoroughfares in medium- and higher-density areas of the city. As in overlay districts, typical retail uses include grocery stores, drug stores, small dry cleaners, restaurants, and local clothing stores that cater to the daily needs of the immediate neighborhood. There are only minor differences between C1 and C2 districts, with a slightly wider range of uses permitted in C2 districts, such as funeral homes and local repair services. In buildings with residential uses, commercial uses are limited to one or two floors and must always be located below the residential use.
6 districts permit a wide range of high-bulk commercial uses Crequiring a central location.C6-1 through C6-3 districts allow a commercial floor area ratio of 6.0 and are generally mapped outside of the central business cores.
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not 15 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. Market Highlights 263 Bowery | New York, NY | Lower East Side
• The Lower East Side is bordered by Bowery to the west, East Houston Street to the north, the East River to the south east.
• The property is within walking distance to the B & D subway lines at the Grand Street Station as well as the J & Z lines at the Bowery Station.
• The Lower East Side has seen an in- crease in upscale boutiques, trendy din- ing establishments, and galleries. It is home to landmarks such as Katz Deli, Bowery Ballroom, Mercury Lounge, and the New Museum.
• Clinton, Orchard, Ludlow, Essex, Allen, Stanton and Rivington Streets are alive with bars,music clubs and destination restaurants, such as Ivan Ramen, Russ & Daughters Cafe and Dirt Candy. The neighborhood has 122 art galleries and counting.
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not 16 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. Demographics 263 Bowery | New York, NY | Lower East Side
Area: 0.498 square miles Population: 40,803 Population density: 81,900 people per square mile Median household income 2013: $43,872 Males 20,337 Females 20,429 Median age males: 39.0 Median age females: 40.2 Average household size: 2.2 people
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not 17 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 Map 263 Bowery | New York, NY | Lower East Side
72nd Rd KEW GARDENS HILLS 72nd Dr
150th St Main Street 73rd Ave
75th Ave
75th Rd
137th St Parsons Blvd
136th St 76th Ave
76th Rd
77th Ave
77th Rd
78th Ave
150th St 78th Rd Main Street
Union Tpke 138th St 138th 79th Ave 78th Rd 141st St
78th Dr
Union Tpke Village Rd
Grand Central Pkwy
150th St
134th St
82nd Ave 138th St
Hoover Ave Main Street Main 82nd Dr 84th Ave
Although all information furnished regarding property sale, rental or financing is from sources deemed reliable such information has not 18 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. www.gfirealty.com 140 Broadway New York, NY 10005