ASKING PRICE $25,000,000
Michael Gembecki Ian Brooks (212) 660-7743 (212) 589-5107 [email protected] [email protected]
Alessandra Faglione (212) 660-7722 [email protected]
TABLE OF CONTENTS
EXECUTIVE SUMMARY 1
FINANCIAL OVERVIEW 3
THE NEIGHBORHOOD 9
PROPERTY PHOTOS 25
DUE DILIGENCE 29 EXECUTIVE SUMMARY
The Opportunity:
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of the retail condo at 230 Varick Street (AKA 63 Downing Street & 80 Carmine Street). This newly finished Class A, multi-tenant retail condo is ideally located on a heavily trafficked corner in Manhattan’s vibrant West Village neighborhood. Being just blocks north of the emerging Hudson Square submarket and nestled between major office projects to the west, this asset presents unparalleled growth potential. The condo totals approximately 12,600 square feet of above grade prime retail space and includes impressive ceiling heights throughout. The space features 118’ of wrap around frontage on both Carmine and Varick Streets including an additional 17’ of frontage on Downing Street for a total of 135’ of corner exposure. The condo has recently undergone major renovations which include new floor to ceiling glass facades and enlarged footprints. This work required current ownership 2+ years to get approval from the DOB and MTA.
Divided into 7 separate store fronts, this retail condo features notable fitness and restaurant tenants such as iLoveKickBoxing, Llama Inn, Taboonette, Taco Bell Cantina, and a steady stream of interest for the remaining spaces. Along with stable cash flow, future ownership can realize additional upside in the rent roll by reconfiguring the Downing Street façade and lower level for maximum exposure.
The modern retail condo offers an investor a unique opportunity to acquire an income producing asset in one of the most highly desired neighborhoods in New York City. The exceptional daily foot traffic is driven by its proximity to major city transportation hubs such as the West 4th station via the ACEBDFM transits and Houston Street ! lines which attribute to on average 56,000 weekday riders. Large commercial properties 5,000 businesses, and 43,779 people living in a half mile radius.
1 EXECUTIVE SUMMARY EXECUTIVE SUMMARY 2 3 FINANCIAL OVERVIEW FINANCIAL OVERVIEW
FINANCIAL OVERVIEW 4 ASKING PRICE PPSF: $1,980 $25,000,000 CAP: 4.78%
Property Highlights: • Total 12,600 SF with 8,800 Square Feet Leased and 3,800 square feet vacant
• Corner retail featuring over 135’ of wrap around frontage spanning over 3 blocks
• Stable cash flow, with potential realize additional upside in the rent roll by reconfiguring the Downing Street façade
• The vacant spaces will be delivered in a “white box” condition
• Consumers in this submarket spend on average $5,000-$6,000+ on food away from home per year
• 11 million square feet total of office space that features major tenants such as Disney and Google
• 2018 West Village/Hudson Square population 43,779 in a half mile radius
• Annual subway ridership 14,560,000 via West 4th Station and West Houston ACEBDFM!
5 FINANCIAL OVERVIEW PROPERTY FEATURES
Property Information:
Address: 230 Varick Street, New York, NY 10014
Alternate Addresses: 63 Downing Street | 80 Carmine Street | 57-63 Downing Street
Located on the blockthrough from the southeast corner of Varick Location: and Carmine Streets to Downing Sreet.
Block & Lot: 528 - 7501
Lot Dimensions: 86.39' x 150' (irregular)
Lot Square Footage: 11,257 SF (approx.)
Total Square Footage: 12,624 SF (approx.)
Total Retail Spaces: 7
Assessment (19/20): $1,464,597
Taxes (19/20): $153,988
FINANCIAL OVERVIEW 6 230 VARICK STREET
Commercial Income:
LEASE LEASE UNIT TENANT SF $/SF MONTHLY RENT START END
Lower Level ILKB Jul-16 Jun-26 3,350 $74 $20,688
A LLama Inn Feb-18 Jan-30 1,500 $124 $15,450
B Taboonette Jun-18 May-33 1,500 $144 $18,025
C Vacant - - 800 $150 $10,000
D Vacant - Corner - - 750 $264 $16,500
E Taco Bell Jan-19 Dec-28 1,712 $117 $16,667
F + Level Vacant - Downing St. - - 3,012 $90 $22,500
GROSS MONTHLY COMMERCIAL RENT: $119,830
GROSS ANNUAL COMMERCIAL RENT: $1,437,955
AVERAGE RENT PER NET SQUARE FOOT: $113.91
Tax Reimbursements:
UNIT TENANT TAX REIMB. BASE YEAR 2018 TOTAL TOTAL REIMB.
Lower Level ILKB 24.67% 16/17 $5,205 $5,205
A LLama Inn 14.00% 17/18 $7,023 $7,023
B Taboonette 19.00% 18/19 $2,707 $2,707
C Vacant - - - -
D Vacant - Corner - - - -
E Taco Bell 16.00% 19/20 - -
F + Level Vacant - Downing St. - - - -
TOTAL: 68.67% $14,934 $14,934
7 FINANCIAL OVERVIEW INCOME & EXPENSES
Projected Commercial Revenue:
Gross Annual Commercial Revenue $1,437,955
Vacancy Allowance @ 3% of Gross Annual Income: ($43,139)
Effective Gross Annual Commercial Revenue: $1,394,816
Expenses (Estimated): C&W Projected
Taxes 2019 / 2020 Projected $153,988
Tax Reimbursements 2019 / 2020 Projected ($14,934)
CAM @ $0.45 / GSF $22,631
Additional Insurance @ $0.40 / GSF $20,117
Fuel Tenant Pays -
Common Electric Tenant Pays -
Management @ $500 / Month $6,000
Total Expenses: @ $1,000 / Month $12,000
Total Expenses: $199,801
EFFECTIVE GROSS ANNUAL COMM. REVENUE: $1,394,816
LESS EXPENSES: 29% ($199,801)
NET OPERATING INCOME: $1,195,014
FINANCIAL OVERVIEW 8 9 THE NEIGHBORHOOD THE NEIGHBORHOOD
THE NEIGHBORHOOD 10 GREENWICH VILLAGE
INTRODUCTION
Greenwich Village, often simply called “The Village” by locals, is one of Manhattan’s exclusive neighborhoods. The Village has both a storied past, dynamic present and an exciting future. It has drawn attention over the years from the proverbial starving artists and street buskers to the most successful academics and fashionistas. While many people have their own definitions of the boundaries of The Village, it is traditionally considered to be bounded by Houston Street to the south, 14th Street to the north, Broadway to the east, and the Hudson River to the west. Other than sub neighborhoods including the West Village and the Meatpacking district, the adjacent neighborhoods include Chelsea on the north side, the East Village and NoHo on the east side, and SoHo on the south side.
HISTORY
Like many areas in the Northeast, the history of Greenwich Village stretches back well before the arrival of the Dutch to local Native American tribes. That being said, the more recent history of The Village begins in 1712, when it was officially incorporated as a village located along the Hudson River. The area boomed in the early 19th Century in response to disease spread in Lower Manhattan.
Today, The Village’s older homes still stand, and in order to preserve their unique and important architectural qualities, many of its tree lined streets are protected under Historic Districts. Earlier homes in The Village frequently display the Federal Style, while newer homes are more commonly Greek Revival style. A notable example can be seen in the homes on the north side of Washington Square Park. Nearby, “secret” alleys such as Macdougal Alley, Patchin Place, and Grove Court dot The Village adding to its charm. On Fifth Avenue and Broadway, meanwhile, a number of tall buildings, some of the first in New York City featuring elevators, provide contrast to their low-rise neighbors farther west.
11 THE NEIGHBORHOOD THE NEIGHBORHOOD 12 230 VARICK STREET
Hudson Square:
Another Manhattan neighborhood which encompasses 230 Varick Street is known as Hudson Square. The area lies on the west side of Manhattan bound by W Houston Street to the north, Avenue of the Americas on the east, Canal Street to the south and extends as far west as the West Side Highway and the Hudson River.
The area now known as Hudson Square has a rich and at times tumultuous past. Since the early days of the Colony of New York, it has transitioned from farm land to a high-density urban area, and then from residential to manufacturing and industrial uses. The area has experienced extreme wealth and poverty, economic growth and downfall, but it has always held an important place in the city’s infrastructure, supporting trade and commerce. Today, Hudson Square is home to mostly commercial activities in large industrial loft buildings.
Trinity Church plays a central role in Hudson Square’s history. In 1697, the King of England leased farm land to Trinity to help the Church cover its costs. In present-day terms, the Church Farm was bounded roughly by Broadway on the east, the Hudson River on the west, Fulton Street on the south and Christopher Street on the north. Queen Anne made the grant permanent in 1705. Over the years, the Church gave away, sold or leased large amounts of its land. Once the population of New York grew and the land could be divided into lots, it became more valuable. Today, Trinity along with its new partner Norges, remains one of the largest landowners in Lower Manhattan, including its stake in Hudson Square.
The streets in Hudson Square were originally laid out by Trinity, and almost all of them were named after Trinity vestrymen or clergy.
In the mid-1820s, land fill extended the shoreline by one block west. By the 1950s, the nearby port required more space and moved out of the city. Infrastructure works had a huge impact on the real estate development in Hudson Square from the late 19th well into the 20th century. During this time period, the Seventh Avenue Inter-borough Rapid Transit (IRT) subway and the Holland Tunnel were built and Sixth Avenue was extended southward from West 14th Street. Most of the residential buildings were demolished and replaced with commercial buildings. In more recent history, the area was known as the Printing District. Printers began moving to Hudson Square in the early 20th century. Most of them were located in the blocks bordered by Hudson, Varick, Spring and Vandam Streets. The exodus of printers began in the late 1960s due to rising rents, availability of larger space elsewhere leading to the decline of the local printing industry. The last decade has been characterized by a rapid rise in office workers as buildings are subdivided and converted into offices. Recently, the Hudson Square waterfront has been transformed into a public park.
13 THE NEIGHBORHOOD THE NEIGHBORHOOD 14 230 VARICK STREET
SUBMARKET SNAPSHOT WEST VILLAGE / HUDSON SQUARE Stats below are demonstrated from a half mile radius of the property.
56,000 14,560,000 Average Weekly Ridership Annual Ridership West 4th & Houston Street Stations A,B,C,D,E,F,M&!Trains
5,000 1,550 Businesses Retailers
76 73 Food & Beverage Stores Health & Personal Care Stores
60,000 7,600,000 Employees Highline Annual Visitors
15 THE NEIGHBORHOOD THE NEIGHBORHOOD 16 230 VARICK STREET
Retail Condo Comps (2017-2019):
DATE NEIGHBORHOOD ADDRESS PRICE SF $/SF
1 03/20/19 West Village 35 Barrow Street $4,500,000 2,822 $1,595
2 06/28/18 West Village 775 Washington St $89,000,000 21,170 $4,204
Brookfield Bleecker 04/19/18 West Village $31,500,000 24,000 $1,313 3 Retail Condos Portfolio
307-309 Aug 17 West Village $17,000,000 13,888 $1,224 4 Avenue of the Americas
5 Jan 17 West Village 250-258 Bleecker Street $20,650,000 6,700 $3,082
29 John Street *Jan 17 Financial District $19,550,000 6,545 $2,987 (Cap Rate: 4.25%)
*Not located in the West Village
17 THE NEIGHBORHOOD COMPARABLE SALES MAP
2
3
1
4 5
SUFFOLK ST
T
THE NEIGHBORHOOD 18 PARK AVENUE SOUTH
Chelsea Piers Sports Entertainment Complex SIXTH/AVENUE OF THE AMERICAS Union Square West Union Square East
230H IG H L IN E VARICK STREET - POINTS OF INTEREST MAP W 17TH STREET W 17TH STREET E 17TH STREET
SEVENTH AVENUE Union EIGHTH AVENUE Square W 16TH STREET W 16TH STREET E 16TH STREET TENTH AVENUE NINTH AVENUE
W 15TH STREET W 15TH STREET E 15TH STREET Pier 57 N Q R W 4 5 6 L 1 2 3 F M L W 14TH STREET E 14TH STREET W 14TH STREET A C E L TD Bank Soho House New York High Line W 13TH ST. Gansevoort Mobil W 13TH STREET E 13TH STREET Jackson Corporal John Square Sugar Factory A. Seravalli NYC AIDS Pier 54 American Brasserie Memorial Park LITTLE W 12TH STREET W 12TH STREET E 12TH STREET Sweetgreen FIFTH AVENUE FOURTH AVENUE
Bubby's AVENUE EIGHTH Equinox Wells Fargo First Presbyterian Church HUDSON STREET Whitney Museum W 11TH STREET E 11TH STREET BROADWAY of American Art GREENWICH AVENUE SIXTH AVENUE
Tory Burch PLACE UNIVERSITY
Chase W 10TH STREET GANSEVOORT STREET GREENWICH STREET E 10TH STREET WASHINGTON STREET
Abington PATCHIN HORATIO STREET JANE STREET Square PLACE 13TH AVENUE McCarthy SEVENTH AVENUE SOUTH WEST STREET Jane W 9TH STREET E 9TH STREET Square Hotel WAVERLY PL. Jeerson Market Library W 12TH STREET
Fedex W 8TH STREET E 8TH STREET West N Q R W GAY ST.
BETHUNE STREET Village W 4TH STREET
MERCER ST. MERCER GREENE ST. GREENE WASHINGTON MEWS The School of Drama / NYU NYU ASTOR PLACE The New School MAC NYU BANK STREET BLEECKER Christopher WAVERLY PLACE Park Rite Aid Bank of America 1 2 Sheridan W. WASHINGTON PL. NYU NYU NYU W 11TH STREET NYPD STREET Square Washington Square Park WASHINGTON PLACE A Starbucks C E Hebrew NYU NYU PERRY STREET Union Jo Malone Subway B D F M Greenwich Village College London NYU W 4TH STREET Vanderbilt NYU Law Kimmel NYU Law School NYU Quik BEDFORD STREET Foundation Center Bobst CHARLES STREET Library Tisch Hall-
Park JONES STREET W 3RD STREET Weaver Hall NYU MACDOUGAL STREET MACDOUGAL
GROVE STREET STREET SULLIVAN
THOMPSON STREET THOMPSON LAGUARDIA PLACE LAGUARDIA
CHARLES LANE PATH CORNELIA STREET NoHo
IFC center NYU ALLEY SHINBONE W. 10TH STREET MINETTA LANE Law
Eli Klein School BROADWAY Gallery
ST.
WEEHAWKEN ST. Hudson River Park New Ohio MINETTA Theatre COMMERCE STREET
CHRISTOPHER STREET BLEECKER STREET CARMINE ST. BARROW STREET MORTON ST. NYU University DOWNING ST. Plaza- Venmo HQ Silver Towers Marsha P. Johnson Memorial Fountain ST. LUKE’S PL. McDonald's New York Soul Cycle Sports Club B,D,F,M Fedex Shake Shack SIXTH/AVENUE OF THE AMERICAS WEST HOUSTON STREET
NYC HSBC Bank 11 2 LEROY STREET District Council Dunkin Donuts
CLARKSON ST. Hudson STREET SULLIVAN
THOMPSON STREET THOMPSON WEST BROADWAY WEST WOOSTER STREET WOOSTER PRINCE STREET
Square STREET GREENE
WEST HOUSTON STREET STREET MERCER N,R CROSBY STREET CROSBY KING STREET BROADWAY
Leroy Street Dog Park VARICK STREET
CHARLTON STREET Pier 45 C E GREENWICH STREET SPRING STREET VANDAM STREET
HUDSON STREET
WEST STREET SPRING STREET
RENWICK STREET
Tunnel Entrance DOMINICK STREET BROOME ST. BROOME STREET
CANAL STREET Holland Tunnel Plaza GRAND ST. GRAND STREET Duarte Square
GREENWICH STREET HOLLAND TUNNEL1 2EXIT1,2 WATTS STREET A,C,E Museum of Holography DESBROSSES STREET HOWARD STREET James J Walker Park ST. JOHNS LANE SIXTH/AVENUE OF THE AMERICAS
VARICK STREET CANAL STREET CHURCH STREET CHURCH VESTRY STREET YORK ST. J,N,Q,R,Z,4 19 THE NEIGHBORHOOD WASHINGTON STREET HUDSON STREET LISPENARD STREET
COLLISTER STREET
LAIGHT STREET ALLEY CORTLANDT
BEACH STREET NEIGHBORHOOD CHARACTER
DINING & SHOPPING:
At night, Greenwich Village comes alive with sounds from restaurants and bars, late-night coffeehouses, cafés, theaters, and music clubs. Everything can be found from a great burger and fries from the Corner Bistro to an intimate candlelit dinner at One if by Land, Two if By Sea. Established restaurants in the neighborhood include Blue Ribbon, The Spotted Pig, Il Mulino, and Babbo. Noteworthy restaurateurs continues to increase the area’s offerings with new eateries. The Village is also home to fabled coffeehouses including Caffe Reggio and Café Figaro, and established snack joints like John’s Pizzeria on Bleecker Street and Mamoun’s Falafel on MacDougal Street.
The area is also known for its luxury shopping. Independent book and record stores, antiques and craft shops, and gourmet food markets are found throughout the neighborhood, while simultaneously, national retailers such as Urban Outfitters, Pottery Barn and Marc Jacobs have also made inroads. In the last few years, Bleecker Street continues to be a major destination for high end brands like Burberry, Ralph Lauren, and Sandro along such standbys as Magnolia Bakery. Recent rents on Bleecker Street have exceeded an extraordinary $500 per square foot. Narrow Christopher Street is another lively strip that is filled with genuine Village character.
CULTURAL AMENITIES:
A bustling cultural scene also continues to call Greenwich Village home. Many Off-Broadway and Off-Off-Broadway theaters, such as the Cherry Lane, Lucille Lortel, and Players’ Theatres are located here. The Village Vanguard and The Blue Note, meanwhile, host some of the biggest names in jazz on a regular basis, while in the last few years The Poisson Rouge has found itself hosting prominent performers from across the music spectrum. Other music clubs include Cafe Wha?, The Bitter End, and Lion’s Den. The Village also has its own orchestra aptly named the Greenwich Village Orchestra, as well as the internationally recognized Orchestra of St Luke’s. Comedy clubs also dot The Village, including The Boston and Comedy Cellar, where many American stand-up comedians got their start. In addition to performance art, the Village is home to visual art. Museums and galleries include The Whitney Art Museum, Maccarone, The Westbeth Gallery, White Columns and more.
SCHOOLS:
Greenwich Village includes the primary campus for New York University (NYU), The New School, and Yeshiva University’s Benjamin N. Cardozo School of Law. Cooper Union is also located nearby. There are a variety of public and private school options for elementary to high school students. Public school options include PS 3 and PS 41 for elementary schools. Public high schools include The Legacy School at 33 West 13th Street and Independence High School at 16 Clarkson Street. Private schools, in the neighborhood include City & Country School, Little Red School House, Our Lady of Pompeii, and St. Luke’s School. The Little Red School House also offers Elisabeth Irwin, a private Upper School.
THE NEIGHBORHOOD 20 230 VARICK STREET
W 19TH ST W 19TH ST E 19TH ST 2018 Household Median Income By Block Group: E 18TH ST W 17TH ST 4TH AVE 5TH AVE
E 16TH ST
W 15TH ST E 15TH ST
UNIONSQ
9TH AVE 14TH ST 14TH ST 14TH ST
3RD AVE
AVE OF THE AVE AMERICAS
W 13TH ST W 13TH ST E 13TH ST HUDSON ST W 4TH ST
W 12TH ST
5TH AVE
4TH AVE GREENWICH AVE
BLOOMFIELD ST UNIVERSITY PL GANSEVOORT ST 10T BANK ST W H ST E 10TH ST
W 4TH ST JANE ST 8TH AVE E 9TH ST
7TH AVE 8TH ST 8TH ST
BETHUNE ST ASTOR PL
PERRY ST
AVE OF AVE
COOPERSQ
THEAMERICAS W 11TH ST 4TH ST
WASHINGTON SQ BLEECKER ST E 4TH ST
CHARLES ST
7TH AVE BOND ST T S G IN BARROW ST MERCER ST CHRISTOPHER ST N W O D MACDOUGAL ST
LAGUARDIA PL
LEROY ST HOUSTON ST
MOTT ST
VARICK ST KING ST HOUSTON ST PRINCE ST
HUDSON ST
WASHINGTON ST MULBERRY ST
SULLIVAN ST CROSBY ST
BROADWAY SPRING ST
GREENE ST BROOME ST
WATTS ST GREENWICH ST
A
V GRAND ST LAFAYETTE ST
E
CANAL ST O
F
T H E A M CANAL ST Legend E R IC A BAXTERST 2018 Household Median Income S CENTRE ST LAIGHT ST by Block Group WALKER ST
HUDSON ST
T < $49,999.99 S
E
T
T $50,000.00 - $99,999.99 FRANKLIN ST E Y
A
F
A N MOORE ST WEST BROADWAY $100,000.00 - $124,999.99 L
CENTREST
WORTH ST $125,000.00 - $174,999.99 WORTH ST HARRISON ST $175,000.00+
CHURCH ST PEARL ST DUANE ST 0 0.05 0.1 0.2 I Miles
DATA IS FROM SOURCES DEEMED RELIABLE BUT MAY BE SUBJECT TO ERRORS, OMISSIONS, OR MODIFICATIONS. THE INFORMATION HEREIN IS PROVIDED WITHOUT REPRESENTATION OR WARRANTY. Data is from sources deemed reliable but may be subject to errors, omissions, or modifications. The information herein is provided without representation or warranty
21 THE NEIGHBORHOOD NEIGHBORHOOD STATISTICS
W 19TH ST E 19TH ST Average Consumer Expenditure on Food E 18TH ST W 17TH ST 4TH AVE 5TH AVE
8THAVE Away From Home by Block Group: E 16TH ST
W 15TH ST E 15TH ST
UNIONSQ
9TH AVE 14TH ST 14TH ST 14TH ST
3RD AVE
W 13TH ST W 13TH ST OF THE AVE AMERICAS E 13TH ST HUDSON ST W 4TH ST
W 12TH ST
5TH AVE
4TH AVE GREENWICH AVE
BLOOMFIELD ST UNIVERSITY PL GANSEVOORT ST 10T BANK ST W H ST E 10TH ST
W 4TH ST JANE ST 8TH AVE E 9TH ST
7TH AVE 8TH ST
BETHUNE ST ASTOR PL
PERRY ST OF AVE
THEAMERICAS
COOPERSQ W 11TH ST 4TH ST
WASHINGTON SQ BLEECKER ST E 4TH ST
CHARLES ST
7TH AVE BOND ST T S G IN BARROW ST MERCER ST CHRISTOPHER ST N W
O LAGUARDIA PL D MACDOUGAL ST
LEROY ST HOUSTON ST
MOTT ST
VARICK ST KING ST HOUSTON ST PRINCE ST
HUDSON ST
WASHINGTON ST MULBERRY ST
SULLIVAN ST CROSBY ST
BROADWAY SPRING ST
GREENE ST BROOME ST
WATTS ST GREENWICH ST
A
V GRAND ST LAFAYETTE ST
E
CANAL ST O
F
T H E A M CANAL ST Legend E R LAIGHT ST IC A BAXTERST Average Consumer Expenditure on S CENTRE ST Food Away From Home by Block Group LAIGHT ST WALKER ST
HUDSON ST
T
< $2,999.99 S
E
T
T $3,000.00 - $3,999.99 FRANKLIN ST E Y
A
F
N MOORE ST A $4,000.00 - $4,999.99 L
WEST BROADWAY CENTREST
WORTH ST $5,000.00 - $5,999.99 WORTH ST HARRISON ST $6,000.00+
CHURCH ST PEARL ST DUANE ST 0 0.05 0.1 0.2 I Miles
DATA IS FROM SOURCES DEEMED RELIABLE BUT MAY BE SUBJECT TO ERRORS, OMISSIONS, OR MODIFICATIONS. THE INFORMATION HEREIN IS PROVIDED WITHOUT REPRESENTATION OR WARRANTY. Data is from sources deemed reliable but may be subject to errors, omissions, or modifications. The information herein is provided without representation or warranty
THE NEIGHBORHOOD 22 WEST 11TH ST
230 VARICK STREET
TRANSPORTATION:
14,560,000 ANNUAL SUBWAY RIDERS WEST 4TH ST
40,666 WEEKLY SUBWAY RIDERS WEST 4TH STREET - A,B,C,D,E,F&MTRAINS 1 BLEEKER ST 15,698 2
BROADWAY WEEKLY SUBWAY RIDERS HOUSTON STREET - !TRAIN A B D M F W HOUSTON ST 8 C SUBWAY LINES E PRINCE ST A,B,C,D,E,F,M&!TRAINS N Q SPRING ST
While the neighborhood has a tremendous amount of amenities and cultural ST VARICK offerings for its residents and visitors, part of the allure of coming to The Village R
is that it provides remarkable accessibility to the entire city. The neighborhood is AVENUE 6TH 4 ACE!@#BDFM L W primarily served by the & subway lines, which provide 5 direct access to all corners of Manhattan and the boroughs. 68 Downing Street is three blocks south of the West 4th Street - Washington Square stop serving the ACE!@#BDF &M trains and one block north of the Houston Street!train ST HUDSON stop. The cross-town buses provide anotherlarge convenience, allowing residents to get to and from the East Side through to the Hudson River by means of the M21 bus operating CANAL ST along Houston Street. By car, there is easy access to theWest Side Highway.
23 THE NEIGHBORHOOD WEST 11TH ST
WEST 4TH ST
1 BLEEKER ST 2
BROADWAY
A B D M F W HOUSTON ST C
E PRINCE ST
N Q
SPRING ST VARICK ST VARICK R
6TH AVENUE 6TH 4 W
5 HUDSON ST HUDSON
CANAL ST
THE NEIGHBORHOOD 24 25 PROPERTY PHOTOS PROPERTY PHOTOS
PROPERTY PHOTOS 26 230 VARICK STREET
CARMINE STREET
VARICK STREET
27 PROPERTY PHOTOS PROPERTY PHOTOS
CORNER OF CARMINE & VARICK STREET
DOWNING STREET
PROPERTY PHOTOS 28 29 DUE DILIGENCE DUE DILIGENCE
DUE DILIGENCE 30 230 VARICK STREET
Tenant Map:
CARMINE STREET
1 4 3 2 5
6
VARICK STREET
7
DOWNING STREET
1 2 3 4
VACANT
iLoveKickboxing.com LLama Inn Taboonette Vacant Frontage: 9’-1” Frontage: 10’-8” Frontage: 22’-6” Frontage: 33’-7” Square Footage: 3,350 Square Footage: 1,500 Square Footage: 1,500 Square Footage: 750
5 6 7
VACANT VACANT
Vacant Taco Bell Cantina Vacant Frontage: 18’-5” Frontage: 23’-3” Frontage: 17’-4” Square Footage: 800 Square Footage: 1,712 Square Footage: 3,012
31 DUE DILIGENCE DUE DILIGENCE
Tax Map: CARMINE STREET BEDFORD STREET
VARICK STREET
DOWNING STREET
Zoning Map:
DUE DILIGENCE 32 Building cannot penetrate sky exposure plane, which begins 85’ above the street line
In a mixed building, residential uses must always be above commercial uses
85’
C1–7 (Residential district equivalent: R8)
NARROW STREET
WIDE STREET
Portion of building higher than 120’ must be set back at least 10’ when facing a wide street or 15’ when facing a narrow street 230 VARICK STREET170’ maximum building height within 100’ of a wide street
Zoning Information (C2-6):
New York City’s zoning regulates permitted uses of the property; the size of the building allowed in relation to the size of the lot (“floor to area ratio”); required open space on the lot, the number of dwelling units permitted; the distance between the building and the street; the distance between the building and the lot line; and the amount of parking required. The commercial district has eight different classifications. The manufacturing district has three different classifications.Base height within The 100’ of wide street: residential district has ten different classifications. Minimum: 105’ Maximum: 120’
63 Downing Street is zoned C2-6 MAX COMMERCIAL FAR: 2.0 Landmark Status: N/A NARROW STREET WIDE STREET C2–7X (Residential district equivalent: R9X)
C1 & C2 Commercial Districts C1–6 C1–6A C2–6 C2–6A C1–7 C2–7 C1–7A C2–7A C2–7X C1–8 C2–8 C1–8A C2–8A C1–8X C1–9 C1–9A
Commercial FAR2.0 2.02.0 2.02.0 2.02.0 2.02.0 2.02.0 2.02.0 2.0
Residential FAR 0.87–3.441 4.03 0.94–6.022 0.99–7.52 6.023 7. 523 9.0 0.99–7.52 10.03 7. 523 10.03 9.010.03 10.03
Residential District Equivalent R7 R7AR8R9R8A R9AR9X R9 R10R9A R10A R9XR10 R10A
1 4.0 FAR on wide streets outside the Manhattan Core under Quality Housing Program 2 7.2 FAR on wide streets outside the Manhattan Core under Quality Housing Program 3 Increase in FAR with Inclusionary Housing Program bonus
33 DUE DILIGENCE DUE DILIGENCE
Notice Of Property Value:
46875931901150100140501305P NOTICE OF PROPERTY VALUE Tax Year 2019-20 (This is not a bill.)
#468759319011501# January 15, 2019 QUALITY CAPITAL USA RETAIL LLC Owner(s) QUALITY CAPITAL MGMT QUALITY CAPITAL USA RETAIL LLC 961 BROADWAY SUITE 102 WOODMERE NY 11598 Property Address 63 DOWNING STREET COM1
Borough: 1 Block: 528 Lot: 1001
Tax Class: 4 Building Class: RK Units: 1 non-residential
YOUR NOTICE OF PROPERTY VALUE (NOPV) AT A GLANCE
2019-20 Market Value: $4,493,000
2019-20 Assessed Value: $2,021,850
Your property tax exemptions: None
See below for an estimate of your 2019-20 property tax.
WHAT IS THIS NOTICE? KEY DATES
This is your annual notice of property value, or NOPV. It is not a bill, and no payment is March 1, 2019 required. This notice will: Last day to challenge your assessed value. • Inform you of our assessment of your property for tax year 2019-20, and tell you how to (See page 2.) challenge it if you believe there is a mistake. • Explain how property taxes are calculated. April 1, 2019 • Provide an estimate of your property tax for tax year 2019-20. Last day to challenge your market value. (See page 2.) Please keep a copy of this notice with your records. You may also view your NOPV and property tax bills online at www.nyc.gov/nopv. July 1, 2019 2019-20 tax year begins. ESTIMATED 2019-20 PROPERTY TAX November 2019 We cannot calculate your 2019-20 property tax until the new tax rate is established by the city 2019-20 tax rate is determined. council. Until then, you will pay the 2018-19 rate. The table below estimates the amount you will owe by multiplying the taxable value of your property by the current tax rate of 10.514%. This January 2020 table is provided for informational purposes only; the actual amount you owe may differ. First bill with the new tax rate. Please note that property tax abatements, including the coop-condo abatement, are not included in this estimate. If you receive any abatements, they will be subtracted from your property taxes. Check your July tax bill for the value of any abatements you receive.
Year Taxable ValueTax Rate EstimatedPropertyTax 2019-20 $1,464,597 x 0.10514 = $153,987.73 To learnmore, visit www.nyc.gov/nopv
1405.01 L 040 30013 Page 1
DUE DILIGENCE 34 230 VARICK STREET
Certificate Of Occupancy:
35 DUE DILIGENCE DUE DILIGENCE
DOB Overview / Violations:
DUE DILIGENCE 36 ASKING PRICE $25,000,000
FOR MORE INFORMATION CONTACT:
MICHAEL GEMBECKI IAN BROOKS (212) 660-7743 (212) 589-5107 [email protected] [email protected]
ALESSANDRA FAGLIONE (212) 660-7722 [email protected]
Cushman & Wakefield Copyright 2019. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.