57 SOHO MIXED-USE LOFT BUILDING

CONFIDENTIAL OFFERING MEMORANDUM Offering Memorandum Disclaimer Table of Contents Executive Summary...... 4 This Confidential Offering Memorandum (“Memorandum”) is being delivered subject to the Pictures...... 6 terms of the Confidentiality Agreement (the “Confidentiality Agreement”) signed by you and constitutes part of the Confidential Information (as defined in the Confidentiality Agreement). Rent Roll & Expenses...... 10 It is being given to you for the sole purpose of evaluating the possible investment in 57 Grand Market Overview...... 12 Street (the “Property”), and is not to be used for any other purpose or made available to any other party without the prior written consent of Alexander Development Group (“Managing Sales Comparables...... 18 Member”), or its exclusive broker, Cushman & Wakefield. This Memorandum was prepared Due Diligence...... 20 by Cushman & Wakefield based primarily on information supplied by Managing Member. It contains select information about the Project and the real estate market but does not contain Financing...... 30 all the information necessary to evaluate the Project. The financial projections contained herein (or in any other Confidential Information) are for general reference only. They are based on assumptions relating to the overall economy and local competition, among other factors. Accordingly, actual results may vary materially from such projections. Various documents have been summarized herein to facilitate your review; these summaries are not intended to be a comprehensive statement of the terms or a legal analysis of such documents. While the information contained in this Memorandum and any other Confidential Information is believed to be reliable, neither Cushman & Wakefield nor Managing Member guarantees its accuracy or completeness. Because of the foregoing and since the investment in the Project is being offered on an “As Is, Where Is” basis, a prospective investor or other party authorized by the prospective investor to use such material solely to facilitate the prospective purchaser’s investigation, must make its independent investigations, projections and For more information, please contact conclusions regarding the investment in the Project without reliance on this Memorandum or one of the following individuals: any other Confidential Information. Although additional Confidential Information, which may include engineering, environmental or other reports, may be provided to qualified parties as Robert Burton the marketing period proceeds, prospective purchasers should seek advice from their own Senior Managing Director attorneys, accountants, engineers and environmental experts. Neither Cushman & Wakefield +1 212 660 7770 nor Managing Member guarantees the accuracy or completeness of the information contained [email protected] in this Memorandum or any other Confidential Information provided by Cushman & Wakefield and Managing Member. Managing Member expressly reserves the right, at its sole discretion, to reject any offer to invest in the Project or to terminate any negotiations with any party at Keegan Mehlhorn any time with or without written notice. Managing Member shall have no legal commitment Associate Director or obligations to any prospective investor unless and until a written sale agreement has +1 212 660 7718 [email protected] been fully executed, delivered and approved by Managing Member and any conditions to Managing Member’s obligations thereunder have been satisfied or waived. Managing Member has retained Cushman & Wakefield as its exclusive broker and will be responsible for any Bobby Carrozzo commission due to Cushman & Wakefield in connection with a transaction relating to the Senior Associate Project pursuant to a separate agreement. Cushman & Wakefield is not authorized to make +1 212 589 5118 any representation or agreement on behalf of Managing Member. Each prospective investor [email protected] will be responsible for any claims for commissions by any other broker in connection with an investment in the Project if such claims arise from acts of such prospective investor or its broker. This Memorandum is the property of Managing Member and all parties approved by Managing Member and may be used only by parties approved by Managing Member. No portion of this Memorandum may be copied or otherwise reproduced or disclosed to anyone except as permitted under the Confidentiality Agreement. Executive Summary

228 / 24 BLOCK LOT

22’ x 67’ LOT DIMENSIONS (APPROX.)

1,474 LOT SQUARE FOOTAGE (APPROX.)

4,554 EXISTING BUILDING SQUARE FOOTAGE (APPROX.)

7,370 TOTAL BUILDABLE SQUARE FOOTAGE (APPROX.)

M1-5A ZONING

$289,607 $36,835 ASSESSMENT (2017/2018) TAXES (2017/2018)

57 Grand Street BETWEEN WEST AND WOOSTER STREET

Cushman & Wakefield has been exclusively retained to arrange for the sale of 57 Grand Street, a 4-story mixed-use loft property located on the south side of Grand Street between Asking Price: $8,750,000 and Wooster Street. The property benefits from being Tax Class 2A, thus it is protected from Tax Increases of over 8% annually.

The property is comprised of one ground floor restaurant and 3 floor-through loft spaces above. The Robert Burton Keegan Mehlhorn Bobby Carrozzo ground floor space is leased until 2025 to Toad Hall, a local SoHo watering hole that is famous for Senior Managing Director Associate Director Senior Associate +1 212 660 7770 +1 212 660 7718 +1 212 589 5118 its laid back atmosphere. The loft units above are all free market and occupied on annual leases, thus [email protected] [email protected] [email protected] not management intensive. Pictures

TOAD HALL BACK 4TH FLOOR BEDROOMS

TOAD HALL FRONT 4TH FLOOR

6 nyinvestmentsales.com 59 Grand Street | Cushman & Wakefield 7 Rent Roll & Expenses Rent Roll

4TH FLOOR KITCHEN Revenue

Unit Tenant Status Lease Exp GSF NSF Rent PSF Monthly Rent Annual Rent Basement 440 440 Included Included Included Commercial Toad Hall 1/31/2025 1,474 1,327 $183 $20,248 $242,976 2 FM 4/30/2018 1,320 1,188 $84 $8,350 $100,200 3 FM 6/30/2018 880 792 $101 $6,675 $80,100 4 FM 7/31/2018 880 792 $102 $6,745 $80,940 TOTAL 4,554 4,099 $123 $42,018 $504,216

Expenses

Expense Expense Amount Real Estate Taxes (17/18) Tax Class 2A* $36,835 Real Estate Taxes Reimbursement 30% Over the Base Year of 2013/2014 -$1,687 Water & Sewer Actual $21,637 Water & Sewer Reimbursement 60% of the Water & Sewer -$12,982 Insurance Actual $8,458 Fuel Tenants Pay $0 Electric (Common Areas) Actual $831 Repairs & Maintenance Actual $3,100 Management Projected $10,084 TOTALS $66,276

Net Operating Income

Gross Monthly Income $42,018 Gross Annual Income $504,216 Less Expenses -$66,276 NET OPERATING INCOME $437,940

8 nyinvestmentsales.com 59 Grand Street | Cushman & Wakefield 9 Market Overview

Retail Education

SoHo has become one of the leading sources University’s campus is centered around of creativity for the fashion and retail industries Washington Square Park, a few blocks north of as well as many other forms of merchandise. In SoHo. Many teachers and students are housed fashion, Jill Stuart, Kenneth Cole, Kate Spade, in the surrounding area and the NYU Bus can be Armani, Chanel, Louis Vuitton, the MOMA Design seen regularly making its way down Broadway, Store, Prada, Stephane Kelian, DKNY, Ferragamo, across Spring, or up Lafayette. The school has an Dolce & Gabbana, Burberry, Anna Sui, Agnes B. enormous influence on and SoHo and countless others can be spotted on a casual in particular. walk through SoHo. Arts & Culture Apple opened its first retail store in the old Post Office Building on Prince Street and dedicated Art galleries in SoHo include John McEnroe, Louis techies formed a line all night long awaiting its K. Meisel, Lumas, Peter Lik SoHo, Animazing first opening. Gallery, Aesthetic Realism Foundation’s , Dutesco Art, and Brentano’s. Museums Hotels or their stores include, The , the SoHo New Museum of Contemporary Art, and the Andre Balazs brought us the exclusive Mercer The neighborhood which encompasses 57 Grand When the Great Depression hit the United States and cheaper MOMA Design Store. Theatres include the SoHo Hotel at Mercer and Prince. The Sterns’ delivered Street is known as SoHo. Today the area is a vibrant international sources of labor moved jobs overseas in the following decades, Playhouse and the Wooster Group. the . SIXTY Hotels owns and retail and residential destination. these huge buildings gradually became vacant. This process operates SIXTY SoHo (formerly 60 Thompson). accelerated after World War II and by the 1960s, SoHo was The James is located at 27 Grand Street. There The name “SoHo” comes from the words “SO”uth of “HO”uston. practically a ghost town. Restaurants The area from Houston, south to between Broadway is a Courtyard Marriott on Varick Street and a and West Broadway is considered the heart of SoHo. Little Italy, As often happens in New York real estate, underdeveloped areas Four Points by Sheraton at 66 Charlton Street. Excellent fare is available throughout the area as which lies within SoHo, is world renowned and extends along are revitalized when a group of enterprising individuals band Additionally, the barriers of Soho are being some of the world’s finer chefs have establishments Mulberry Street from Canal to Houston Streets. together to create a renaissance. Such was SoHo’s destiny. pushed further west with the opening of Trump in SoHo. Older original restaurants include Fanelli Artists, primarily painters and sculptors, began seeking large SoHo, a hotel and condominium on Spring Street. Café at the corner of Prince and Mercer and Kenn’s In the 1800s, as New York developed along Broadway above spaces for their works of art. They found cheap rents from the All cater to exclusive clientele and enjoy extremely Bar at West Broadway. Newer Canal Street, SoHo became an area of merchant buildings. The owners of hundreds of vacant loft buildings, and owners often high occupancy rates year round. restaurants include , , Pravda, houses that sprang up around Greene and Mercer Streets housed looked the other way as tenants actually moved into their lofts as The Mercer Kitchen, Dos Caminos, the Dutch, and bordellos, which serviced all levels of New York society. It was a place to both live and work. Blue Ribbon Sushi. not unusual to see seamen, businessmen, politicians, policemen and all kinds of fancy carriages with rich gentlemen callers in the In the 1970s, the art dealer Leo Castelli was encouraged to open a evenings around SoHo. downtown gallery and become part owner of the building at 420 West Broadway and the boom began. Within a few short years In the 1850s and 1860s a new form of construction was developed SoHo had become an internationally recognized artistic center. which was quick and inexpensive. Preformed steel frames were joined with normal wood rafters. Cast Iron buildings proliferated Soon throngs of people were on the streets every weekend. and while the area remained primarily manufacturing and retail, Retailers saw the volume of foot traffic and were quick to take enormous loft buildings were built throughout SoHo. These advantage of the situation. By the end of the 1980s galleries and loft buildings replaced the federal townhouses that had once shops were everywhere. Today, artists, musicians, movie stars, dominated the area. models, attorneys, bankers and people from every conceivable profession, live and work in SoHo. It has truly become a The original New York City department stores thrived on cosmopolitan and international community. Broadway during this period of tremendous growth and gradually moved uptown as New York expanded north. New York became one of the largest producers of clothing during this period and sweatshops flourished. Points of Interest

1 1 Mercer Hotel

Mercer Hotel is set in the heart of SoHo at 147 Mercer Street, just steps away from some of the City’s most spectacular retail and fine-dining establishments. The hotel contains 75 guest rooms and is located in an elaborate, landmarked, Romanesque building. Within the hotel is chef Jean-Georges Vongerichten’s world-renowned Mercer Kitchen; a 200-seat restaurant satisfying customers appetites with it’s communal style 3 seating arrangements and open kitchen since 1998.

5 1 2 2 The Drawing Center

Established in 1977 on the principles of expressing “the quality and diversity of drawing—unique works on paper—as a major art form”, Martha Beck’s Drawing Center attracts hundreds of thousands of visitors each year. The non-profit museum and art gallery focuses on both historical and contemporary drawings. Located at 35 Wooster Street, The Drawing Center received a 4 $10 million renovation in 2012 and expanded its 6 exhibition space by over 50%. The Drawing Center regularly hosts film screenings, artists talks, performances and literary readings for adults and children alike. 2

12 nyinvestmentsales.com 59 Grand Street | Cushman & Wakefield 13 Points of Interest

3 5 3 New York University 5 Apple Store

The most expansive university in Manhattan, In 2001, Apple founder and visionary, Steve Jobs, New York University is a mainstay in Greenwich introduced the Apple Store to the world. The store Village and has expanded their presence into the was designed not only to sell Apple products, East Village. The private university has prominent but also as a point for customers to access the dormitories at 33 3rd Avenue, 55 East 10th Street, internet, take classes and even have their own 129 3rd Avenue, 1 East 2nd Street, and most products serviced at the Genius Bar. After success recently a 26-story dorm on East 12th Street. With in its inital roll-out, Apple turned its sights towards over 12,500 resident students and thousands of SoHo, building not only what they considered the others living in the area, NYU has provided stability first “high-profile” flagship store, but also the first and driven retail demand east of Lafayette Street in New York City. Apple fans lined up overnight over the last 20 years. eagerly awaiting the SoHo store’s opening. First year sales doubled the initial projections, proving Apple’s retail strategy a success.

4 4 63 Greene Street 6 6 The Wooster Group

AION Partners delivered the latest in SoHo Performing out of a garage at 33 Wooster Street, Cast-Iron, residential conversions. 63 Greene is The Wooster Group has become both a local equipped with six stories of luxury residencies and national staple. The Group is considered an featuring 12’ ceilings, over-sized windows, cast- experimental theater company, creating original iron and wood columns as well as high-end dramatic works in their performance garage. finishes from Lefroy Brooks and Bertazzoni. The The Wooster Group has launched the careers of building features a private rooftop terrace for several known actors, including Willem Dafoe. residents to relax and unwind after a long day. The When the garage is not filled with a packed 10 residential condominiums range in price from audience, The Wooster Group hosts its famous $2,375,000 to $12,950,000 for the penthouse. Summer Institute-an arts-in-education program, which teaches movement, as well as writing and voice training to teenagers in New York City’s public schools.

14 nyinvestmentsales.com 59 Grand Street | Cushman & Wakefield 15 Sale Comparables

4

Address Date Cap Rate Sale Price SF PPSF 1) 68-74 THOMPSON 12/28/2017 4.33% 62,000,000 36,000 $1,722 2) 137 THOMPSON 8/23/2017 4.36% 12,000,000 9,583 $1,252 2 3) 460 BROOME 1/6/2017 Vacant $17,340,000 11,000 $1,576 4) 51 MACDOUGAL 12/22/2016 Vacant $9,850,000 4,700 $2,096 Prince Street 5) 24 PRINCE 4/28/2016 UNK $13,750,000 8,958 $1,535 6) 81 SULLIVAN 10/14/2015 Vacant $11,000,000 6,297 $1,747 7) 61 SULLIVAN 10/13/2015 Vacant $8,050,000 5,474 $1,471 5

Sullivan Street Spring Street

6 1

Mercer Street 7 Crosby Street

Broome Street 3 Street Mott

Thompson Street Grand Street

Centre Street

16 nyinvestmentsales.com 59 Grand Street | Cushman & Wakefield 17 Demographics & Transportation

Demographics Transportation While 57 Grand is surrounded by innumerable amenities and cultural offerings for its residents and visitors, part 2000 2010 2016 2021 % Change % Change of the allure of coming to SoHo is that it provides remarkable accessibility to the entire city. The neighborhood is primarily Population Demographics Census Census Estimates Projection 2010-2016 2016-2021 served by the 6, A, C, E, B, D, F, M, N, R and W subway lines, which provide direct access to all corners of Manhattan and the boroughs. The property is located steps from the Canal Street CE and 1 train stops and can be served by the NQRW, 4/6 and J/Z trains that Total Population 7,952 8,035 8,379 8,471 4.3% 1.1% provide direct access to the rest of the city. By car, there is easy access to the Brooklyn Bridge, Manhattan Bridge, and Brooklyn- Population Density (Pop/Sq. Mi.) 45,997 46,457 48,448 48,979 4.3% 1.1% Battery tunnel. The area is equally accessible to John F. Kennedy and LaGuardia airports.

Total Households 4,592 4,634 4,843 4,907 4.5% 1.3%

2000 2010 2016 2021 % Change % Change Household Income Census Census Estimates Projection 2010-2016 2016-2021

$0-$15,000 607 13.2% 395 8.5% 392 8.1% 310 6.3% -0.8% -20.9%

$15,000-$24,999 362 7.9% 213 4.6% 222 4.6% 199 4.1% 4.2% -10.4% Spring Street

$25,000-$34,999 297 6.5% 288 6.2% 255 5.3% 212 4.3% -11.5% -16.9%

$35,000-$49,999 461 10.0% 233 5.0% 264 5.4% 237 4.8% 13.3% -10.2%

$50,000-$74,999 913 19.9% 424 9.1% 434 9.0% 354 7.2% 2.4% -18.4%

$75,000-$99,999 571 12.4% 682 14.7% 671 13.9% 564 11.5% -1.6% -15.9%

Thompson Street $100,000-$149,999 489 10.7% 865 18.7% 820 16.9% 980 20.0% -5.2% 19.5% Wooster Street

Mecrer Street $150,000+ 821 17.9% 1,536 33.1% 1,786 36.9% 2,051 41.8% 16.0% 14.8% Crosby Street 3 Minutes Average Income $112,692 $169,526 $176,204 $199,834 3.9% 13.4% Median Income $63,881 $102,707 $106,206 $118,964 3.4% 12.0% 1 Grand Street Income Per Capita $65,932 $98,935 $103,152 $117,285 4.3% 13.7% 3 Minutes

2016 Daytime Population Demographics

Total Daytime Population 33,402 Age 16 and Over at the Workplace 31,393 A C

Population age 16 and under (Children) 365 Age 16 and Over Unemployed 221 E Canal Street 5 Minutes Daytime Population Age 16 and Over 33,037 Age 16 and Over Working from Home 811

Students Pre-K to 8th Grade 35 N Q 7 Minutes Students 9th Grade to 12th Grade 113 R W Post-Secondary Students 232 4 6

Homemakers Aged 16 and Over 811 J Z

18 nyinvestmentsales.com 59 Grand Street | Cushman & Wakefield 19 RB R72 M15M R7B

C62A C16A C62A C64A R9A M11

C64A C1A

C16A C63A

C19A

RA RA R7B C1 R72 RB C17

RA M15

RB C62A

C62M C62A

C16A M32 C62A C63A C64M C63 C64 R6 C16

C62 C17A C17A C16A C26 R6 C61

C64 M12 C27 C17

R C61 C62A

C62 C16 R6 RB

C16 R72 R6 R72 RB

R10

R7A C26 C62

C45 C17 R7A

R6 R6 C63 RB

R7A

C16 C64 RB RB C45 RB R7A R7B

R72 R7A

2 R6

6

2 C26

C RB RB R72 C61

C6 C17

R6 RA RB

15R7 C62A M R6 C63 R M15 Due Diligence

C44A R7A

M15B

C44A C61

Zoning - M1-5A M15A 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. C62

The commercial district has eight different classifications. The manufacturing district has three different classifications. The residential district has ten different classifications. RA M24 57 Grand Street is zoned M1-5A which hasM16 a base FAR of 5.0. This equates to 7,370 SF of total air rights, resulting

in a remaining 1,940 SF of available air rights. The

property is located inside of the SoHo-Cast Iron Historic District.

C62A C63A C61 C62

M15B C44A

R

C62G

20 nyinvestmentsales.com M15B 59 Grand Street | Cushman & Wakefield 21 C62G

C62

C63A M15 C62G C61G M23 C62A

C4 C64 C64A C61 M14 C64

M14

C63A

C63 M16 C62A C64 C2 M31

C64 C53 M14RA R C62A C62A BPC 1 M12RA M15R9

M12R 6 M1 R71 C46 C55 C53 M21 R C69

R71 C69 R6 Par

Par Due Diligence

M1-5A As-of-Right Use Groups • 11 – Use Group 11 consists primarily of custom manufacturing activities • 3A – Use Group 3A consists of community facilities such as schools, libraries, museums, college dormitories, nursing homes and that benefit from a central location and residences for the special needs population. are appropriate in the central business • 4A, 4B, 4C – Community Facilities that can be appropriately located in residential areas and do not impact the overall character of district. They generally do not create any the area. Examples include: healthcare facilities for ambulatory patients; houses of worship; and open spaces such as golf courses, significant objectionable influences, and public parks and playgrounds. involve products characterized by a high ratio of value to bulk so traffic is kept to a • 5 – Use Group 5 consists of hotels used for transient occupancy. minimum. Examples include: manufacturing establishments and wholesalers. • 6B, 6D, 6E, 6F – Use Group 6 and its subsections consist primarily of personal and public service establishments. Establishments include: fire or police stations, court houses, offices and non-commercial clubs. • 12B, 12C, 12D, 12E – Use Group 12 is characterized by large uses that have a • 7A, 7B, 7C, 7D, 7E – Home maintenance or repair services that fulfill recurrent needs of residents in the area. The uses should have wide service area and generate significant a relatively small service area and be incompatible in primary retail districts, since they would break the continuity of retail frontage. pedestrian or automotive traffic. Examples Examples of these include: motels, bicycle rental or repair shops, wholesale establishments, and auto service establishments. include: toy stores, drug stores, police • 8B, 8C – Use Group 8 consists primarily of retail service establishments or automobile service establishments. Facilities vary, from stations, water or sewage pumping automobile driving schools to lumber stores, upholstering shops, pawn shops, public parking garages and prisons. stations, and public parking lots.

• 9A, 9B, 9C – Use Group 9 consists of businesses and other services used over a large area, but also appropriate in local service

districts. Examples of such include: business schools or colleges, studios or medical/dental laboratories designed for research or • 14 – Use Group 14 consists of special services and facilities required predominantly for outdoor activities. Uses include: bicycle testing. rental, sales or repair shops; boat launching facilities (non-commercial boats only); and docks for sightseeing, excursions and non- commercial pleasure boats. • 10B, 10C – Use Groups 10B and 10C consist primarily of uses permitting large wholesale establishments serving wide areas.

• 16 – Use Group 16 focuses on automotive and other semi-industrial uses widely required throughout the City. These uses create offensive noise, vibration, smoke, and odors; making them incompatible with residential areas. Examples include: crematoriums; household, office or machinery repair shops; motorcycle or scooter rental establishments; stables for horses; and trade schools for adults.

• 17 – Use Group 17 consists of light manufacturing uses that can conform to high performance standards, thereby limiting their impact on residential areas. In M1-5A, Use Group 17 allows for Joint Live-Work establishments for artists.

Cushman & Wakefield deems the information above to be accurate, however, buyers are advised to consult The City of New York Zoning Resolution for a complete list of permitted uses in M1-5A or contact a zoning attorney.

22 nyinvestmentsales.com 59 Grand Street | Cushman & Wakefield 23 SoHo-Cast Iron District SoHo-Cast Iron Historic District

Today

Although SoHo has changed and evolved drastically since the Historic District’s creation in 1973, the overarching character of the area remains intact as a direct result of this Historic District. In 2010, the Landmarks Preservation Committee enacted the SoHo- Cast Iron Historic District Extension, expanding the district to its immediate east and west. The westward expansion now encompasses properties on the west side of West Broadway, south to Canal Street. The eastward expansion includes properties on the eastern side of Crosby Street outwards through a portion of Lafayette Street, Centre Street and Cleveland place.

This landmark designation impacts development, use and other real estate related projects. All applications for work on projects within the District are assigned to a staff member within the Preservation Department for their review. This professional reviews the materials and will then determine if the work is permissible within the District’s framework. Almost all projects are subject to review by the Preservation Committee before permits are issued in order to safeguard the atmosphere of the area.

Background History of Cast-Iron Uses

The SoHo-Cast Iron Historic District is bounded by Canal, The use of cast-iron dates back as early as the 12th century Broadway, West Broadway, Howard, Crosby, and Houston where it was used for cooking utensils, tools, cannons and other Streets. All in all the District includes 26 city blocks and more instruments of war. Between 1775 and 1779 the first cast-iron Building History than 500 buildings. bridge was constructed at Darby’s Coalbrookdale in England. After the completion of this bridge in 1779, the use of cast- Building Commenced: 1825 The area is host to a unique collection of cast-iron buildings. iron in bridge construction became common place, and a vital Completed: 1826 For years these buildings succumbed to tremendous amounts component of American infrastructure. of neglect and decay, in what many felt was a “doomed Architect: Unknown neighborhood” in New York City. This began to change when According to the History of Architecture and the Building

artists moved in to this blighted area during the 1960’s. These Trades of Greater New York (1899), the first use of cast-iron in Original owner: Ferris Pell artists sought out the neighborhood south of Houston because SoHo was shortly after the War of 1812, for decorative purposes. of high-vacancy and incredibly low rents. Following their As the century progressed, cast-iron become increasingly Oriqinal Function: Dwelling arrival, art and character was brought back to SoHo almost prevalent in the structure, support and design of buildings. The Facade: Brick and iron instantaneously. Additionally, the cast-iron buildings saw Astor Library, which opened in the 1850’s, features cast-iron rehabilitation and care for the first time in years. columns as its internal supports. Building Structure: 4 stories · 3 windows

As SoHo began to thrive, many felt the cast-iron buildings were Architects, engineers and builders began to see major Comments: This building was raised to 4 stories by 1891 a defining characteristic of the neighborhood and as such, advantages in using cast-iron as a construction material. Due to would need to be properly preserved. By 1973, the SoHo-Cast its prefabricated nature, construction was quick and relatively Iron Historic district was born and declared a National Historic inexpensive, resulting in the construction of hundreds of cast- Landmark in 1978. iron buildings within what is now known as the SoHo-Cast Iron Historic District.

Despite these benefits, cast-iron’s life as a construction material was relatively short. By the 1880’s cast-iron was rarely used in new SoHo buildings. It is believed that both stylistic taste and more stringent demands on fireproofing led to its demise. Although, construction of new cast-iron buildings in SoHo 57 Grand Street had come to a stop, these buildings and their impact on the neighborhood would endure for years to come.

24 nyinvestmentsales.com 59 Grand Street | Cushman & Wakefield 25 Due Diligence

Tax Map Certificate of Occupancy

GRAND STREET

24

BLOCK 228 W BROADWAY WOOSTER STREET WOOSTER No Certificate of Occupancy Recorded CANAL STREET

Tax Bill

26 nyinvestmentsales.com 59 Grand Street | Cushman & Wakefield 27 Financing

57 Grand Street - Local Bank Soft Quote

Loan Amount $5,653,271

Interest Rate 4.25%

Term 5 Years

Amortization 30 Years

Pre-Payment Penalty Step-Down

Bank Origination Fees 0.5%

Debt Service Payment $333,728

For further information on financing, please contact:

Enoch Lawrence Director of Equity Debt & Structured Finance +1 212 660 7748 [email protected] Jessica Ke Director of Equity Debt & Structured Finance +1 212 589 5106 [email protected]

28 nyinvestmentsales.com Robert Burton Senior Managing Director +1 212 660 7770 [email protected]

KeeganRobert Mehlhorn Burton AssociateExecutive Director Director +1 +1212 212 660 660 7718 7770 [email protected]@cushwake.com

BobbyKeegan Carrozzo Mehlhorn SeniorAssociate Associate 1290 Avenue of the Americas +1 +1212 212 589 660 5118 7718 New York NY, 10104 [email protected]@cushwake.com nyinvestmentsales.com