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MetroGrid Report: &

FOCUS ON NYC SUBMARKETS

September 2016

Hip, Cool Nolita Now an Extension of SoHo

With asking rents for retail spaces in SoHo averaging $487 Asking rents average $230 per square on ; $228 per square foot on , $439 per square foot on per square foot on Elizabeth Street; $171 per square foot Mercer Street, and $494 per square foot on Spring Street, on Mulberry Street; and $199 per square foot on Lafayette many retailers are looking a few blocks east in Nolita (North Street. of Little Italy) for more affordable rents. While Mulberry Street between Canal and Broome remains An analysis of spaces currently on the market in Nolita a celebration of Italian food and culture as ’s shows that asking retail rents average $240 per square foot established Italian Restaurant Row, Nolita is seeing an influx in the neighborhood, but that limited spaces are available. of cutting edge upstarts eager to establish their brands. MetroGrid Report | Nolita & Little Italy FOCUS ON NYC SUBMARKETS Real estate investment services

“Nolita is hip, cool, and is now seen as an extension of quickly leased two retail spaces at the Brewster Carriage SoHo, offering a blend of dining, entertainment, shopping, House Condominium, 177 Mott Street, which is the former culture, and night life” says Eastern Consolidated Senior home of the historic Brewster & Co. carriage factory that Managing Director and Principal Adelaide Polsinelli, who produced carriages for Abraham Lincoln, the Vanderbilts, recently sold a package of nine retail condo storefronts and Astors. at the base of a luxury loft condominium at 262-272 Mott Street in Nolita for $26 million, a record price of $2,600 per Café Grumpy took 800 square feet on the ground floor of square foot. 177 Mott Street, and a tech/consulting company took 4,500 square feet on the lower level, a unique space featuring Stores leasing space at 262-272 Mott Street include Tai 15-foot barrel-vaulted ceilings and light streaming through Rittchai, a high-end jewelry line; Rebecca Hossack gallery; skylights embedded in the sidewalk surrounding the corner and Fjallraven Arctic Fox, a Swedish outdoor brand, which building at Mott and Broome Streets. was named by the blog Foursquare as one of the 15 Best Clothing Stores in Nolita. Famularo also arranged the 5,000-square-foot lease for Spring Street Natural, the 43-year-old restaurant that moved A block over on Elizabeth Street, five shops were on from 62 Spring Street to its new location at 98 Kenmare Foursquare’s 15 Best Clothing Store list including Schott Street between Mulberry Street and Cleveland Place over NYC at 236 Elizabeth Street; Steven Alan at 229 Elizabeth a year ago, and a lease for the Egg Shop at 151 Elizabeth Street; TOMS New York at 264 Elizabeth Street; Unis at 226 Street. Elizabeth Street; and Thomas Sires at 243 Elizabeth Street. In addition to benefiting from SoHo on its western border, Polsinelli, who grew up on Macdougal Street, started her Nolita benefits from the development taking place on the career helping her neighbors, immigrant families in SoHo, , its eastern border. Last March, Polsinelli sold 216 Nolita, and Little Italy, sell their properties. One mixed-use Bowery between Prince and Spring Streets in the Little Italy building she sold at 253 Elizabeth Street is the current home Special District for $13 million, or over $2,650 per square of the women’s clothing boutique Josie Natori but the former foot. home of director who used the street and surrounding neighborhood as the basis for his film Mean Polsinelli noted that “The Bowery not only connects multiple Streets. neighborhoods — SoHo, Nolita, the Lower , East Village, and Little Italy — which are experiencing tremendous James Famularo, Senior Director and Principal of Eastern investment and undergoing rapid transformation, but it also Consolidated’s Retail Leasing Division, has arranged a is a tourist destination of cultural and historical significance.” number of leases in the neighborhood and earlier this year

01 | MetroGrid Report | Nolita & Little Italy FOCUS ON NYC SUBMARKETS Real estate investment services

Nolita & Little Italy | Average Retail Rents by Corridor

Address Unit SF Available Price/ SF

SPRING STREET

2 Spring Street Lower Level 4,200 $68

20 Spring Street Multiple 2,000 $179

33 Spring Street Ground 1,400 $258

63 Spring Street Multiple 1,100 $900

75 Spring Street Multiple 11,400 $395

4020 $360

MOTT STREET

217 Mott Street Multiple 1,000 $192

252 Mott Street Ground 450 $267

1000 $230

ELIZABETH STREET

232 Elizabeth Street Ground 850 $281

242 Elizabeth Street Multiple 1,850 $275

245 Elizabeth Street Ground 950 $158

1217 $238

MULBERRY STREET

201 Mulberry Street Ground 4,500 $150

240 Mulberry Street Multiple 1,250 $230

280 Mulberry Street Ground 500 $156

280 Mulberry Street Ground 450 $147

1675 $171

LAFAYETTE STREET

248 Ground 1,400 $250

252 Lafayette Street Multiple 2,700 $147

2,050 $199

Source: Agorafy

SF Price/ SF

Average 2,146 $240

Median 1,325 $215

Minimum 450 $68

Maximum 11,400 $900

03 | MetroGrid Report | Nolita & Little Italy FOCUS ON NYC SUBMARKETS Real estate investment services

SoHo | Average Retail Rents by Corridor

Retail Corridor Asking Rent

Ave of the Americas $250.00

Broadway $ 487.0 0

Broome Street $264.00

Canal Street $107.0 0

Crosby Street $ 327.0 0

Grand Street $180.00

Greene Street $205.00

Greenwich Street $65.00

Howard Street $180.00

Hudson Street $114.00

Lafayette Street $257.0 0

Mercer Street $439.00

Prince Street $768.00

Spring Street $494.00

Sullivan Street $209.00

Thompson Street $175.00

Varick Street $131.00

West Broadway $299.00

West $106.00

Wooster Street $228.00

Source: Agorafy

SF Lease Price (PSF)

Average 4,152 $312

Median 2,600 $243

Minimum 375 $48

Maximum 30,000 $1,250

03 | MetroGrid Report | Nolita & Little Italy FOCUS ON NYC SUBMARKETS Real estate investment services

Nolita/Little Italy/Soho Area | Sales * Portfolio sale/partial interest

Property Address Property Type Sale Date Sale Price

11 Howard St Hospitality 4/14/2016 $170,000,000

61-63 Crosby St Mixed Use 2/1/2016 $42,000,000

329-331 Canal St Mixed Use 1/8/2016 $24,000,000

125-127 Grand St Mixed Use 5/13/2016 $20,377,000

58-60 Elizabeth St Mixed Use 5/13/2016 $16,700,000

24 Prince St Mixed Use 4/18/2016 $13,750,000

42 Grand St Mixed Use 1/28/2016 $12,100,000

490 Broadway Office 1/8/2016 $140,000,000

100 Varick St Condo Development 1/21/2016 $135,000,000

123-127 Lafayette St Office 1/12/2016 $33,500,000

243 Canal St Office 5/4/2016 $25,000,000

121 Varick St, 7/7th Floor Office 6/8/2016 $10,800,000

75 Varick St * Office 4/29/2016 $7,592,307

345 Hudson St * Office 4/29/2016 $6,364,602

100 Avenue of the Americas * Office 4/29/2016 $4,283,495

205 Hudson St * Office 4/29/2016 $3,271,838

225 Varick St * Office 4/29/2016 $3,076,042

160-172 Varick St * Office 4/29/2016 $2,8 37,29 6

350 Hudson St * Office 4/29/2016 $2,135,730

435 Hudson St * Office 4/29/2016 $1,868,919

155 Avenue of the Americas * Office 4/29/2016 $1,464,943

151 Canal St Retail 1/22/2016 $9,140,244

134-138 Greene St, 138 Greene Retail 3/17/2016 $38,500,000

75 Kenmare St Specialty 6/6/2016 $55,000,000

Total $778,762,416

Source: Agorafy Nolita & Little Italy | Average Residential Rents

1 Bedroom 2 Bedroom 3 Bedroom

$3,741 $5,448 $6,093

Source: Streeteasy

04 | MetroGrid Report | Nolita & Little Italy FOCUS ON NYC SUBMARKETS Real estate investment services

Nolita/Little Italy/Soho Community District Data

Source: NYU Furman Center, State of New York City’s Housing and Neighborhoods in 2015

05 | MetroGrid Report | Nolita & Little Italy FOCUS ON NYC SUBMARKETS Real estate investment services

Select Eastern Consolidated Transactions | Nolita/Little Italy/Soho

COMMERCIAL DEVELOPMENT MIXED USE RESIDENTIAL RETAIL RETAIL LEASING

1. 210 Bowery 11. 15-25 Kenmare Street 20. 148 Spring Street 24. 113-115 Mercer Street 33. 122-124 Spring Street 44. 133

2. 21-27 Mercer Street 12. 176-178 21. 19-21 Crosby Street 25. 152-154 Thompson 34. 133 Greene Street 45. 149-151 Elizabeth Street 13. 180-186 Avenue of the Street 3. 216 Bowery 22. 91 Crosby Street 26. 234-236 Mulberry 35. 145 Greene Street Americas Street 46. 181 Grand Street 4. 29 Greene Street 14. 250-252 Bowery 36. 20-26 Greene Street OFFICE 27. 239 Mulberry Street 47. 206 Spring Street 5. 40-42 Thompson Street 15. 27-29 Wooster Street 23. 131-137 Spring Street 28. 475-477 & 480-482 37. 204-210 Lafayette Street 48. 21 Thompson Street 16. 311-323 West 6. 448-452 Broadway 29. 58-62 Spring Street 38. 221-225 Centre Street 49. 28 Grand Street 7. 470 Broome Street 17. 350 West Broadway 30. 61 39. 481 Washington Street 50. 30-32 Grand Street 8. 525 Broome Street 18. 47-49 Greene Street 31. 61-63 Crosby Street 40. 57-63 Greene Street 51. 38-40 Grand Street 9. 67-69 & 71-73 Spring 19. 55 Mercer Street Street 32. 42-44 Grand Street 41. 60 Spring Street 52. 403 Broome Street 10. 72-76 Greene Street 42. 81 Spring Street 53. 98 Kenmare Street 43. 262 Mott Street

06 | MetroGrid Report | Nolita & Little Italy FOCUS ON NYC SUBMARKETS Real estate investment services

Eastern Consolidated’s Recently Closed Transactions | SoHo & Nolita

61-63 Crosby Street

Property Type Mixed-Use Location SoHo Square Footage 20,600 SF Selling Price $42,000,000

47-49 Greene Street

Property Type Mixed-Use Location SoHo Square Footage 25,000 SF Selling Price $31,000,000

216 Bowery

Property Type Commercial Location Nolita Square Footage 4,900 SF Selling Price $13,000,000

61 Sullivan Street

Property Type Multifamily Location SoHo Square Footage 5,474 SF Selling Price $8,050,000

07 | MetroGrid Report | Nolita & Little Italy FOCUS ON NYC SUBMARKETS Real estate investment services

Eastern Consolidated’s Recently Closed Transactions | SoHo

42-44 Grand Street

Property Type Multifamily Location SoHo Square Footage 10,150 SF Selling Price $12,100,000

262-272 Mott Street

Property Type Retail Condo Location SoHo Square Footage 10,444 SF Selling Price $26,000,000

21 Thompson Street

Property Type Retail- Leased Location SoHo Square Footage 1,080 SF

30 Grand Street

Property Type Retail- Leased Location SoHo Square Footage 700 SF

08 | MetroGrid Report | Nolita & Little Italy FOCUS ON NYC SUBMARKETS Real estate investment services

Eastern Consolidated’s Recently Closed Transactions | SoHo

403 Broome Street

Property Type Retail- Leased Location SoHo Square Footage 400 SF

38-40 Grand Street

Property Type Retail- Leased Location SoHo Square Footage 1,660 SF

20-26 Greene Street

Property Type Retail- Leased Location SoHo Square Footage $9,950,000

28 Grand Street

Property Type Retail- Leased Location SoHo Square Footage 700 SF

09 | MetroGrid Report | Nolita & Little Italy FOCUS ON NYC SUBMARKETS Real estate investment services

Eastern Consolidated’s Select Exclusives | SoHo

135-137 Thompson

Property Type Mixed- Use Location SoHo Square Footage 9,572 SF Asking Price $17,500,000

52 Greene Street

Property Type Mixed-Use Location SoHo Square Footage 5,425 SF Asking Price $19,950,000

349 West Broadway

Property Type Retail for Lease Location SoHo Square Footage 2,000 SF Asking Rent $225 PSF

21 Crosby Street

Property Type Retail for Lease Location SoHo Square Footage Lower Level: 2,500 SF Asking Rent Lower Level: $75 PSF

10 | MetroGrid Report | Nolita & Little Italy FOCUS ON NYC SUBMARKETS Real estate investment services

Eastern Consolidated’s Select Exclusives | SoHo

330 Spring Street

Property Type Retail Location SoHo Square Footage 2,500 SF Asking Rent $125 PSF

26 Grand Street

Property Type Retail Location SoHo Square Footage 1,600 SF Asking Rent $160 PSF

206 Spring Street

Property Type Retail Location SoHo Square Footage Ground, Second and Third Floor Spaces: 2,500 SF Asking Rent Upon Request

435 Broome Street

Property Type Retail Location SoHo Square Footage 6,050 SF Asking Rent $175 PSF

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