64 UNIVERSITY PLACE CONFIDENTIAL OFFERING MEMORANDUM Table of Contents
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64 UNIVERSITY PLACE CONFIDENTIAL OFFERING MEMORANDUM Table of Contents Executive Summary 3 Property Overview 5 Location Overview 11 Property Due Diligence 14 64 University Place New York, New York Highlights • $690,000 in annual rent will increase to nearly $1.2 million in Jan 2020 • Retail leased through 2026 • Floors 2 – 4 are vacant • 25,380± ZSF as built; 41,243± max ZSF per C1-7 zoning • 65.17± feet of frontage on the pedestrian corridor between Union Square and Washington Square Park • Prime location in Manhattan’s preeminent neighborhood • Convenient access to the Union Square transportation hub • 14th Street – Union Square transportation terminal is the Avison Young, as exclusive agent, is pleased to offer 64 University fourth busiest subway station in New York City Place (“Property”) for sale, property is a mixed-use building on • Highly successful luxury residential Manhattan’s Greenwich Village Gold Coast with redevelopment condominiums nearby potential. It is prominently located on the streetscape with over • Greenwich Village Gold Coast is home to world 65 feet of frontage between East 10th & 11th Streets, midway renowned restaurants between Union Square and Washington Square Park. Agata & Valentina is the building’s only tenant and is located on the ground floor of the four story building. Their lease runs through June 2026. The three upper floors are vacant and last used by a recording school. 64 University Place offers a potential investor the opportunity to acquire a location in a prime neighborhood with 65± feet of frontage on a main thoroughfare and several potential reuse options. The University Place address and proximity to Union Square’s transportation network makes the Property’s location ideal for residential and commercial uses. Agata & Valentina’s 2.00X 6.50X 6.02X rent nearly doubles at the end of 2019, which may present Commercial Community Facility Residential an opportunity to get vacant possession earlier than 2026. At 12,690 ZSF 41,243 ZSF 38,197 ZSF 25,380± existing square feet, the Property has the potential to be redeveloped up to 41,243± zoning square feet with a community facility based on an FAR of 6.5x. For more information: properties.avisonyoung.com/64University $40,000,000 ASKING PRICE For more information, please contact: James Nelson Charles Kingsley Toku Saito Principal, Head of Tri-State Investment Sales Principal Associate, Investment Sales 212.729.6585 | [email protected] 212.729.1851 | [email protected] 212.230.5994 | [email protected] 1166 Avenue of the Americas, 15th Floor | New York, NY 10036 | T 212.729.7140 | F 917.591.9300 | avisonyoung.com © 2018 Avison Young – New York, LLC. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. 64 University Place New York, New York Property Information Development Potential FAR ZSF* Location Between E 10th & E 11th Streets Residential 6.02x 38,197 Block / Lot 568/21 Community Facility 6.50x 41,243 Lot Dimensions Irr. (approx.) 65.17 x 103.75 Commercial 2.00x 12,690 Lot SF (estimated) 6,345± *Based on 6,345 SF lot Building SF 25,380± Stories 4 Lease Summary Occupied Floors 1 (plus basement) Tenant Agata & Valentina Tenants Agata & Valentina Zoning* C1-7 Use Grocery Store 2.00x Commercial FAR 6.50x Community Facility Square Feet (approx.) 5,640 6.02x Residential RE Tax Assessment (18/19) $3,788,010 LXD Jun 2026 RE Taxes (18/19) $398,271 Village Alliance BID (18/19) $6,141 Current Rent with Abatement $122/SF $690,000 annual *A fractional portion of the lot falls within R7-2 but has not been included in zoning calculations Rent 1/1/2020 $202/SF $1,140,093 annual Rent 7/1/2020 $208/SF $1,174,296 annual Union Square Increases (2021 & beyond) 3% each July 50% over 2011/12 RE Tax Reimbursement Base Year 64 University Place Base Year Taxes $287,781 East 11th Street Fifth Avenue East 10th Street East 11th Street University Place 568 21 Washington Square Park Fifth Avenue University Place East 10th Street For more information, please contact: James Nelson Charles Kingsley Toku Saito Principal, Head of Tri-State Investment Sales Principal Associate, Investment Sales 212.729.6585 | [email protected] 212.729.1851 | [email protected] 212.230.5994 | [email protected] 1166 Avenue of the Americas, 15th Floor | New York, NY 10036 | T 212.729.7140 | F 917.591.9300 | avisonyoung.com © 2018 Avison Young – New York, LLC. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Project Overview AVISON YOUNG 64 UNIVERSITY PLACE | 5 Project Overview 64 University Place is a four-story building in the heart of Greenwich Village. Its lone tenant is Agata & Valentia, a fine foods grocery store, which occupies the first floor and basement. The remaining 19,035 SF on floors two through four are currently vacant. The lot measures 6,345 SF with 65.17± feet of frontage between East 10th & 11th Street. Development 64 University presents a potential investor with two unique development opportunities: This Property, situated between Union Square and Greenwich Village, would lend itself to a mixed-use retail and residential condominium, or community facility redevelopment with at-grade retail. Condo Because of its location in Greenwich Village, one of the most desired residential locations in New York City, 64 University would thrive as a mixed-use condominium redevelopment. The neighborhood is lined with restaurants and retail stores, and Washington Square Park provides a nice escape for residents. This Property is also conveniently located within blocks of transportation hub Union Square. The zoning allows for a 6.02x FAR for residential use or 38,197± ZSF. Given the amenities and convenience of the neighborhood, there have been plenty of exciting condominium redevelopments in the area. A few blocks north are 100 & 116 University Place, two highly anticipated luxury condominiums. 100 University Place will have 13,075 SF of retail on the ground and cellar levels, in addition to 1,050 SF of community facility space. The residential units, averaging 2,076 SF, have been trading at $2,500-3,000/SF. 116 University is a slightly smaller development, but the Morris Adjmi- designed condos have been seeing floors sell at around $2,500/SF. In addition, the ground floor could house an exceptional retail space within the 65.17± feet of frontage. See below for other condominium developments in Greenwich Village: 100 University Place Date Unit Price SF $/SF 1/12/18 10C $5,575,000 2,028 $2,749 10/25/17 9C $5,500,000 2,028 $2,712 10/25/17 11C $5,650,000 2,028 $2,786 5/23/17 10C $5,575,000 2,028 $2,749 Year Built 2018 5/23/17 15C $6,075,000 2,028 $2,996 # Units 52 4/6/17 THB $12,000,000 3,307 $3,629 # Stories 23 116 University Place Date Unit Price SF $/SF 6/7/17 5 $7,600,000 3,056 $2,487 6/7/17 2 $7,200,000 3,056 $2,356 6/7/17 4 $7,475,000 3,056 $2,446 Year Built 2018 # Units 5 # Stories 6 AVISON YOUNG 64 UNIVERSITY PLACE | 6 Project Overview 40 Bleecker Street Date Unit Price SF $/SF 6/18/18 4G $1,875,000 652 $2,876 6/11/18 3A $4,045,000 1,506 $2,686 6/11/18 2G $3,365,000 1,232 $2,731 6/11/18 3F $3,995,000 1,484 $2,692 Year Built 2019 5/9/18 PHC $10,185,000 2,855 $3,567 # Units 61 4/30/18 7E $5,700,000 1,872 $3,045 # Stories 12 4/23/18 6B $6,460,000 1,941 $3,328 4/23/18 7D $5,275,000 1,634 $3,228 4/23/18 8F $4,375,000 1,324 $3,304 3/20/18 2A $4,100,000 1,506 $2,722 3/20/18 3G $1,775,000 652 $2,722 3/20/18 5B $6,310,000 1,941 $3,251 3/20/18 8D $5,375,000 1,634 $3,289 37 East 12th Street Date Unit Price SF $/SF 8/21/17 4 $6,675,000 3,028 $2,204 7/14/17 6 $7,232,575 3,022 $2,393 11/3/16 5 $6,975,000 3,028 $2,304 10/13/16 3 $6,750,000 3,028 $2,229 Year Built 1896 # Units 6 # Stories 8 17 East 12th Street Date Unit Price SF $/SF 12/1/17 9 $9,571,550 4,514 $2,120 7/21/17 3 $7,950,000 4,514 $1,761 7/21/17 PH2 $14,950,000 4,743 $3,152 6/26/17 10 $15,086,418 4,514 $3,342 Year Built 2016 5/23/17 3 $7,644,121 4,514 $1,693 # Units 9 4/25/17 7 $9,150,000 4,514 $2,027 # Stories 11 Community Facility Whether it’s a school, library, child care center, or museum, 64 University would be a wonderful location for any type of community facility.