REDEVELOPMENT OPPORTUNITY 48 CLINTON STREET LOWER EAST SIDE | NEW YORK RKF INVESTMENT SALES & ADVISORY SERVICES 3/10/2017 Digital Tax Map - New York City Department of Finance map - Digital Tax Map - New York City Dept. of Finance (3/10/2017) 48 CLINTON STREET | INVESTMENT OPPORTUNITY 2 EXECUTIVE SUMMARY HOUSTON STREET RKF Investment Sales & Advisory Services (“RKF”) STANTON STREET has been retained as the exclusive agent for the sale of 48 Clinton Street, New York, NY (the “Property”), NORFOLK STREET a four-story building currently used as a professional music ATTORNEY STREET recording studio. SUFFOLK STREET CLINTON 48 STREET ELDRIDGE STREET The Property is situated mid-block with 25 FT of frontage along the east side of Clinton Street between Stanton and CLINTON STREET Rivington Streets in Manhattan’s historic Lower East Side. The property can be redeveloped up to 10,000 SF for a mixed-use development as per R7A zoning. RIVINGTON STREET The Lower East Side neighborhood is currently undergoing transformation into an upscale, dynamic center of 0 100 200 residential, nightlife and commerce with a host of new feet residential developments, hotels, retail boutiques, restaurants, bars and nightclubs that will continue to shape Copyright 2017 The City of New York the urban landscape. PROPERTY SNAPSHOT Borough Boundary Condo Flag/Condo Nunber PROPERTY ADDRESS 48 Clinton Street, New York, NY 10002 Tax Block Boundary Air Right Flag/Lot Number New residential projects include the adjacent 50 Clinton LOCATION Clinton Street (between Stanton and Rivington Streets) Tax Block Number Subterranean Right Flag/Lot Number and The Ludlow, which have introduced 280 high-end LOT SF 2,500 SF residential apartments, bringing many young, affluent LOT TaxSIZE Lot Boundary REUC Flag 25 FT x 100 FT New Yorkers to the neighborhood. Hotels, such as The FRONTAGETax Lot Number (ON CLINTON STREET) Under Water Tax Lot Boundary 25 FT Ludlow Hotel, The Hotel on Rivington and Hotel Indigo, and EXISTINGCondo FKASF Tax Lot Number Other Boundary 5,073 SF EXISTING SF (LOWER LEVEL) 1,452 SF restaurants, including Beauty & Essex, Serafina and many Tax Lot Dimension Possession Hook FAR 4 others, have contributed to the increasing popularity of Approximate Tax Lot Dimension Miscelaneous Text TOTAL BUILDABLE AREA 10,000 SF tourism and nightlife in the neighborhood. Served by seven ZONINGCondo Units Range Label Smal l Tax Lot Dimension R7A/C1-5 subway lines and six bus routes, the Lower East Side is REALBuilding ESTATE Footprint TAXES (2016/2017) Surface Water $49,325 bustling with people in a true seven-day-a-week market. RKF INVESTMENT SALES & ADVISORY SERVICES FOR MORE INFORMATION PLEASE CONTACT 521 Fifth Avenue, Floor 7, New York, NY 10175 BRIAN SEGALL Vice President 212.351.9346 [email protected] T 212.599.3700 | F 212.599.3744 | [email protected] | www.rkf.com http://gis.nyc.gov/doitt/webmap/print.htm?z=9&p=988557,201639&a=DTM&c=dtm&f=CONDO_RANGE,LOT_FACE_SMALL&s=l:MANHATTAN,344,145,EVE… 1/1 GEORGE MARTINECZ Associate 212.916.3381 [email protected] © 2017 ROBERT K. FUTTERMAN & ASSOCIATES, LLC All information is from sources believed reliable, not independently verified, and thus subject to errors, omissions, and modifications such as price, listing, square footage, rates and commissions. All information, estimates and projections subject to change, market assumptions, unknown facts and conditions, and future potentialities. RKF makes no express or implied representations or warranties, as facts and results may vary materially from all information, estimates and projections. All renderings presented are conceptual. 48 CLINTON STREET | INVESTMENT OPPORTUNITY 3 INVESTMENT HIGHLIGHTS DYNAMIC LOCATION Located in the Lower East Side, the property benefits from a market that is currently undergoing a dramatic makeover. There is a steady increase in pricing in both the residential and retail rents year-over-year in the Lower East Side, indicative of the market demand and robust market conditions. The neighborhood is “hip” for millennials and has also seen rising interest from families creating an eclectic mix of nightlife, music, art, high-end boutiques, hotels and high-end residential developments. Situated in close proximity to two subway stations with access to the B, D, F, M, J and Z subway lines make it ideal for the surrounding residential and retail developments. NEW DEVELOPMENT Driving the transformation is the $1.1 billion mixed-use Essex Crossing mega project, which is set to deliver 1,000 residential units along with 250,000 SF of office space and 600,000 SF of retail across ten buildings. Other developments in the neighborhood include members’ club Ludlow House and luxury condominiums at 196 Orchard, the base of which will soon house an Equinox Fitness Club. One Manhattan Square, a luxury condo building, has a projected sell-out of $2.1 billion. OWNER-USER The fully functioning recording studio presents a unique opportunity for a potential buyer to use the space in its current capacity. Additional uses, such as boutique fitness or medical office, position the property as a live- work space. 48 CLINTON STREET | INVESTMENT OPPORTUNITY 4 PROPERTY OVERVIEW PROPERTY PHOTOS 48 CLINTON STREET | INVESTMENT OPPORTUNITY 5 PROPERTY OVERVIEW PROPERTY PHOTOS 48 CLINTON STREET | INVESTMENT OPPORTUNITY 6 PROPERTY OVERVIEW FLOOR PLANS GROUND FLOOR LOWER LEVEL FIRST MEZZANINE THIRD FLOOR SECOND MEZZANINE ROOF ROOF BELOW SKYLIGHT SKYLIGHT SKYLIGHT SKYLIGHT SKYLIGHT ROOF BELOW SKYLIGHT SKYLIGHT 2,500 SF 1,452 SF 1,583 SF 491 SF 499 SF THIRD BALCONY DECK FLOOR BALCONY 25 FT CLINTON STREET 48 CLINTON STREET | INVESTMENT OPPORTUNITY 7 PROPERTY OVERVIEW ZONING 48 Clinton Street is a 25 FT X 100 FT in-line lot located between ZONING ANALYSIS Stanton and Rivington Streets. Currently, the property is improved with The property resides in C1-5 zoning with the residential a 6,525-SF building with retail and residential use. Zoned with higher equivalent district of R7-7A. FAR, the highest and best use is for either buyers that are driven by TOTAL LOT SIZE 2,500 SF the valuation of the property as a development site for mixed-use or FAR 4 as a redevelopment site. TOTAL BUILDABLE AREA 10,000 SF C1-5 R7-A Building cannot penetrate sky exposure plane, which begins Higher parking requirement at 30’ above street line in auto-dependent areas Above the maximum base height, building must be set back at least 10’ from the street wall when facing a wide street or 15’ when facing a narrow street Base height: 80’ maximum building height 40’ minimum 65’ maximum Parking lots with 18 or more spaces must be planted C1-2 mapped within R3-2 Building cannot penetrate sky exposure plane, which begins at All open areas between the street wall In a mixed building, residential 85’ above the street line and the street line must be planted uses must always be above commercial uses Street line Off-street parking permitted only within, or to the side or rear of a building, never between the street wall and the street line C1-7 residential district equivalent: R8 C1 & C2 COMMERCIAL OVERLAY DISTRICTS R7A GENERAL RESIDENCE DISTRICT C1-1 C1-2 C1-3 C1-4 C1-5 C2-1 C2-2 C2-3 C2-4 C2-5 FAR LOT COVERAGE (max) BASE HEIGHT BUILDING HEIGHT REQUIRED PARKING2 COMMERCIAL FAR WITHIN R1-R5 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 R7A (max) Corner Lot Interior/Through Lot (min/max) (max) (min) COMMERCIAL FAR WITHIN R6-R10 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 4.01 80% 65% 40-65 FT 80 FT 50% of dwelling units DEPTH OF OVERLAY DISTRICT (IN FEET) 200 150 150 100 100 150 150 150 100 100 1 4.6 FAR with Inclusionary Housing designated area bonus 2 30% if zoning lot is 10,000 SF or less; waived if 15 or fewer spaces required Lower East Side- New Development New York, NY September 2016 Legend E 12 ST ASHER LEVY EAST SIDE ^_ 330 Grand Street SCHOOL COMMUNITY HIGH SCH 4 AV E 11 ST E 11 ST Residential Units FDR DR SZOLD PL SZOLD Less than 10 1 AV 1 E 10 ST AV C AV 10 - 30 3 AV 3 30 - 60 STUYVESANT ST E 9 ST WANAMAKER PL E 9 ST FDR DR TOMPKINS EAST 60 - 100 SQUARE E 8 ST ST MARK'S PL E 8 ST RIVER PARK Greater than 100 AV A AV ASTOR PL B AV University Walk E 7 ST 1. 189 Avenue C - 70 Units MERCER ST EAST 2. 215 Chrystie Street - 11 Units COOPER SQ WAVER VILLAGE LY PL S T 3. 196 Orchard Street - 94 Units E 6 NEW YORK E 6 ST 4. 287 East Houston Street - 28 Units UNIVERSITY 5. 50 Clinton Street - 37 Units TARAS SHEVCHENKO PL TARAS FDR DR NB EN E HOUSTON ST 6. 242 Broome Street - 55 Units GREENWICH VILLAGE / E 5 ST E 5 ST E 5 ST E 5 WALK 7. 175 Delancey Street - 100 Units NOHO 48 CLINTON STREET | INVESTMENT OPPORTUNITY 8 8. 141 Clinton Street - 211 Units W 4 ST 2 AV E 4 ST CONNELLY CTR E 4 WALK ED HOLY CHILD MS W 3 ST LAFAYETTE ST GREAT JONES ST EAST E 3 ST RIVER MARKET OVERVIEW PARK AV D AV F BOND ST MANGIN ST D R E 2 ST BARUCH PL SHINBONE AL BARUCH DR EXTRA PL D R JONES AL N NEW DEVELOPMENTS O R SHERIFF ST BLEECKER ST T H ATTORNEY ST PITT ST E 1 ST 10 HAMILTON B O COLUMBIA ST 9 U The Lower East Side is a neighborhood in lower SUFFOLK ST CLINTON ST FISH N NORFOLK ST D PARK E X I ELIZABETH ST Manhattan, bounded by Canal Street, Houston Street, 11 T 5 F D R DR Bowery and the East River.