32 EAST 1ST New Construction Corner Retail Condo in the Bowery Property Gallery Property Features EXECUTIVE SUMMARY JLL has been retained on an exclusive basis to market for sale 32 East 1st Street, a new construction retail condo in The Bowery neighborhood of Manhattan. The condo offers multiple configurations on grade and includes a large below grade space. The ground floor contains approximately 6,000 Net Rentable SF and the below grade space has 2,500 Net Rentable SF. 32 E 1st Street presents investors with a white-box opportunity in newly built space with outstanding corner presence. This property sits at the tri-border of the East Village, Nolita and The Lower East Side – an area of increasing popularity and investment. 32 E 1st Street is steps away from the Broadway Lafayette (B/D/F/M) and Bleecker Street (4/5/6 ) subway stations, making it easily accessible from almost anywhere in Manhattan. PROPERTY INFORMATION 32 East First Street, New York, NY 10012 The subject property is located on the northeast corner of Second Avenue and E 1st Street. BUILDING INFORMATION Ground Floor NSF 5,947 Lower Level NSF 2,500 Total Commercial SF 8,447 Lot Dimensions 112.5’ x 134.17’ Lot Square Footage 15,094 Assessment (19/20) $1,998,311 Full Taxes (19/20) $213,839 Block / Lot 443/7505 81.42 C2858 60.69 108.58 32 East 1ST Street Neighborhood Character Extending north from Hester Street to E 4th Street and bound by Bowery and Alan/First Street, HOTELS the eponymous Bowery neighborhood joins the East Village, Lower East Side, and Nolita. This Ian Schrager’s 370-key, PUBLIC Hotel, pioneered affordable luxury in the New York City hotel experience. The Herzog convergence of neighborhoods is exploding with new developments, chic retail and popular nightlife, & de Meuron designed building emanates the Studio-54 energy that Schrager founded in the 1970’s. and has seen a massive influx of art galleries in recent years. Numerous new hotels and convenient public transportation has transformed the area surrounding 32 E 1st Street into a highly desirable The Bowery Hotel has quickly become a popular celebrity-spotting destination in the NoHo neighborhood of Manhattan. tourist destination. Many new residential projects, both recently completed and currently under way, define investor sentiment in the neighborhood. Among those new developments are a collection of The citizenM hotel is the first prefabricated modular hotel in New York City. This boutique hotel company founded in modern-luxury hotels in the NoHo-Nolita neighborhood, including the Bowery Hotel, Ian Schrager’s Amsterdam prides itself in small guest rooms with luxury finishes. Its rooftop bar has some of the best sweeping views Public Hotel, citizenM, and SIXTY LES. of downtown and midtown Manhattan. ART The New Museum is among the most respected contemporary art museums in New York City. The building’s striking FLOORPLANS architecture pierces the skyline and acts as a beacon for tourists and residents alike. Sperone Westwater opened in SoHo in 1975 before moving to the Meatpacking district with all the other major galleries. As has been the trend, those galleries are leaving Chelsea and Meatpacking for new purpose-built spaces like this Foster + Partners designed gallery on the Bowery. Affirming this migration are relocations of Derek Eller Gallery and Nicelle Beauchene Gallery, among others, that have recently left Chelsea to open bigger and better spaces in the Bowery. Perrotin Gallery has eight (8) locations across the world including galleries in Hong Kong, Paris, and Tokyo. This location on Orchard Street is indicative of the international art community’s collective agreement that the Bowery is COMMERCIAL New York City’s preeminent location for contemporary art. 5947 SF FOOD 2 ND Institutions like Kat’s Delicatessen and Russ & Daughters are interspersed with new-to-the-scene Michelin Star AVENUE restaurants like Momofuku Ko, The Musket Room, and Uncle Boons. A high percentage of ventilated retail spaces in The Bowery provides terrific infrastructure for new restaurants, many of which seem to pop-up overnight. RETAIL Notable retail tenants in the surrounding area include Rag & Bone, Fjallraven, Swatch, Kenneth Cole, Allbirds, Scotch & Soda, Carhartt, Kith, Uniqlo, Patagonia, C.C. Filson, BestBuy, Urban Outfitters, Club Monaco, and REI. TRANSPORTATION The confluence of Nolita, East Village and Lower East Side has an unsurprising abundance of convenient public transportation. 32 E 1st Street, and The Bowery moreover, is serviced by: TRAIN LINES: BUSES: TRAVEL TIME TO MAJOR TRANSIT HUBS: M21 / M15 / M15 SBS / 14A Penn Station 18 Mins Grand Central 17 Mins John F. Kennedy International Airport 35 Mins LaGuardia Airport 22 Mins Newark Liberty International Airport 30 Mins EAST 1ST STREET Washington Place M15 01 MOMOFUKU KO 02 RUSS & DAUGHTERS est 3rd Street 03 LIL’ FRANKIE’S 04 UNCLE BOONS 05 MR. PURPLE East th Street 06 IL BUCO ALIMENTARI est th Street Thomson Street Saint Marks Place ooer Square Macougal Street Bleecker Street M15 Sullivan Street M1 M1 Taras Shevchenko Place M55 ooer Square East th Street M15 Mercer Street Laguardia Place 1 est ouston Street Bond Street 0 Bowery 2nd Avenue 16 BOND STREET SUSHI EAST ST 07 PUCK BUILDING 12 32 1 Prince Street M1 BLEECKER STREET M55 M15 M1 BROADWAY-LAFAYETTE Mott Street 01 1st Avenue 07 M21 Prince Street PRINCE STREET Jersey Street East 3rd Street M1 M15 M55 East 1st Street 2ND AVENUE M15 03 East 2nd Street M21 East ouston Street 15 DEREK ELLER GALLERY 08 THE NEW MUSEUM 13 Eliabeth Street M1 14 reene Street 0 M55 Stanton Street SPRING STREET 08 10 02 Broome Street M1 M103 Mulberry Street Eldridge Street X27 Essex Street rosby Street X28 05 04 Kenmare Street Ludlow Street Rivington Street Allen Street 14 PUBLIC HOTEL 09 SPERONE WESTWATER 11 Broome Street rchard Street M103 elancey Street Lafayette Street Forsyth Street 15 13 SANT AMBROEUS 12 THE BOWERY HOTEL 11 CITIZENM NEW YORK 10 RUBYS 32 EAST 1ST FOR MORE INFORMATION, PLEASE CONTACT EXCLUSIVE AGENTS: GUTHRIE GARVIN ALEXANDER BALL Managing Director Associate + 1 212 377 2133 + 1 212 377 2518 [email protected] [email protected] JACK NORTON SOLOMON MICHAILOW Associate Associate + 1 212 376 1201 + 1 212 271 6395 [email protected] [email protected] FOR MORE INFORMATION ON POSSIBLE FINANCING PLEASE CONTACT: SCOTT AIESE Managing Director + 1 212 632 1826 [email protected] 330 Madison Avenue, 4th Floor New York, NY 10017 jll.com.