ASKING PRICE: Requesting Offers ASKING RENT: Upon Ask SALES PROFESSIONALS Andrew Berry Michael Gembecki (212) 589-5124 (212) 660-7743 [email protected] [email protected] Charlie Gravina Austin Fabel (212) 841-7580 (212) 660-7727 [email protected] [email protected] RETAIL LEASING PROFESSIONALS Jill Lovatt Heather Sockol (212) 841-7901 (212) 841-7903 [email protected] [email protected] TABLE OF CONTENTS EXECUTIVE SUMMARY 1 FINANCIAL OVERVIEW 3 THE NEIGHBORHOOD 9 PROPERTY PHOTOS 25 DUE DILIGENCE 29 EXECUTIVE SUMMARY The Opportunity: Cushman & Wakefield has been exclusively retained to arrange for the sale and/or lease of the retail condominium located at 515 West 23rd Street on the north side of 23rd Street between 10th and 11th Avenues in West Chelsea. At the base of the newly constructed luxurious residential condo building, designed by the Los Angeles based Architect Neil M Denari, this retail condo is strategically positioned beneath Meatpacking’s historic Highline park. With approx. 13’ feet of street frontage located steps away from the entrance to the highline park, the move in ready, vacant unit has great visibility in one of the most luxurious neighborhoods of the city. The space is approximately 2,424 square feet at grade, featuring impressive ceiling heights and 2 glass atriums to allow for ample natural sunlight. The property offers a rare opportunity to purchase an owner/user or investment property along the coveted Meatpacking retail corridor. The space is also suitable for boutique, ground-floor office space. Between 10th and 11th Avenues, the property is located near the A, C, E, 1, 2, 3, F, M & L subway lines. Furthermore, the area is serviced by bus routes running North and South on Broadway, Seventh, Eighth, and Ninth Avenues as well as the M23 bus service East and West along 23rd and 14th Streets. With over 20,000 people in daytime population, this property allows the rare opportunity for an owner or investor to purchase the retail condo. 1 EXECUTIVE SUMMARY EXECUTIVE SUMMARY 2 FINANCIAL OVERVIEW 3 FINANCIAL OVERVIEW FINANCIAL OVERVIEW 4 PROPERTY FEATURES Property Information: Asking Price: Address: 515 West 23rd Street, New York NY 10011 Located on the North Side of 23rd Street between 10th and Requesting Offers Location: 11th avenues Block & Lot: 695 / 1907 Asking Rent: Lot Dimensions: 38’ x 72' (irregular) Upon Ask Lot Square Footage: 2,736 SF (approx.) Total Square Footage: 2,424 SF (approx.) Total Retail Spaces: 1 Assessment (20/21): $754,740 Taxes (20/21): $63,869 Property Highlights: Common Charges: $15,626 / annum • Total of approximately 2,424 square feet at grade Retail Condo Comps (2018-2019): • Featuring 13’ of frontage on West 23rd Street DATE NEIGHBORHOOD ADDRESS PRICE SF $/SF • The vacant space will be delivered in “white box” condition 1 2/15/2018 NoHo 12 East 13th Street #COMM $4,800,000 3,556 $1,350 • Impressive ceiling heights ranging from 10’-15’ and two large glass atriums to allow for ample natural sunlight 2 8/10/2018 Chelsea 524 West 19th Street #CU $3,250,000 3,537 $919 • Over 20,000 people in daytime foot traffic 3 10/24/2018 West Village 163 Charles Street #C $2,950,000 3,762 $784 • In close proximity to major NYC subway lines via the A, C, E, B, D, F, M, 1, 2, 3 & L 4 5/9/2019 West Village 239 West 18th Street #1E $2,583,000 1,573 $1,642 5 5/9/2019 West Village 239 West 18th Street #1W $2,625,000 1,616 $1,624 5 FINANCIAL OVERVIEW FINANCIAL OVERVIEW 6 THE NEIGHBORHOOD 7 THE NEIGHBORHOOD THE NEIGHBORHOOD 8 CHELSEA INTRODUCTION Chelsea is one of the city’s most dynamic neighborhoods, with a rich history, diverse culture, and booming social life that define the modern Manhattan neighborhood. The area stretches from 14th Street to 30th Street west of Sixth Avenue to the Hudson River. The adjacent neighborhoods include the Meatpacking District and Greenwich Village to the south, Midtown West and Hudson Yards to the north, and Flatiron, Gramercy and Union Square to the east. Additionally, Penn Station adds additional accessibility to an already prime central location. HISTORY Historically, the neighborhood has been divided into two factions: the residential district to the east, and the industrial district to the west. The eastern portion of the neighborhood is characterized by a mix of historic tenements, apartment blocks, and brownstones along beautiful tree-lined streets, with street retail along the avenues. The western portion of the neighborhood is home to a large stock of newly rehabilitated industrial buildings and more recently, a flurry of new luxury condominiums. Additionally, Chelsea’s west side is home to the High Line, an elevated public park that has become an icon of rea and a catalyst for ongoing development in the neighborhood. 9 THE NEIGHBORHOOD THE NEIGHBORHOOD 10 515 WEST 23RD STREET PRIME RETAIL AMENTITIES & SHOPPING Chelsea has undoubtedly become one of the city’s most popular shopping destinations and offers a wide variety of premium retail amenities. The neighborhood’s major thoroughfares, including Sixth Avenue, 14th Street, and 23rd Street, offer a range of national retail chains, home good and apparel stores, cafes, and restaurants. The Sixth Avenue corridor is the area’s easternmost avenue and home to big box retailers such as Best Buy, Bed Bath & Beyond, and Trader Joe’s. West 14th Street is also a bustling retail corridor, featuring a wide range of national and local businesses. Perhaps the most bustling shopping scene in Chelsea is the southwestern border of the neighborhood adjacent to the Meatpacking District. Major national retailers have come into the area, most notably The Apple Store, Chelsea Market, Barneys Downtown, Patagonia, and Anthropologie. Additionally, an abundance of boutique retailers can be found throughout the streets of Chelsea. Retailers see the influx of businesses along with the strong growth in luxury residential development as key drivers of foot traffic, and they continue to project significant growth for the foreseeable future. THE HIGHLINE PARK The High Line is a 1.45 mile-long linear park built in Manhattan on an elevated section of a disused New York Central Railroad spur called the West Side Line. Construction began in 2006, transforming the structure into a 6.7 acre elevated public park spanning 22 blocks. The park features an aerial greenway with lush landscaped gardens and unique designs that provide a tranquil oasis away from the urban bustle. Section One runs from Gansevoort Street to West 20th Street, Section Two from West 20th to West 30th Streets, and Section Three swings west from West 30th Street and 10th Avenue to West 34th Street and 12th Avenue. One of the most exciting features of the High Line will be The Spur, an enormous oval amphitheater with seating for visitors surrounded by thick foliage. Upon completion, the High Line will connect the Meatpacking District and West Chelsea with the No. 7 Subway station, the Javits Center, and the Hudson Yards neighborhood. 11 THE NEIGHBORHOOD THE NEIGHBORHOOD 12 515 WEST 23RD STREET SUBMARKET SNAPSHOT CHELSEA / MEATPACKING Stats below are demonstrated from a half mile radius of the property. 36,500,000 6,000,000 Annual Ridership Chelsea Market Visitors A, C, E, B, D, F, M, 1, 2, 3 & L 8,900 1,900 Businesses Retailers 170 47 Food & Beverage Stores Art Exibitions Open Today 164,000 7,600,000 Employees Highline Annual Visitors 13 THE NEIGHBORHOOD THE NEIGHBORHOOD 14 515 WEST 23RD STREET - RETAIL RENT COMPARISON CHELSEA RESIDENTIAL DEVELOPMENTS 15 THE NEIGHBORHOOD THE NEIGHBORHOOD 16 515 WEST 23RD STREET - POINTS OF INTEREST NEIGHBORHOOD CHARACTER DINING & SHOPPING: W 28TH STREET SIXTH/AVENUE OF THE AMERICAS ELEVENTH AVENUE TENTH AVENUE NINTH AVENUE 1 TWELFTH AVENUE/WEST SIDE HIGHWAY EIGHTH AVENUE SEVENTH AVENUE Frying Pan Flower W 27TH STREET McDonald's FIT Chelsea is Districtone of Manhattan’s most dynamic neighborhoods, culturally rich in both character and Marquee NY architecture. The area’s historic districts and new developments have drawn the attention of everyone The High Line W 26TH STREET over the years, from the proverbial starving artists and street buskers to the most successful academics and fashionistas. While many people have their own definitions of the boundaries of Chelsea, it is traditionally considered to be bounded by 14th Street to the south, 30th Street to the north, Sixth H I G H L I N E W 25TH STREET Rite Aid Avenue to the east, and the Hudson River to the west. The adjacent neighborhoods include the Whole Foods Meatpacking District and Greenwich Village on the south side, the Midtown West and Hudson Yards W 24TH STREET Chelsea to the north side, and Flatiron, Gramercy and Union Square to the east side. Mass transportation 515WatersideW23 ParkST CVS Capital One Gap within walkingF M distance of the property includes the Sixth, Eighth Avenue, and Broadway subway W 23RD STREET C E 1 Cinepolis lines, as well as local and express MTA bus service throughout Manhattan. Rumble The Meatball Shop Chelsea Chelsea Piers Sports & Entertainment Complex Gotham W 22ND STREET Comedy Club Clement Clarke Trader Joe Moore Park Slate NY W 21ST STREET Barry's Bootcamp Pier 62 ELEVENTH AVENUE W 20TH STREET David Zwirner ART GALLERIES Chelsea Piers Sports Entertainment Kleinfeld Bridal Complex 16 Handles W 19TH STREET The Joyce Theater USPS Coinciding with the added residential and commercial presence in the area is the explosion of art W 18TH STREET 1 galleries. MoreSIXTH/AVENUE OF THE AMERICAS than 200 galleries have sprouted in Chelsea, a part of the neighborhood that was 1 Oak Twitter dominantly industrial only as of a few years ago.