415 Greenwich Street New York, NY - Agorafy
415 Greenwich Street New York, NY 2 BLOCK FRONT RETAIL CONDOMINIUMS FOR SALE FOR SALE
Property Features Location Block / Lot Lot Dimensions: Building Dimensions
The subject property is located on Greenwich Street between Laight and Hubert Streets. 215/1101 & 1102 175.92’ x 125.33’ 175.92’ x 125.3’ (Approx.)
Gross Square Footage Commercial Units Zoning
4,971 2 C6-2A Lot 1101 $313,315 $33,475
Assessment (15/16) RE Taxes (15/16)
Lot 1102 $652,653 $69,729
Property Description 415 Greenwich Street features two retail condominiums fully leased to FlyWheel and Juice Press. The property runs the entire length of Greenwich Street from Hubert Street to Laight Street and features over 200’ of wrap frontage totaling approximately 4,971 SF. The subject is a great investment for a prospective purchaser looking for stabilized cash flow with long term upside as the average in-place rents are only 60% of current market levels which are now exceeding $175/psf. Combined, the property generates approximately $513,095 in annual gross revenue which equates to an average rent of $103 per square foot. Upon lease expiration in July 2023, both tenants have one 5-year renewal option at 100% of fair market value. TriBeCa remains one of the most desirable neighborhoods in all of Manhattan as both residential and retail development continues to grow within this small enclave of Manhattan, making it one of the strongest submarkets in the city. Greenwich Street has always been a highly sought after location by national retailers and is now considered one of the main corridors within TriBeca. COLLISTER STREET
BLOCK 215
HUDSON STREET
Lot 1101 & 1102
175.92’
Asking Price: $14,000,000
GREENWICH STREET
LAIGHT STREET 125.3’
HUBERT STREET
Robert Knakal
Jonathan Hageman
Will Suarez
Chairman (212) 660 7777 [email protected]
Director Director (212) 660 7773 (212) 660 7753 [email protected] [email protected]
Elysa Berlin Associate Director (212) 660 7764 [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 phone: +1 212 696 2500 nyinvestmentsales.com
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
415 Greenwich Street New York, NY
Commercial Revenue (In-Place 2016) Unit
Tenant
Lease Exp.
Size (GSF)
Rent
$/SF
Annual Rent
FlyWheel
Retail
7/31/2023*
3,395
$26,072
$92
$312,863
Juice Press
Retail
7/31/2023*
1,576
$16,686
$127
$200,232
Total Monthly
4,971
$42,758
Total Annual
$103
$513,095
* Tenants have one (1) five (5) year renewal option @ 100% of FMV.
Commercial Potential Gross Income:
$513,095
Reimbursement Income: (RE Taxes & CAM)
$17,875
Effective Gross Income:
$530,970
Less Expenses:
$114,217
Net Operating Income:
$416,753
Asking Price: $14,000,000
415 Greenwich Street
Robert Knakal
Jonathan Hageman
Will Suarez
Chairman (212) 660 7777 [email protected]
Director Director (212) 660 7773 (212) 660 7753 [email protected] [email protected]
Elysa Berlin Associate Director (212) 660 7764 [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 phone: +1 212 696 2500 nyinvestmentsales.com
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Property Features Location Block / Lot Lot Dimensions: Building Dimensions
The subject property is located on Greenwich Street between Laight and Hubert Streets. 215/1101 & 1102 175.92’ x 125.33’ 175.92’ x 125.3’ (Approx.)
Gross Square Footage Commercial Units Zoning
4,971 2 C6-2A Lot 1101 $313,315 $33,475
Assessment (15/16) RE Taxes (15/16)
Lot 1102 $652,653 $69,729
Property Description 415 Greenwich Street features two retail condominiums fully leased to FlyWheel and Juice Press. The property runs the entire length of Greenwich Street from Hubert Street to Laight Street and features over 200’ of wrap frontage totaling approximately 4,971 SF. The subject is a great investment for a prospective purchaser looking for stabilized cash flow with long term upside as the average in-place rents are only 60% of current market levels which are now exceeding $175/psf. Combined, the property generates approximately $513,095 in annual gross revenue which equates to an average rent of $103 per square foot. Upon lease expiration in July 2023, both tenants have one 5-year renewal option at 100% of fair market value. TriBeCa remains one of the most desirable neighborhoods in all of Manhattan as both residential and retail development continues to grow within this small enclave of Manhattan, making it one of the strongest submarkets in the city. Greenwich Street has always been a highly sought after location by national retailers and is now considered one of the main corridors within TriBeca. COLLISTER STREET
BLOCK 215
HUDSON STREET
Lot 1101 & 1102
175.92’
Asking Price: $14,000,000
GREENWICH STREET
LAIGHT STREET 125.3’
HUBERT STREET
Robert Knakal
Jonathan Hageman
Will Suarez
Chairman (212) 660 7777 [email protected]
Director Director (212) 660 7773 (212) 660 7753 [email protected] [email protected]
Elysa Berlin Associate Director (212) 660 7764 [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 phone: +1 212 696 2500 nyinvestmentsales.com
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
415 Greenwich Street New York, NY
Commercial Revenue (In-Place 2016) Unit
Tenant
Lease Exp.
Size (GSF)
Rent
$/SF
Annual Rent
FlyWheel
Retail
7/31/2023*
3,395
$26,072
$92
$312,863
Juice Press
Retail
7/31/2023*
1,576
$16,686
$127
$200,232
Total Monthly
4,971
$42,758
Total Annual
$103
$513,095
* Tenants have one (1) five (5) year renewal option @ 100% of FMV.
Commercial Potential Gross Income:
$513,095
Reimbursement Income: (RE Taxes & CAM)
$17,875
Effective Gross Income:
$530,970
Less Expenses:
$114,217
Net Operating Income:
$416,753
Asking Price: $14,000,000
415 Greenwich Street
Robert Knakal
Jonathan Hageman
Will Suarez
Chairman (212) 660 7777 [email protected]
Director Director (212) 660 7773 (212) 660 7753 [email protected] [email protected]
Elysa Berlin Associate Director (212) 660 7764 [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 phone: +1 212 696 2500 nyinvestmentsales.com
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
