100 Avenue A - Retail - Massey Knakal
80 Avenue John Street (AKA 19-25 Gold Street) 100 A - Retail Newly Developed EastRetail VillageCondos Long Term Leased Financial District For Sale Retail Interest
FOR SALE
Asking Price: $12,500,000
Two retail condos at the base of The South Star, a luxury Art Deco 145 unit condo building located on the western block front of Gold Street from John Street to Platt Street. One of the retail units (lot 1001) is an in-line 1,639 SF space with 20' of frontage on John Street. The unit is leased to Dunkin Donuts until December 2024 who pays $15,000/Month, or $110 per SF and reimburses for 100% of the RE taxes over base year 2014/2015 for the unit. The other unit is an expansive vacant corner space (lot 1002). Formerly occupied by a gym, the space is ADA compliant, and features 15' ceilings, limited use restrictions, ability for awning and blade signage, and 242' of wraparound frontage on John, Gold, and Platt Streets. The large space is being marketed as two separate spaces for leasing efforts (4,000 SF and 2,500 SF). The units are located in the heart of the Financial District where 2016 annual spending hit $7.1 Billion and 14.2 Million visitors take in the district on an annual basis. It is just around the corner from the Fulton Center which opened in 2016 connecting nine subway lines and servicing over 300,000 daily riders making it one of the busiest stations in all of Manhattan. Neighboring restaurants and retailers include Stout, Citibank, HSBC, Starbucks, Crunch Fitness and Jubilee Market Place. This is a rare opportunity for an investor to acquire two retail condos with in-place income and significant upside in leasing the expansive corner space.
PROPERTY INFORMATION BLOCK / LOT VENTED
68 / 1001 & 1002 POSSIBLE 80 John Street
RESTAURANT USE ALLOWED
YES
IN-LINE SPACE SF (DUNKIN DONUTS - LOT 1001)
1,639
CORNER SPACE SF (VACANT - LOT 1002) TOTAL RETAIL SF
4,000 & 2,500 8,139
RE TAX ASSESSMENT (16/17)
$907,210
RE TAXES (16/17)
$95,928
COMMON CHARGES (16/17)
$30,125
FOR MORE INFORMATION, PLEASE CONTACT: James Nelson Will Suarez Carly Weinreb Maurice Suede James Nelson Michael DeCheser Matthew Nickerson Darragh Clarke Associate Director Vice Chairman Senior Director Senior Associate Vice 696 Chairman Executive Director Associate Director Associate Director (212) 589 5131 (212) 2500 x7710 (212) 660 7753 (212) 589 5114 (212) 696 2500 x397710 (212) 660 7772 (212) 660 7742 (212) 660 7737 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]
CUSHMAN & WAKEFIELD 275 Madison Avenue, 3rd Floor New York, NY 10016 www.nyinvestmentsales.com
No warranty or representation, express or implied, is made as to the accuracy 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 our client. The depiction in the above photography of any person, entity, sign, logo
Cushman & Wakefield 2017. Noclient warranty representation, express or implied, is made the accuracy orconnote completeness of connection, the information contained herein, and by same is submitted to errors, of or price, rental or other conditions, withdrawal without or property (other thanCopyright Cushman & Wakefield’s and the or Property offered by Cushman & Wakefield) is incidental only,to and is not intended to any affiliation, association, sponsorship or approval or between that whichsubject is incidentally depictedomissions, and Cushmanchange & Wakefield its client. 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. AG Offering SSL-DOCS1 1524609v23
80 Avenue John Street (AKA 19-25 Gold Street) 100 A - Retail Newly Developed EastRetail VillageCondos Long Term Leased Financial District For Sale Retail Interest
FOR SALE RETAIL REVENUE SPACE
TENANT
SF
In-Line Space
Dunkin Donuts
1,639
Gold/Platt Corn.
Vacant
John Street Fr.
Vacant
Total (1)
LEASE EXP.
MONTHLY RENT
$/SF
ANNUAL RENT
Dec-24 (1)
$15,000
$110
$180,000
4,000
Vacant
$28,333
$85
$340,000
2,500
Vacant
$21,875
$105
$262,500
$65,208
$96
$782,500
8,139
Two (2) five (5) year options at market rent
*Yellow denotes projection at market rent
EXPENSES
METRIC
AMOUNT
REAL ESTATE TAXES (16/17)
Actual
$95,928
COMMON CHARGES
Actual
$30,125
Per Ownership
$5,000
Projected @ $1,000/Month
$12,000
INSURANCE MANAGEMENT TOTAL:
$143,053
DUNKIN DONUTS RE TAX REIMBURSEMENT (100% OF LOT 1001 OVER BY 14/15) EFFECTIVE GROSS INCOME: LESS EXPENSES: PROJECTED NET INCOME:
$262 $782,762
(1)
$143,053 $639,709
FOR MORE INFORMATION, PLEASE CONTACT: James Nelson Will Suarez Carly Weinreb Maurice Suede James Nelson Michael DeCheser Matthew Nickerson Darragh Clarke Associate Director Vice Chairman Senior Director Senior Associate Vice 696 Chairman Executive Director Associate Director Associate Director (212) 589 5131 (212) 2500 x7710 (212) 660 7753 (212) 589 5114 (212) 696 2500 x397710 (212) 660 7772 (212) 660 7742 (212) 660 7737 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]
CUSHMAN & WAKEFIELD 275 Madison Avenue, 3rd Floor New York, NY 10016 www.nyinvestmentsales.com
No warranty or representation, express or implied, is made as to the accuracy 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 our client. The depiction in the above photography of any person, entity, sign, logo
Cushman & Wakefield 2017. Noclient warranty representation, express or implied, is made the accuracy orconnote completeness of connection, the information contained herein, and by same is submitted to errors, of or price, rental or other conditions, withdrawal without or property (other thanCopyright Cushman & Wakefield’s and the or Property offered by Cushman & Wakefield) is incidental only,to and is not intended to any affiliation, association, sponsorship or approval or between that whichsubject is incidentally depictedomissions, and Cushmanchange & Wakefield its client. 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. AG Offering SSL-DOCS1 1524609v23
FOR SALE
Asking Price: $12,500,000
Two retail condos at the base of The South Star, a luxury Art Deco 145 unit condo building located on the western block front of Gold Street from John Street to Platt Street. One of the retail units (lot 1001) is an in-line 1,639 SF space with 20' of frontage on John Street. The unit is leased to Dunkin Donuts until December 2024 who pays $15,000/Month, or $110 per SF and reimburses for 100% of the RE taxes over base year 2014/2015 for the unit. The other unit is an expansive vacant corner space (lot 1002). Formerly occupied by a gym, the space is ADA compliant, and features 15' ceilings, limited use restrictions, ability for awning and blade signage, and 242' of wraparound frontage on John, Gold, and Platt Streets. The large space is being marketed as two separate spaces for leasing efforts (4,000 SF and 2,500 SF). The units are located in the heart of the Financial District where 2016 annual spending hit $7.1 Billion and 14.2 Million visitors take in the district on an annual basis. It is just around the corner from the Fulton Center which opened in 2016 connecting nine subway lines and servicing over 300,000 daily riders making it one of the busiest stations in all of Manhattan. Neighboring restaurants and retailers include Stout, Citibank, HSBC, Starbucks, Crunch Fitness and Jubilee Market Place. This is a rare opportunity for an investor to acquire two retail condos with in-place income and significant upside in leasing the expansive corner space.
PROPERTY INFORMATION BLOCK / LOT VENTED
68 / 1001 & 1002 POSSIBLE 80 John Street
RESTAURANT USE ALLOWED
YES
IN-LINE SPACE SF (DUNKIN DONUTS - LOT 1001)
1,639
CORNER SPACE SF (VACANT - LOT 1002) TOTAL RETAIL SF
4,000 & 2,500 8,139
RE TAX ASSESSMENT (16/17)
$907,210
RE TAXES (16/17)
$95,928
COMMON CHARGES (16/17)
$30,125
FOR MORE INFORMATION, PLEASE CONTACT: James Nelson Will Suarez Carly Weinreb Maurice Suede James Nelson Michael DeCheser Matthew Nickerson Darragh Clarke Associate Director Vice Chairman Senior Director Senior Associate Vice 696 Chairman Executive Director Associate Director Associate Director (212) 589 5131 (212) 2500 x7710 (212) 660 7753 (212) 589 5114 (212) 696 2500 x397710 (212) 660 7772 (212) 660 7742 (212) 660 7737 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]
CUSHMAN & WAKEFIELD 275 Madison Avenue, 3rd Floor New York, NY 10016 www.nyinvestmentsales.com
No warranty or representation, express or implied, is made as to the accuracy 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 our client. The depiction in the above photography of any person, entity, sign, logo
Cushman & Wakefield 2017. Noclient warranty representation, express or implied, is made the accuracy orconnote completeness of connection, the information contained herein, and by same is submitted to errors, of or price, rental or other conditions, withdrawal without or property (other thanCopyright Cushman & Wakefield’s and the or Property offered by Cushman & Wakefield) is incidental only,to and is not intended to any affiliation, association, sponsorship or approval or between that whichsubject is incidentally depictedomissions, and Cushmanchange & Wakefield its client. 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. AG Offering SSL-DOCS1 1524609v23
80 Avenue John Street (AKA 19-25 Gold Street) 100 A - Retail Newly Developed EastRetail VillageCondos Long Term Leased Financial District For Sale Retail Interest
FOR SALE RETAIL REVENUE SPACE
TENANT
SF
In-Line Space
Dunkin Donuts
1,639
Gold/Platt Corn.
Vacant
John Street Fr.
Vacant
Total (1)
LEASE EXP.
MONTHLY RENT
$/SF
ANNUAL RENT
Dec-24 (1)
$15,000
$110
$180,000
4,000
Vacant
$28,333
$85
$340,000
2,500
Vacant
$21,875
$105
$262,500
$65,208
$96
$782,500
8,139
Two (2) five (5) year options at market rent
*Yellow denotes projection at market rent
EXPENSES
METRIC
AMOUNT
REAL ESTATE TAXES (16/17)
Actual
$95,928
COMMON CHARGES
Actual
$30,125
Per Ownership
$5,000
Projected @ $1,000/Month
$12,000
INSURANCE MANAGEMENT TOTAL:
$143,053
DUNKIN DONUTS RE TAX REIMBURSEMENT (100% OF LOT 1001 OVER BY 14/15) EFFECTIVE GROSS INCOME: LESS EXPENSES: PROJECTED NET INCOME:
$262 $782,762
(1)
$143,053 $639,709
FOR MORE INFORMATION, PLEASE CONTACT: James Nelson Will Suarez Carly Weinreb Maurice Suede James Nelson Michael DeCheser Matthew Nickerson Darragh Clarke Associate Director Vice Chairman Senior Director Senior Associate Vice 696 Chairman Executive Director Associate Director Associate Director (212) 589 5131 (212) 2500 x7710 (212) 660 7753 (212) 589 5114 (212) 696 2500 x397710 (212) 660 7772 (212) 660 7742 (212) 660 7737 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]
CUSHMAN & WAKEFIELD 275 Madison Avenue, 3rd Floor New York, NY 10016 www.nyinvestmentsales.com
No warranty or representation, express or implied, is made as to the accuracy 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 our client. The depiction in the above photography of any person, entity, sign, logo
Cushman & Wakefield 2017. Noclient warranty representation, express or implied, is made the accuracy orconnote completeness of connection, the information contained herein, and by same is submitted to errors, of or price, rental or other conditions, withdrawal without or property (other thanCopyright Cushman & Wakefield’s and the or Property offered by Cushman & Wakefield) is incidental only,to and is not intended to any affiliation, association, sponsorship or approval or between that whichsubject is incidentally depictedomissions, and Cushmanchange & Wakefield its client. 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. AG Offering SSL-DOCS1 1524609v23
