broadway
640 BROADWAY N E W
YO R K ,
N Y
640 BROADWAY PROPERTY FEATURES BLOCK / LOT LOT DIMENSIONS
27.29’ CROSBY ST
LOT SIZE STORIES ABOVE GRADE SF BELOW GRADE SF GROSS SF ADDITIONAL AIR RIGHTS ZONING FAR HISTORIC DISTRICT RE TAXES (15/16):
Southern blockfront of Bleecker Street between Broadway and Crosby Street 522 / 14 196.4’ on Bleecker x 25.3’/27.3’ on Broadway/Crosby respectively (approx.) 5,092 (approx.) 9, plus cellar and sub-cellar 45,767 (approx.) 16,551 (approx.) 62,318 (approx.) 196.33’ BLEECKER ST None (Overbuilt) LOT 14 M1-5B BLOCK 522 5.0 NoHo Historic District $305,053 BROADWAY 25.59’
LOCATION
EAST HOUSTON ST
PROPERTY DESCRIPTION Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 640 Broadway, one of the most valuable investment and conversion opportunities available in New York City today. Spanning the entire length of Bleecker Street between Broadway and Crosby Street, the subject property is located in the heart of NoHo, at the convergence of some of New York City’s most exciting and desirable neighborhoods. Originally constructed in 1897 and designed by the celebrated De Lemos and Cordes, 640 Broadway was known as the original Empire State Building. The Classical Revival style elevatored loft building stands nine stories tall with an additional cellar and sub-cellar. In total, the building spans approximately 62,318 square feet, approximately 45,767 of which are above grade. The property is highly visible due to its approximately 250 feet of combined frontage along Broadway, Bleecker Street, and Crosby Street in one of the city’s most heavily trafficked retail destinations. Of the property’s nine retail units, eight are currently leased and one is available for rent. Select ground floor retail tenants at the building are paying approximately $300 per square foot, demonstrating the strength of the retail market in the immediate area. The opportunity also exists for potential purchasers to transform the attractive barrel-vaulted vacant sub-cellar into a subterranean restaurant, providing tremendous additional value. In addition to the 9 retail units, the subject property has 21 lofts above. While 15 of the lofts are fair market, six remain rent stabilized, providing potential purchasers with significant upside in revenue as the rent stabilized units are vacated. The majority of the fair market units have been renovated in recent years and are renting at an average of $86 per square foot, with several units approaching
$100 per square foot. Within the past few months, three of the units have been renovated to ultra-luxury units with top-of-the-line amenities, including custom Italian chef’s kitchens, wine climate cabinets, bioethanol fireplaces, Lema Venetian wardrobes and walk-in closets, and access via a private elevator directly into the entry foyer. These three units have been rented at an average of $114 per square foot, an incredible figure the remaining units will surely match, if not surpass. New ownership will have the ability to quickly capture significant revenue growth by renovating the remaining fair market units to these same standards upon lease expiration and converting the units to condominiums. Additionally, current ownership has already received approval from the Landmark Preservation Commission to transform the two ninth floor units into two penthouse triplexes. Final City Planning approval is pending. 640 Broadway is located in NoHo, one of New York City’s most desirable neighborhoods celebrated for its worldclass art galleries, shops, dining, and nightlife options. Given the unprecedented levels of performance in both the retail and residential sectors, 640 Broadway’s premier location bodes extremely well for investors and converters alike. The subject property represents an unrivaled value-add opportunity for an investor to achieve both short-term and long-term revenue growth in one of Manhattan’s strongest submarkets through the acquisition of a high-quality asset with significant in-place income, the opportunity to renovate and turn over units, the repositioning of vacant retail, the creation of a below-grade restaurant, and ultimate condo conversion. The end result will be a project unmatched in the price premiums it obtains.
GREENE ST
640 BROADWAY NYU
3
MERCER ST
32
NYU NEW YORK UNIVERSITY
11 62 28 11 60
12 34
52
59 44 BOND ST
12
27 38
7
BLEECKER ST
640 BROADWAY
25 54
59
27 9
23 57
W BROADWAY
33 10
4 13 22
15 1 54 37
14
16 52
5 8 25
43
61
9 30 27 47 49 56 45 31 29 21
19 41 5 5
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
Acme Aquagrill Asia de Cuba Balaboosta Balthazar Bianca Bleecker Kitchen & Co. Bleecker Street Bar Blue Ribbon Brasserie Blue Ribbon Sushi Bohemian BONDST Brinkley's Butter Café Gitane Café Habana Café Select Carbone Chefs Club by Food & Wine Cherche Midi Cipriani Downtown Costata Ed's Lobster Bar Estela Gato Hundred Acres Il Buco Il Buco Alimentari & Vineria Il Mulino Indochine Jack's Wife Freda La Esquina Laduree Lafayette
35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63
Le Poisson Rouge Little Prince Lure Fishbar Mile End Miss Lily's Mother's Ruin Navy Noho Star Osteria Morini Parm Peasant Public Rubirosa Sant Ambroeus Saxon & Parole Spring Lounge Spring Street Natural Sweetwater Social Tacombi at Fonda Nolita Temple Bar The Bitter End The Butcher's Daughter The Dutch The Mercer Kitchen The Smile The Wren Uncle Boons Vic's ZZ's Clam Bar
SHOPPING 1 2 3 4
3.1 Phillip Lim A.P.C Adidas Aesop
5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39
AllSaints Anthropologie Apple Balenciaga Ben Sherman Billy Reid Bloomingdale's Bond No. 9 Burberry Céline Chanel Chloé Christian Dior Clare V. Club Monaco Crate and Barrel Diane Von Furstenberg Diesel Emporio Armani Equipment Ghurka Haute Hippie Helmut Lang Intermix IRO John Varvatos Kate Spade Le Labo Louis Vuitton M Missoni Maje Marc Jacobs Marni McNally Jackson Michael Kors
40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64
T 44
1
9 51 31 23
26 29 46 30 15
4
45 61
20 40
50
56
26 5
23 17 3
Miu Miu Moncler OAK Patagonia Prada Proenza Schouler Rag & Bone Saint Laurent Sandro HOWARD ST Santa Maria Novella Sass & Bide Stella McCartney Stuart Weitzman Taschen The Apartment by the Line Theory Tory Burch Tumi Under Armour Urban Outfitters Versace Vince Warby Parker Yumi Kim Zadig & Voltaire
AMENITIES & ATTRACTIONS 1 2 3 4 5 6 7 8
MOTT S
48 40
43 32 13
11
BROOME
DINING & NIGHTLIFE
16
25
47
19
50
6
42 35 28 53 48
37 46
24
32
15 18
T
24 3 55 63
58
ETH S
34
36
4 7 58
51
MULBER
13 21
20 33
53
19
60
CROSBY ST
8 62
22
38 39
GREENE ST
57 10
22 2
17
14
24
RY
36
41
64
BOWE
2 20 21
2
6
49 8 42
18 63 39
2
10
RY ST
MACDOUGAL ST
1
1
17
35
26
6
3
34
18
55
28
4 14
29 6
31
30
12
WASHINGTON SQUARE PARK
W 3RD ST
7 16
ELIZAB
POINTS OF INTEREST
Allouche Gallery Angelika Astor Place Theater Barry's Bootcamp Bliss Spa Center for Architecture David Barton Gym Equinox
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
Exhale Spa Frederic Fekkai Great Jones Spa Joe's Pub Louis K. Meisel Gallery Martin Lawrence Galleries ModelFIT New York Health & Racquet New York Sports Club New York University Opera Gallery Paintbox Nolita Pop International Galleries SLT SoulCycle Sperone Westwater Staley-Wise Gallery Storefront for Art & Architecture The Bar Method The Cooper Union The New Museum The New York Shaving Co. The Public Theater Washington Square Park Whole Foods Market Yoga Vida
HOTELS 1 2 3 4 5 6
Crosby Street Hotel The Bowery Hotel The Broome Hotel The Mercer The Nolitan The Standard, East Villiage
640 BROADWAY
640 BROADWAY
ASKING PRICE $90,000,000
FOR MORE INFORMATION, CONTACT EXCLUSIVE AGENTS
ROBERT KNAKAL
Chairman, NY Investment Sales [email protected] (212) 660 7777
JAMES NELSON
Vice Chairman (212) 660 7710 [email protected]
JONATHAN HAGEMAN
Director (212) 660 7773 [email protected]
MITCHELL LEVINE
Associate Director (212) 660 7761 [email protected]
CHARLOTTE MYERS
Associate (212) 660 7749 [email protected]
Cushman & Wakefield Copyright 2016. 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.
YO R K ,
N Y
640 BROADWAY PROPERTY FEATURES BLOCK / LOT LOT DIMENSIONS
27.29’ CROSBY ST
LOT SIZE STORIES ABOVE GRADE SF BELOW GRADE SF GROSS SF ADDITIONAL AIR RIGHTS ZONING FAR HISTORIC DISTRICT RE TAXES (15/16):
Southern blockfront of Bleecker Street between Broadway and Crosby Street 522 / 14 196.4’ on Bleecker x 25.3’/27.3’ on Broadway/Crosby respectively (approx.) 5,092 (approx.) 9, plus cellar and sub-cellar 45,767 (approx.) 16,551 (approx.) 62,318 (approx.) 196.33’ BLEECKER ST None (Overbuilt) LOT 14 M1-5B BLOCK 522 5.0 NoHo Historic District $305,053 BROADWAY 25.59’
LOCATION
EAST HOUSTON ST
PROPERTY DESCRIPTION Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 640 Broadway, one of the most valuable investment and conversion opportunities available in New York City today. Spanning the entire length of Bleecker Street between Broadway and Crosby Street, the subject property is located in the heart of NoHo, at the convergence of some of New York City’s most exciting and desirable neighborhoods. Originally constructed in 1897 and designed by the celebrated De Lemos and Cordes, 640 Broadway was known as the original Empire State Building. The Classical Revival style elevatored loft building stands nine stories tall with an additional cellar and sub-cellar. In total, the building spans approximately 62,318 square feet, approximately 45,767 of which are above grade. The property is highly visible due to its approximately 250 feet of combined frontage along Broadway, Bleecker Street, and Crosby Street in one of the city’s most heavily trafficked retail destinations. Of the property’s nine retail units, eight are currently leased and one is available for rent. Select ground floor retail tenants at the building are paying approximately $300 per square foot, demonstrating the strength of the retail market in the immediate area. The opportunity also exists for potential purchasers to transform the attractive barrel-vaulted vacant sub-cellar into a subterranean restaurant, providing tremendous additional value. In addition to the 9 retail units, the subject property has 21 lofts above. While 15 of the lofts are fair market, six remain rent stabilized, providing potential purchasers with significant upside in revenue as the rent stabilized units are vacated. The majority of the fair market units have been renovated in recent years and are renting at an average of $86 per square foot, with several units approaching
$100 per square foot. Within the past few months, three of the units have been renovated to ultra-luxury units with top-of-the-line amenities, including custom Italian chef’s kitchens, wine climate cabinets, bioethanol fireplaces, Lema Venetian wardrobes and walk-in closets, and access via a private elevator directly into the entry foyer. These three units have been rented at an average of $114 per square foot, an incredible figure the remaining units will surely match, if not surpass. New ownership will have the ability to quickly capture significant revenue growth by renovating the remaining fair market units to these same standards upon lease expiration and converting the units to condominiums. Additionally, current ownership has already received approval from the Landmark Preservation Commission to transform the two ninth floor units into two penthouse triplexes. Final City Planning approval is pending. 640 Broadway is located in NoHo, one of New York City’s most desirable neighborhoods celebrated for its worldclass art galleries, shops, dining, and nightlife options. Given the unprecedented levels of performance in both the retail and residential sectors, 640 Broadway’s premier location bodes extremely well for investors and converters alike. The subject property represents an unrivaled value-add opportunity for an investor to achieve both short-term and long-term revenue growth in one of Manhattan’s strongest submarkets through the acquisition of a high-quality asset with significant in-place income, the opportunity to renovate and turn over units, the repositioning of vacant retail, the creation of a below-grade restaurant, and ultimate condo conversion. The end result will be a project unmatched in the price premiums it obtains.
GREENE ST
640 BROADWAY NYU
3
MERCER ST
32
NYU NEW YORK UNIVERSITY
11 62 28 11 60
12 34
52
59 44 BOND ST
12
27 38
7
BLEECKER ST
640 BROADWAY
25 54
59
27 9
23 57
W BROADWAY
33 10
4 13 22
15 1 54 37
14
16 52
5 8 25
43
61
9 30 27 47 49 56 45 31 29 21
19 41 5 5
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
Acme Aquagrill Asia de Cuba Balaboosta Balthazar Bianca Bleecker Kitchen & Co. Bleecker Street Bar Blue Ribbon Brasserie Blue Ribbon Sushi Bohemian BONDST Brinkley's Butter Café Gitane Café Habana Café Select Carbone Chefs Club by Food & Wine Cherche Midi Cipriani Downtown Costata Ed's Lobster Bar Estela Gato Hundred Acres Il Buco Il Buco Alimentari & Vineria Il Mulino Indochine Jack's Wife Freda La Esquina Laduree Lafayette
35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63
Le Poisson Rouge Little Prince Lure Fishbar Mile End Miss Lily's Mother's Ruin Navy Noho Star Osteria Morini Parm Peasant Public Rubirosa Sant Ambroeus Saxon & Parole Spring Lounge Spring Street Natural Sweetwater Social Tacombi at Fonda Nolita Temple Bar The Bitter End The Butcher's Daughter The Dutch The Mercer Kitchen The Smile The Wren Uncle Boons Vic's ZZ's Clam Bar
SHOPPING 1 2 3 4
3.1 Phillip Lim A.P.C Adidas Aesop
5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39
AllSaints Anthropologie Apple Balenciaga Ben Sherman Billy Reid Bloomingdale's Bond No. 9 Burberry Céline Chanel Chloé Christian Dior Clare V. Club Monaco Crate and Barrel Diane Von Furstenberg Diesel Emporio Armani Equipment Ghurka Haute Hippie Helmut Lang Intermix IRO John Varvatos Kate Spade Le Labo Louis Vuitton M Missoni Maje Marc Jacobs Marni McNally Jackson Michael Kors
40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64
T 44
1
9 51 31 23
26 29 46 30 15
4
45 61
20 40
50
56
26 5
23 17 3
Miu Miu Moncler OAK Patagonia Prada Proenza Schouler Rag & Bone Saint Laurent Sandro HOWARD ST Santa Maria Novella Sass & Bide Stella McCartney Stuart Weitzman Taschen The Apartment by the Line Theory Tory Burch Tumi Under Armour Urban Outfitters Versace Vince Warby Parker Yumi Kim Zadig & Voltaire
AMENITIES & ATTRACTIONS 1 2 3 4 5 6 7 8
MOTT S
48 40
43 32 13
11
BROOME
DINING & NIGHTLIFE
16
25
47
19
50
6
42 35 28 53 48
37 46
24
32
15 18
T
24 3 55 63
58
ETH S
34
36
4 7 58
51
MULBER
13 21
20 33
53
19
60
CROSBY ST
8 62
22
38 39
GREENE ST
57 10
22 2
17
14
24
RY
36
41
64
BOWE
2 20 21
2
6
49 8 42
18 63 39
2
10
RY ST
MACDOUGAL ST
1
1
17
35
26
6
3
34
18
55
28
4 14
29 6
31
30
12
WASHINGTON SQUARE PARK
W 3RD ST
7 16
ELIZAB
POINTS OF INTEREST
Allouche Gallery Angelika Astor Place Theater Barry's Bootcamp Bliss Spa Center for Architecture David Barton Gym Equinox
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
Exhale Spa Frederic Fekkai Great Jones Spa Joe's Pub Louis K. Meisel Gallery Martin Lawrence Galleries ModelFIT New York Health & Racquet New York Sports Club New York University Opera Gallery Paintbox Nolita Pop International Galleries SLT SoulCycle Sperone Westwater Staley-Wise Gallery Storefront for Art & Architecture The Bar Method The Cooper Union The New Museum The New York Shaving Co. The Public Theater Washington Square Park Whole Foods Market Yoga Vida
HOTELS 1 2 3 4 5 6
Crosby Street Hotel The Bowery Hotel The Broome Hotel The Mercer The Nolitan The Standard, East Villiage
640 BROADWAY
640 BROADWAY
ASKING PRICE $90,000,000
FOR MORE INFORMATION, CONTACT EXCLUSIVE AGENTS
ROBERT KNAKAL
Chairman, NY Investment Sales [email protected] (212) 660 7777
JAMES NELSON
Vice Chairman (212) 660 7710 [email protected]
JONATHAN HAGEMAN
Director (212) 660 7773 [email protected]
MITCHELL LEVINE
Associate Director (212) 660 7761 [email protected]
CHARLOTTE MYERS
Associate (212) 660 7749 [email protected]
Cushman & Wakefield Copyright 2016. 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.
