NOLITA 35 18,800 51'
55-57 SPRING STREET, NEW YORK, NY 10012 TWO PRIME CONTIGUOUS NOLITA MIXED-USE BUILDINGS | FOR SALE
NOLITA
35
Location
18,800
Units
51'
Gross SF
Frontage
Ariel Property Advisors is pleased to present 55-57 Spring Street, two contiguous, mixed-use buildings, located at the center of Manhattan’s vibrant Nolita neighborhood. Situated on the North side of Spring Street between Lafayette Street and Mulberry Street, the properties are directly in front of the entrance to the Spring Street subway station serviced by the 6 train, providing extreme convenience and accessibility. With over 50’ of frontage on one of New York City’s premier retail corridors just steps away from the world renowned Soho shopping district, 55-57 Spring Street offers an unparalleled retail location in the heart of an exceedingly desirable residential neighborhood. The two five (5) story walkup apartment buildings contain a total of thirty two (32) residential apartments and three (3) retail storefronts, with an ideal residential unit mix consisting of twenty (20) two-bedroom units and twelve (12) one bedroom units. The combined properties comprise a total of 18,800 square feet plus a 2,905 square foot usable basement and a 1,785 square foot rear courtyard. Many of the residential apartments have undergone high quality renovations and there is still significant upside in the remaining regulated units. Two out of the three retail units are occupied by established retailers, Fresh, a high-end natural cosmetics chain backed by multinational luxury goods brand LVMH, and Korilla BBQ, a popular Korean BBQ restaurant. The third retail space is currently vacant and consists of 1,500 square feet of prime ground floor space with a 1,320 square foot basement and a 1,785 square foot rear courtyard. Offering exceptionally strong cash flow in an A Plus location, 55-57 Spring Street is a rare opportunity to invest in one of lower Manhattan’s hottest appreciating areas.
PROPERTY INFORMATION ADDRESS Block / Lot Lot Dimensions Lot Area Building Dimensions Stories Total Number of Units Residential Units Commercial Units Building Size Zoning (FAR) Buildable SF Air Rights Assessment (17/18) Real Estate Taxes (17/18)
55 SPRING STREET
57 SPRING STREET
495 / 44 25.92' x 118.25' 2,859 25.92' x 81' 5 18 16 2 9,730 C6-2 / LI (4.10) 11,720 1,990 $1,768,174 $227,953
495 / 45 24.92' x 112' 2,664 24.92' x 76' 5 17 16 1 9,070 C6-2 / LI (4.10) 10,922 1,852 $1,963,027 $253,073
TOTAL
5,523
35 32 3 18,800 22,642 3,842 $3,731,201 $481,026
ASKING PRICE: $38,500,000 FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS AT 212.544.9500 I arielpa.nyc
FOR FINANCING INFO
Shimon Shkury x11
Paul McCormick x45
[email protected]
Victor Sozio x12
[email protected]
Sean R. Kelly x59
[email protected]
Andre Sigourney x55
[email protected]
Howard Raber, Esq. x23 [email protected]
[email protected]
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. September 11, 2017 6:46 PM
55-57 SPRING STREET, NEW YORK, NY 10012 TWO PRIME CONTIGUOUS NOLITA MIXED-USE BUILDINGS | FOR SALE
CURRENT ROLL Scheduled Gross Income: Less Vacancy Rate Reserve (3.00%): Gross Operating Income: Less Expenses: Net Operating Income:
$2,273,078 ($68,192) $2,204,886 ($548,984) $1,655,902
24% of SGI 4.30% Cap Rate
SCHEDULED INCOME # OF BEDROOMS
# OF UNITS
AVG. RENT $ / UNIT
MONTHLY INCOME
ANNUAL INCOME
12 20 3
$2,353 $3,697 $29,082
$28,241 $73,935 $87,247 $189,423 $2,273,078
$338,894 $887,219 $1,046,965
1 BR 2 BR Commercial TOTAL MONTHLY INCOME TOTAL ANNUAL INCOME
EXPENSES: (ESTIMATED) Real Estate Taxes (17/18) Commercial Expense Reimbursement Water & Sewer Insurance Heat Electric Payroll Repairs, Cleaning & Maintenance Legal/Miscellaneous Management
$481,026 ($100,713) $18,000 $29,000 $21,000 $7,424 $14,100 $13,000 $22,049 $44,098
GROSS OPERATING EXPENSES
$548,984
ASKING PRICE: $38,500,000 FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS AT 212.544.9500 I arielpa.nyc
FOR FINANCING INFO
Shimon Shkury x11
Paul McCormick x45
[email protected]
Victor Sozio x12
[email protected]
Sean R. Kelly x59
[email protected]
Andre Sigourney x55
[email protected]
Howard Raber, Esq. x23 [email protected]
[email protected]
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. September 11, 2017 6:46 PM
55-57 SPRING STREET, NEW YORK, NY 10012 TWO PRIME CONTIGUOUS NOLITA MIXED-USE BUILDINGS | FOR SALE
PRIME LOCATION ON NOLITA’S BEST BLOCK
lk e Wa inut 5M
C E
6
4
5 Min ute Wa lk
alk te W inu 5M
B D F M
Located directly across from the 6 train and steps from Petrosino Square, 55-57 Spring street is surrounded by a healthy mix of Cultural attractions, boutique hotels, luxury retail brands, popular restaurants and trendy night life venues that are frequented by area residents and tourists alike.
R W
5
Quickly becoming one of Manhattan’s must see locations, the neighborhood offers a truly unique blend of historic old world charm and modern day New York vitality, with a plethora of shopping, fine dining and entertainment establishments nearby.
7
F M
6 12 9 8 6 1 11 10
2
lk Wa
13 e ut in M
3
k
15
5M in u te W al
14
N Q R W
5
6
B D 5 Minute Walk
Subject Properties 1 Petrosino Square 2 New Museum of Contemporary Art 3 Italian American Museum
4 5 6 7
Angelika Film Center Nike Soho Club Monaco Zara
8 9 10 11
Chef’s Club Counter Balthazar Restaurant Lombardi’s Pizza Spring Lounge
12 13 14 15
The Crosby Street Hotel The Nolitan Hotel Nomo Soho 11 Howard
3D MAP
N S
North side of Spring Street between Lafayette Street and Mulberry Street
44, 45 495 Lot
Block
ASKING PRICE: $38,500,000 FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS AT 212.544.9500 I arielpa.nyc
FOR FINANCING INFO
Shimon Shkury x11
Paul McCormick x45
[email protected]
Victor Sozio x12
[email protected]
Sean R. Kelly x59
[email protected]
Andre Sigourney x55
[email protected]
Howard Raber, Esq. x23 [email protected]
[email protected]
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. September 11, 2017 6:46 PM
55-57 SPRING STREET, NEW YORK, NY 10012 TWO PRIME CONTIGUOUS NOLITA MIXED-USE BUILDINGS | FOR SALE
RENT ROLL | 55 SPRING STREET UNIT
TYPE
STATUS
ACTUAL/PROJECTED
MONTHLY RENT
LEASE EXPIRATION
Rawspace Group, Inc Commercial Korilla BBQ Commercial 55-1 2 BR 55-2 2 BR 55-3 2 BR 55-4 1 BR 55-5 1 BR 55-6 2 BR 55-7 1 BR 55-8 2 BR 55-9 2 BR 55-10 2 BR 55-11 2 BR 55-12 2 BR 55-13 1 BR 55-14 2 BR 55-15 1 BR 55-16 2 BR TOTAL MONTHLY INCOME TOTAL ANNUAL INCOME
1,500 SF 300 SF FM FM FM FM Rent Stabilized FM Rent Controlled FM FM FM FM FM FM FM Rent Stabilized FM
Projected Actual Actual Actual Actual Projected Actual Actual Actual Actual Actual Actual Actual Actual Projected Projected Actual Projected
$40,000 $12,500 $4,000 $4,200 $3,500 $3,500 $766 $3,890 $90 $3,800 $3,900 $4,500 $3,500 $3,600 $4,200 $3,800 $2,168 $4,350 $106,264 $1,275,164
12/31/2017 6/30/2018 5/31/2017 6/30/2017 RS 5/31/2018 RC 7/31/2018 7/31/2018 6/30/2018 8/31/2017 6/30/2018 RS -
TYPE
STATUS
ACTUAL/PROJECTED
MONTHLY RENT
LEASE EXPIRATION
Fresh Inc. Commercial 57-1 1 BR 57-2 1 BR 57-3 1 BR 57-4 1 BR 57-5 2 BR 57-6 2 BR 57-7 1 BR 57-8 1 BR 57-9 1 BR 57-10 2 BR 57-11 2 BR 57-12 2 BR 57-13 2 BR 57-14 2 BR 57-15 2 BR 57-16 2 BR TOTAL MONTHLY INCOME TOTAL ANNUAL INCOME
1,500 SF Rent Stabilized FM FM FM FM FM Rent Stabilized Rent Controlled FM FM FM Rent Controlled FM FM FM FM
Actual Actual Projected Projected Actual Actual Projected Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual
$34,747 $1,232 $4,000 $3,600 $4,500 $3,150 $4,000 $874 $112 $3,200 $3,650 $3,700 $300 $4,100 $4,200 $3,795 $4,000 $83,160 $997,915
2/28/2019 RS 8/31/2017 5/31/2018 RS RC 9/30/2017 9/30/2017 5/31/2018 RC 5/31/2018 5/31/2018 7/31/2017 9/30/2017
RENT ROLL | 57 SPRING STREET UNIT
ASKING PRICE: $38,500,000 FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS AT 212.544.9500 I arielpa.nyc
FOR FINANCING INFO
Shimon Shkury x11
Paul McCormick x45
[email protected]
Victor Sozio x12
[email protected]
Sean R. Kelly x59
[email protected]
Andre Sigourney x55
[email protected]
Howard Raber, Esq. x23 [email protected]
[email protected]
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. September 11, 2017 6:46 PM
NOLITA
35
Location
18,800
Units
51'
Gross SF
Frontage
Ariel Property Advisors is pleased to present 55-57 Spring Street, two contiguous, mixed-use buildings, located at the center of Manhattan’s vibrant Nolita neighborhood. Situated on the North side of Spring Street between Lafayette Street and Mulberry Street, the properties are directly in front of the entrance to the Spring Street subway station serviced by the 6 train, providing extreme convenience and accessibility. With over 50’ of frontage on one of New York City’s premier retail corridors just steps away from the world renowned Soho shopping district, 55-57 Spring Street offers an unparalleled retail location in the heart of an exceedingly desirable residential neighborhood. The two five (5) story walkup apartment buildings contain a total of thirty two (32) residential apartments and three (3) retail storefronts, with an ideal residential unit mix consisting of twenty (20) two-bedroom units and twelve (12) one bedroom units. The combined properties comprise a total of 18,800 square feet plus a 2,905 square foot usable basement and a 1,785 square foot rear courtyard. Many of the residential apartments have undergone high quality renovations and there is still significant upside in the remaining regulated units. Two out of the three retail units are occupied by established retailers, Fresh, a high-end natural cosmetics chain backed by multinational luxury goods brand LVMH, and Korilla BBQ, a popular Korean BBQ restaurant. The third retail space is currently vacant and consists of 1,500 square feet of prime ground floor space with a 1,320 square foot basement and a 1,785 square foot rear courtyard. Offering exceptionally strong cash flow in an A Plus location, 55-57 Spring Street is a rare opportunity to invest in one of lower Manhattan’s hottest appreciating areas.
PROPERTY INFORMATION ADDRESS Block / Lot Lot Dimensions Lot Area Building Dimensions Stories Total Number of Units Residential Units Commercial Units Building Size Zoning (FAR) Buildable SF Air Rights Assessment (17/18) Real Estate Taxes (17/18)
55 SPRING STREET
57 SPRING STREET
495 / 44 25.92' x 118.25' 2,859 25.92' x 81' 5 18 16 2 9,730 C6-2 / LI (4.10) 11,720 1,990 $1,768,174 $227,953
495 / 45 24.92' x 112' 2,664 24.92' x 76' 5 17 16 1 9,070 C6-2 / LI (4.10) 10,922 1,852 $1,963,027 $253,073
TOTAL
5,523
35 32 3 18,800 22,642 3,842 $3,731,201 $481,026
ASKING PRICE: $38,500,000 FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS AT 212.544.9500 I arielpa.nyc
FOR FINANCING INFO
Shimon Shkury x11
Paul McCormick x45
[email protected]
Victor Sozio x12
[email protected]
Sean R. Kelly x59
[email protected]
Andre Sigourney x55
[email protected]
Howard Raber, Esq. x23 [email protected]
[email protected]
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. September 11, 2017 6:46 PM
55-57 SPRING STREET, NEW YORK, NY 10012 TWO PRIME CONTIGUOUS NOLITA MIXED-USE BUILDINGS | FOR SALE
CURRENT ROLL Scheduled Gross Income: Less Vacancy Rate Reserve (3.00%): Gross Operating Income: Less Expenses: Net Operating Income:
$2,273,078 ($68,192) $2,204,886 ($548,984) $1,655,902
24% of SGI 4.30% Cap Rate
SCHEDULED INCOME # OF BEDROOMS
# OF UNITS
AVG. RENT $ / UNIT
MONTHLY INCOME
ANNUAL INCOME
12 20 3
$2,353 $3,697 $29,082
$28,241 $73,935 $87,247 $189,423 $2,273,078
$338,894 $887,219 $1,046,965
1 BR 2 BR Commercial TOTAL MONTHLY INCOME TOTAL ANNUAL INCOME
EXPENSES: (ESTIMATED) Real Estate Taxes (17/18) Commercial Expense Reimbursement Water & Sewer Insurance Heat Electric Payroll Repairs, Cleaning & Maintenance Legal/Miscellaneous Management
$481,026 ($100,713) $18,000 $29,000 $21,000 $7,424 $14,100 $13,000 $22,049 $44,098
GROSS OPERATING EXPENSES
$548,984
ASKING PRICE: $38,500,000 FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS AT 212.544.9500 I arielpa.nyc
FOR FINANCING INFO
Shimon Shkury x11
Paul McCormick x45
[email protected]
Victor Sozio x12
[email protected]
Sean R. Kelly x59
[email protected]
Andre Sigourney x55
[email protected]
Howard Raber, Esq. x23 [email protected]
[email protected]
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. September 11, 2017 6:46 PM
55-57 SPRING STREET, NEW YORK, NY 10012 TWO PRIME CONTIGUOUS NOLITA MIXED-USE BUILDINGS | FOR SALE
PRIME LOCATION ON NOLITA’S BEST BLOCK
lk e Wa inut 5M
C E
6
4
5 Min ute Wa lk
alk te W inu 5M
B D F M
Located directly across from the 6 train and steps from Petrosino Square, 55-57 Spring street is surrounded by a healthy mix of Cultural attractions, boutique hotels, luxury retail brands, popular restaurants and trendy night life venues that are frequented by area residents and tourists alike.
R W
5
Quickly becoming one of Manhattan’s must see locations, the neighborhood offers a truly unique blend of historic old world charm and modern day New York vitality, with a plethora of shopping, fine dining and entertainment establishments nearby.
7
F M
6 12 9 8 6 1 11 10
2
lk Wa
13 e ut in M
3
k
15
5M in u te W al
14
N Q R W
5
6
B D 5 Minute Walk
Subject Properties 1 Petrosino Square 2 New Museum of Contemporary Art 3 Italian American Museum
4 5 6 7
Angelika Film Center Nike Soho Club Monaco Zara
8 9 10 11
Chef’s Club Counter Balthazar Restaurant Lombardi’s Pizza Spring Lounge
12 13 14 15
The Crosby Street Hotel The Nolitan Hotel Nomo Soho 11 Howard
3D MAP
N S
North side of Spring Street between Lafayette Street and Mulberry Street
44, 45 495 Lot
Block
ASKING PRICE: $38,500,000 FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS AT 212.544.9500 I arielpa.nyc
FOR FINANCING INFO
Shimon Shkury x11
Paul McCormick x45
[email protected]
Victor Sozio x12
[email protected]
Sean R. Kelly x59
[email protected]
Andre Sigourney x55
[email protected]
Howard Raber, Esq. x23 [email protected]
[email protected]
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. September 11, 2017 6:46 PM
55-57 SPRING STREET, NEW YORK, NY 10012 TWO PRIME CONTIGUOUS NOLITA MIXED-USE BUILDINGS | FOR SALE
RENT ROLL | 55 SPRING STREET UNIT
TYPE
STATUS
ACTUAL/PROJECTED
MONTHLY RENT
LEASE EXPIRATION
Rawspace Group, Inc Commercial Korilla BBQ Commercial 55-1 2 BR 55-2 2 BR 55-3 2 BR 55-4 1 BR 55-5 1 BR 55-6 2 BR 55-7 1 BR 55-8 2 BR 55-9 2 BR 55-10 2 BR 55-11 2 BR 55-12 2 BR 55-13 1 BR 55-14 2 BR 55-15 1 BR 55-16 2 BR TOTAL MONTHLY INCOME TOTAL ANNUAL INCOME
1,500 SF 300 SF FM FM FM FM Rent Stabilized FM Rent Controlled FM FM FM FM FM FM FM Rent Stabilized FM
Projected Actual Actual Actual Actual Projected Actual Actual Actual Actual Actual Actual Actual Actual Projected Projected Actual Projected
$40,000 $12,500 $4,000 $4,200 $3,500 $3,500 $766 $3,890 $90 $3,800 $3,900 $4,500 $3,500 $3,600 $4,200 $3,800 $2,168 $4,350 $106,264 $1,275,164
12/31/2017 6/30/2018 5/31/2017 6/30/2017 RS 5/31/2018 RC 7/31/2018 7/31/2018 6/30/2018 8/31/2017 6/30/2018 RS -
TYPE
STATUS
ACTUAL/PROJECTED
MONTHLY RENT
LEASE EXPIRATION
Fresh Inc. Commercial 57-1 1 BR 57-2 1 BR 57-3 1 BR 57-4 1 BR 57-5 2 BR 57-6 2 BR 57-7 1 BR 57-8 1 BR 57-9 1 BR 57-10 2 BR 57-11 2 BR 57-12 2 BR 57-13 2 BR 57-14 2 BR 57-15 2 BR 57-16 2 BR TOTAL MONTHLY INCOME TOTAL ANNUAL INCOME
1,500 SF Rent Stabilized FM FM FM FM FM Rent Stabilized Rent Controlled FM FM FM Rent Controlled FM FM FM FM
Actual Actual Projected Projected Actual Actual Projected Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual
$34,747 $1,232 $4,000 $3,600 $4,500 $3,150 $4,000 $874 $112 $3,200 $3,650 $3,700 $300 $4,100 $4,200 $3,795 $4,000 $83,160 $997,915
2/28/2019 RS 8/31/2017 5/31/2018 RS RC 9/30/2017 9/30/2017 5/31/2018 RC 5/31/2018 5/31/2018 7/31/2017 9/30/2017
RENT ROLL | 57 SPRING STREET UNIT
ASKING PRICE: $38,500,000 FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS AT 212.544.9500 I arielpa.nyc
FOR FINANCING INFO
Shimon Shkury x11
Paul McCormick x45
[email protected]
Victor Sozio x12
[email protected]
Sean R. Kelly x59
[email protected]
Andre Sigourney x55
[email protected]
Howard Raber, Esq. x23 [email protected]
[email protected]
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. September 11, 2017 6:46 PM
