Exclusive Offering Memorandum For The Sale Of
17 West 17 Street th
Prime Vacant Chelsea Retail Cooperative
Real estate investment services
Real estate investment services
17 WEST 17 TH STREET, NEW YORK, NEW YORK
Exclusive Offering Memorandum For The Sale Of
17 West 17 Street th
Prime Vacant Chelsea Retail Cooperative
—— ±5,400 Square Foot Retail Cooperative - ±3,650 Square Feet On Ground Floor And ±1,750 Square Foot Lower Level —— Delivered Vacant —— 15 Foot Ceiling Height On Ground Floor —— ±35 Feet Of Frontage Along West 17th Street Between Fifth And Sixth Avenues —— Potential To Convert Lower Level To Selling Space - 2 Means Of Egress Already In Place And 10.5 Foot Ceiling Height —— Exceptional Chelsea Location Within The Ladies’ Mile Historic District —— Close To Both Union Square And Madison Square Park Presenting Superb Access To The L N Q R 4 5 6 F and M Eastern Consolidated 355 Lexington Avenue New York, NY 10017 www.easternconsolidated.com
Amanda Malone Administrative Assistant
[email protected] 646.658.7330
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. The reported square footages are approximate measurements. The actual square footage determination is the responsibility of the potential buyer. PAGE 02
Real estate investment services
17 WEST 17 TH STREET, NEW YORK, NEW YORK
Retail Map East 20th Street
West 19th Street
East 19th Street
East 18th Street
East 17th Street
Union Square Park
Union Square E.
East 16th Street
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West 16th Street
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West 17th Street
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Broa
West 18th Street
Fifth Avenue
Avenue of the Americas
Park Avenue South
West 20th Street
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. The reported square footages are approximate measurements. The actual square footage determination is the responsibility of the potential buyer. PAGE 03
Real estate investment services
17 WEST 17 TH STREET, NEW YORK, NEW YORK
Executive Summary As exclusive agent, Eastern Consolidated is pleased to offer for sale the ±5,400 square foot retail cooperative located at 17 West 17th Street, New York, New York (the “Property”). Situated on the ground floor and lower level of an 11-story residential building, the Property features ±35 feet of frontage along the north side of West 17th Street between Fifth and Sixth Avenues. This thoroughfare is lined with notable tenants such as GAP, Lululemon, BLT Fish, Charles P. Rogers, Basta Pasta and AT&T. The Property will be delivered vacant presenting an investor the opportunity to capitalize on the appreciating lease rates in the area or for an owner-user to occupy the space. Utilizing a conservative pro forma lease rate of $125 per square foot on the ground floor and assuming the lower level is converted to selling space (two means of egress already in place) at a lease rate of $40 per square foot, the cap rate upon stabilization is an attractive 5.50%. Even without converting the lower level, the stabilized pro forma cap rate is 4.63%. Note: HVAC system is fully ducted and in place. Also, this is a sponsor unit and there is no board approval for the sale. Address
17 West 17th Street, New York, New York 10011
Location
North side of West 17th between Fifth and Sixth Avenues
Block/Lot
819 / 27
Lot Dimensions
53' x 92'
Condo Size/Ceiling Height (Approximate Measurements)
Ground Floor Lower Level Total
Lot Size
±4,876 Square Feet
Square Feet 3,650 1,750 5,400
Ceiling Height (Feet) 15 10.5
Zoning
C6-4A/Ladies' Mile Historic District
Monthly Maintenance
$6,800
Use Restrictions
No photography lab, dry cleaner, laundromat, florist, coffee shop, delicatessen, restaurant, bar, club, grocery or any other food establishment.
Projected Net Operating Income
With LL Conversion:
Asking Price
$8,100,000
Pro Forma CAP Rate
With LL Conversion:
Per Ground Floor SF
$2,219
Per Total SF
$1,500
$444,650
Without LL Conversion:
$374,650
5.49%
Without LL Conversion:
4.63%
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. The reported square footages are approximate measurements. The actual square footage determination is the responsibility of the potential buyer. PAGE 04
17 WEST 17 TH STREET, NEW YORK, NEW YORK
Real estate investment services
Interior Photos
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. The reported square footages are approximate measurements. The actual square footage determination is the responsibility of the potential buyer. PAGE 05
17 WEST 17 TH STREET, NEW YORK, NEW YORK
Real estate investment services
Confidentiality & Disclaimer This Offering Memorandum has been prepared exclusively by Eastern Consolidated (“Eastern Consolidated”) on behalf of Ownership (the “Owner”), regarding the purchase of the gallery/commercial building located herein at 17 West 17th Street, New York, New York (the “Property”). The materials and information contained in this Offering Memorandum do not purport to be all-inclusive or to contain all of the information which prospective investors may need or desire. All materials have been developed by Eastern Consolidated, the Owners and other sources and are subject to variation. No representation is made by Eastern Consolidated or the Owners as to the accuracy or completeness of the information contained herein and nothing contained herein is or shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, Eastern Consolidated and the Owners and their employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Eastern Consolidated, the Owners and their employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the recipient. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the Property or the Owners since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser. Additional information and an opportunity to inspect the Property will be made available upon request to interested and qualified investors. The Owners and Eastern Consolidated each expressly reserve the right, in their sole discretion, to reject any and all expressions of interest or offers regarding the Property and/or terminate discussions with any entity at any time with or without notice. The Owners shall have no legal commitment or obligation to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase of the properties has been fully executed, delivered and approved by the Owners and its legal counsel and any conditions to the Owners’ obligations thereunder have been satisfied or waived. Eastern Consolidated is not authorized to make any representations or agreements on behalf of the Owners. This Offering Memorandum and its contents, except such information which is a matter of public record or is provided in sources available to the public (such contents as so limited herein called the “Contents”) are of a confidential nature. By accepting the Offering Memorandum, you agree (i) to hold and treat it in the strictest confidence, (ii) not to photocopy or duplicate it, (iii) not to disclose the Offering Memorandum or any of its contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of the Owners or Eastern Consolidated, (iv) not to use the Offering Memorandum or any of its contents in any fashion or manner detrimental to the interest of the Owners or Eastern Consolidated, and (v) to return it to Eastern Consolidated immediately upon request of Eastern Consolidated or the Owners. If you have no further interest in the Property, please return the Offering Memorandum forthwith. No inspections of the Property are permitted unless accompanied by the Owners or a representative from Eastern Consolidated.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. The reported square footages are approximate measurements. The actual square footage determination is the responsibility of the potential buyer. PAGE 06