893 broadway brochure - …nyinvestmentsales.cushwake.com/listingimages/anotherdoc/pdf/... · 893...

893 BroadwayNew York, NY

As Sales AgentsWe Are Pleased To Present The Following

Property:

893 BroadwayReduced Asking Price:

$13,000,000

For Further Information Or InspectionPlease Contact Sales Agents:

Massey Knakal Realty Services, Inc.275 Madison Avenue

New York, New York 10016212-696-2500212-696-0333

John F. CirauloJames P. Nelson

Craig M. Waggner

893 Broadway Confidentiality and Conditions

This is a confidential brochure intended solely for your limited use and benefit in determining whether you desire to express any further interest in the purchase of 893 Broadway, New York, New York (the “Property”).

This brochure was prepared by Massey Knakal Realty Services, (“Massey Knakal”) and has been reviewed by representatives of the Seller. It contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information which prospective purchasers may desire. It should be noted that all financial projections are provided for general reference purposes only in that they are based on assumptions relating to the general economy, competition, and other factors beyond the control of Massey Knakal or Seller and, therefore, are subject to material variation. Additional information and an opportunity to inspect the Property and plans will be made available to interested and qualified investors. Neither Seller, Massey Knakal nor any of their respective officers nor employees, have made any representation or warranty, expressed or implied, as to the accuracy or completeness of this brochure or any of its contents, and no legal commitments or obligations shall arise by reason of this brochure or any of its contents. All square footage measurements must be independently verified.

Seller expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any entity at any time with or without notice. Seller shall have no legal commitment or obligation to any entity reviewing this brochure or making an offer to purchase the Property unless and until a written agreement satisfactory to Seller has been fully executed, delivered, and approved by Seller and any conditions to Seller obligations thereunder have been satisfied or waived.

By receipt of this brochure, you agree that this brochure and its contents are of a confidential nature, that you hold and treat it in the strictest confidence, and that you will not disclose this brochure or any of its contents to any other entity without the prior written authorization of Seller nor will you use this brochure or any of its contents in any fashion or manner detrimental to the interest of Seller or Massey Knakal.

It is essential that all parties to real estate transactions be aware of the health, liability and economic impact of environmental factors on real estate. Massey Knakal does not conduct investigations or analysis of environmental matters and, accordingly, urges its clients to retain qualified environmental professionals to determine whether hazardous or toxic wastes or substances (such as asbestos, PCB’s and other contaminants or petrochemical products stored in underground tanks) or other undesirable materials or conditions, are present at the Property and, if so, whether any health danger or other liability exists. Such substances may have been used in the construction or operation of buildings or may be present as a result of previous activities at the Property.

Various laws and regulations have been enacted at the federal, state and local levels dealing with the use, storage, handling, removal, transport and disposal of toxic or hazardous wastes and substances. Depending upon past, current and proposed uses of the Property, it may be prudent to retain an environmental expert to conduct a site investigation and/or building inspection. If such substances exist or are contemplated to be used at the Property, special governmental approvals or permits may be required. In addition, the cost of removal and disposal of such materials may be substantial. Consequently, legal counsel and technical experts should be consulted where thesesubstances are or may be present.

While this brochure contains physical description information, there are no references to condition. Neither Owner nor Massey Knakal make any representation as to the physical condition of the Property. Prospective purchasers should conduct their own independent engineering report to verify property condition.

In this brochure, certain documents, including leases and other materials, are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they purport to constitute a legal analysis of the provisions of the documents. Interested parties are expected to review independently all relevant documents.

The terms and conditions stated in this section will relate to all of the sections of the brochure as if stated independently therein. If, after reviewing this brochure, you have no further interest in purchasing the Properties at this time, kindly return this brochure to Massey Knakal at your earliest possible convenience. Photocopying or other duplication is not authorized. This brochure shall not be deemed an indication of the state of affairs of Owner, nor constitute an indication that there has been no change in the business or affairs of Owner since the date of preparation of this brochure.

893 Broadway Table of Contents

Section IBuilding PhotographsExecutive Summary

Comparable Retail RentsRetail Map

Comparable Office Rents

Section IITax Map

Aerial ViewArea Map

Neighborhood MapNeighborhood Description

Section IIIZoning information/ Description/ Map

Zoning Description

Section IVTransportation Description

Subway MapBus Map

Section VCertificate of Occupancy

DOB SummaryDOB Violations

893 Broadway Massey Knakal Advantage For Buyers

893 Broadway Building Photograph

893 Broadway

13 East 19th Street Building Photograph

893 Broadway

The information contained herein has either been given to us by the seller of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, 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 HEREIN.

275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333www.masseyknakal.com

THE BRONX BROOKLYN MANHATTAN NASSAU QUEENS STATEN ISLAND WESTCHESTER

Property Description:

Massey Knakal Realty Services has been retained to arrange for the sale of 893 Broadway (a.k.a. 13 East 19th Street), a vacant, approximately 18,800 above grade square foot, 4-story L-shaped building with an elevator. This is the first sale in 37 years. This exceptionally located loft building has a tremendous retail presence with frontage on both Broadway and East 19th Street. Neighbors include ABC Carpet & Home, Miss Sixty, Loews Theater, Paragon Sports, Equinox, and Restoration Hardware. The upstairs presents a prime opportunity for commercial or mixed-use development. Built circa 1915, this loft building was most recently home to Jennifer Leather on the ground floor. Floors 2 through 4 are commercial loft spaces but could present a prime opportunity for commercial or mixed-use conversion. The property lies within the Ladies’ Mile Historic District. Given the M1-5M zoning district and 4,200 SF lot size there is the possibility to add approximately 2,200 SF pending Landmarks and D.O.B. approval. The M1-5M zoning district allows residential conversions as-of-right provided that a portion of the building is left commercial. The property can be delivered vacant making it an excellent opportunity for an end user, investor or retailer.

Prime Vacant Loft Building For Sale893 BroadwayNew York, NY 10003Alternate Address:Block / Lot:Location:

Lot Dimensions:

Building Dimensions:

Stories:Gross Square Footage: Zoning:FAR:Lot Size in SF:Buildable SF: Available Air Rights:Historic District:Individually Landmarked:Assessment (08/09): Taxes (08/09):

REDUCEDREDUCEDAsking Price: $13,000,000Asking Price: $13,000,000

13 East 19th Street848 / 14West side of Broadway betweenEast 19th and East 20th Streets.27.5’ x 107.92’ on Broadway24’ x 52.5’ on East 19th Street27.5’ x 107.92’ on Broadway24’ x 52.5’ on East 19th Street4 plus basement & mezzanine18, 800 (above grade incl. mezz.) (approx.)M1-5M5.0 4,200 (approx.)21,000 (approx.)2,200 (approx.) Yes (Ladies’ Mile Historic District)No$1,284,300 $126,760 (Annual)

Broadway View

Page 1 of 2

The information contained herein has either been given to us by the seller of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, 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 HEREIN.

275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333www.masseyknakal.com

THE BRONX BROOKLYN MANHATTAN NASSAU QUEENS STATEN ISLAND WESTCHESTER

For further information or inspection, please contact Exclusive Agents:

John F. CirauloVice Chairman

[email protected] x7700

Craig M. WaggnerDirector of Sales


James P. NelsonManaging Partner


893 BroadwayNew York, NYPrime Vacant Loft Building For Sale

Page 2 of 2

East 19th Street View

Asking Price: $13,000,000Asking Price: $13,000,000REDUCEDREDUCED

893 Broadway Comparable Retail Rents

Retail leasing comparables provided by Steven Soutendijk of Cushman & Wakefield. Forquestions regarding retail values in the area feel free to contact him at 212-713-6845 [email protected]

ADDRESS: 901 Broadway 135 Fifth Avenue 862 Broadway

LOCATION: S/W/C 20th St. N/E/C 20th St. B/w 17th & 18th Sts.

New York City New York City New York City

TENANT NAME: Miss Sixty - Energie Kate Spade Geox

FRONTAGE: Broadway Fifth Avenue Broadway

BEGINNING DATE: May 2007 April 2007 March 2007

TERM: 10 10 10

LEASE TYPE: Gross Gross Gross

TENANT SIZE: Grade 2,350 Grade 2,250 Grade 1,700

LL 4,000 LL LL 1,700

Mezz 900 Mezz Mezz

GROSS SF: 7,250 2,250 3,400

RENT PER SF: Yr. 3 $313.00 Yr. 1 $350.00 Yr. 1 $352.00

3% Incr./Year % Incr./Year % Incr./Year

COMPARABLE RETAIL RENTS

893 Broadway Retail Map

Map provided by Winick Realty Group.

893 Broadway Comparable Office Rents

Office Leasing Comparables Provided by:Jared Freede – Associate Director – GVA Williams - 212-716-3893 [email protected]

AVAILABLE LISTINGS

ADDRESS: 25 East 12st St. 873 Broadway 915 Broadway 137 Fifth Avenue

LOCATION: B/w Park Ave & N/W/C of 18th St. S/W/C of E 21st B/w 20th & 21st Sts.

Broadw ay

STATUS: Vacant Vacant - Vacant

OCCUPANCY: Now Now 60 days Now

TERM: 5 Negotiable 5 5 to 10

LEASE TYPE: Gross Gross Gross Gross

GROSS SF: 4,356 3,500 2,250 3,000

RENT PER SF: $55.00 $49.00 $55.00 $45.00

Plus Elec. Plus Elec. Plus Elec. Plus Utl.

ADDRESS: 233 Park Ave South 257 Park Ave South 54 West 21st Street 54 West 21st Street

STATUS: - Occupied Occupied Vacant

OCCUPANCY: Arranged Aug. 2008 July Negotiable

TERM: 10 5 5 Negotiable


GROSS SF: 7,000 5,786 6,104 2,115

RENT PER SF: $59.00 $55.00 $55.00 $48.00

Negotiable Plus Elec. Plus. Elec. Negotiable

COMPLETED LEASES

ADDRESS: 49 West 27th Street 100 Fifth Avenue 200 Park Ave South 257 Park Ave

STATUS: New Lease New Lease New Lease Renew al

TERM: 5 10 years, 6 months 9 years, 10 months 5 years, 1 month


GROSS SF: 8,600 10,554 16,516 6,000

RENT PER SF: $43.00 $62.00 $52.00 $58.00

893 Broadway Tax Map

893 Broadway Aerial View

893 Broadway

893 Broadway Area Map

893 Broadway

893 Broadway Neighborhood Map

893 Broadway

893 BroadwayNeighborhood Description

The subject property is located in the section of

Manhattan known as Madison Square Park.

Madison Square Park is bounded, in relation to

other sections of Manhattan, by Flatiron/ Union

Square to the south, by Murray Hill to the north,

by Chelsea to the west and Gramercy Park to the

southeast.

Madison Square Park grew out of a parade ground

located at the intersection of Broadway and 23rd

Street, where New York's first baseball games

were played in 1845. Historic Madison Square

Park is the vibrant center of Manhattan's Flatiron

District offering flourishing gardens, lush lawns

and cultural programs for all ages. Located on 6.2

acres between 23rd and 26th streets and Fifth and

Madison Avenues, the park has become an oasis

for those who live and work nearby.

Midtown South

The defining attribute of 893 Broadway is its location on the west side of Broadway between

East 19th & 20th Streets. Considered the epicenter of the Midtown-South area of Manhattan,

the property is situated on the cusp of three defining neighborhoods, the Madison Square

Park/Flatiron District to the west, Union Square to the South and Gramercy Park to the East.

James Madison Statue at South Entrance

Madison Square Park

Madison Square Park


The area known as Madison Square Park has existed

as an urban public space since 1686. Named for

James Madison, fourth President of the United

States, Madison Square was formally opened as a

public park in 1847. Soon after the creation of New

York City's first "Department of Public Parks" in

1870, the square was re-landscaped by William

Grant and Ignatz Pilat, the Department's chief

landscape architect and a former assistant to

Frederick Law Olmsted in the design of Central

Park. The park incorporated both formal and

pastoral elements with well-defined walkways with

open lawns.

In the late 19th century, Madison Square was the

focal point of one of Manhattan's most elite

neighborhoods. Society’s most fashionable

residences and hotels, including the luxurious Fifth

Avenue Hotel, bordered the park. Novelist Edith Wharton was born to a well-to-do New

York family nearby on West 23rd Street. Tycoon Leonard Jerome, the grandfather of

Winston Churchill, built the most elaborate mansion alongside the park at Madison

Avenue and 26th Street. The neighborhood surrounding the park also flourished as a bustling

commercial district, home to wonders like Barnum's Hippodrome, the first and second

Madison Square Gardens, the daringly narrow Flatiron Building and the Metropolitan Life

Insurance Building.

Madison Square Park Fountain

Madison Square Park Walkway


In June 2001, after a two-year capital restoration

project, Madison Square Park was rededicated. The

City Parks Foundation took the lead in organizing

the Campaign for the New Madison Square Park,

the precursor organization to the Madison Square

Park Conservancy. The campaign raised six million

for capital renovation of the park, including $2.5

million in private funds from corporate leaders, such

as Metropolitan Life Insurance Company, New

York Life Insurance Company, Credit Suisse First

Boston, Rudin Management, and Union Square

Hospitality Group. The Madison Square Park

Conservancy has raised an additional $4 million for

a permanent fund to help support maintenance of the

park. In the spring of 2002, a restored playground

reopened to the delight of many children in the

neighborhood. The renovation restored elements of

the park's original 19th-century design by Ignatz

Pilat and William Grant, while helping to make the

park once again a center of neighborhood life. The

restored park features lush green lawns, colorful

flowering shrubs and plants, World's-Fair-style

benches, a spectacularly restored fountain, a

contemporary reflecting pool, new gateways,

new paving, and ornamental lighting.

Madison Square Park Playground

Madison Square Park Dog Run

NY Life Insurance Building


The playground at 25th Street now sports brightly-colored jungle gyms and slides with an

onsite monitor in summer. At the other end, a well-used dog run competes for your attention

along with the Shake Shack, Danny Meyer's outdoor café serving smallish, L.A.-type burgers,

Chicago-style hot dogs, and Grape Crush slushies. In between, a moderately-sized oval lawn

and benches shaded by large trees provide a serene retreat for Gramercy locals and workers on

lunch breaks. Although a sculpture of 19th century Governor William H. Seward and a

rehabilitated fountain make oblique nods to history, this small sanctuary actually does have a

rich past. It was the inaugural location of Madison Square Garden, the founding spot of the

New York Knickerbockers, and the temporary resting place for the damaged arm of Lady

Liberty. (From 1876 to1882, while money for the statue was being raised, the torch and

appendage awaited repairs here in the shadows of the Flatiron Building.)

Madison Square Park (cont.)

Shake Shack

In June 2004, the Conservancy introduced its

new "green" food Kiosk, "Shake Shack," by

renowned architect James Wines of

SITE Environmental Design. The innovative

design of the ivy-covered, zinc-clad structure

echoes the angles of the Flatiron building.

Operated by Danny Meyer's Union Square

Hospitality Group, the food kiosk’s benefit

Conservancy programs. The Shack has already

transformed the south end of the park into a

popular dining hub in keeping with

Conservancy's mission of continually expanding

opportunities for visitors to the park.

Toy Center


Today, Madison Square Park is at the heart of a revitalized business district, bordered by office

buildings, retail establishments, and restaurants. The restoration of the park has also spurred

new residential development, welcoming a new generation of young park users.

Madison Square Park (cont.)

Tour The Park

1. William H. Seward Monument 9. New York Life2. The Flatiron Building 10. The Appellate Division Courthouse3. Eternal Light Memorial Flagpole 11. Eleven Madison Avenue4. Worth Monument 12. Metropolitan Life5. Admiral David Farragut Monument 13. Senator Roscoe Conking Monument6. Northern Reflecting Pool 14. Star of Hope7. Chester Alan Arthur Monument 15. Southern Fountain8. Playground 16. Shake Shack


The Flatiron District is a prime location for good public transportation, excellent shopping,

and a diversity of employment opportunities. Housing options include rentals, condominiums,

and elegant converted living lofts, which are mainly located on the side streets. The Flatiron District runs between Park

Avenue South and Sixth Avenue and from 23rd

to 14th Street. Within these blocks are an

abundance of restaurants, health clubs, and fun

places to dance the night away. In the 19th

century, the streets of Broadway, Fifth, and

Sixth Avenues were known as Ladies Mile

because of such elegant department stores as

Macy’s, Lord and Taylor, and Altman’s that

were located here. As these stores moved

farther uptown, the area became a

manufacturing area of warehouses and lofts. In

the 1970s’, the area began to change with the

arrival of hip designer such as Andy Warhol

and his Factory on Union Square. In the last

few years, the neighborhood has undergone a complete renaissance, and today it boasts upscale

fashionable superstores such as Armani, Paul Smith, and Matsuda. The district is named for

the Flatiron Building, which is at its center. This often-photographed landmark is situated at

23rd Street and Broadway, a Renaissance-style building that was given its name because it

resembled a flatiron and has since adopted this as its official name.

Flatiron Building

Flatiron


The Ladies' Mile is named for the popularity of Broadway and part of 6th Avenue as a major

shopping district in the second half of the 1800's. Large cast-iron dry goods stores opened along

6th Avenue between 18th & 23rd streets, many of which are still extant. The city's major

department stores and luxury sellers lined Broadway from Union Square to Madison Square,

earning this stretch of Broadway the nickname "Fashion Street". As office buildings and loft

buildings moved in, the stores moved uptown. Broadway and 5th Avenue grew into office

districts. And by 1910 a major construction boom had changed the side streets between Broadway

& 6th Avenue into a major commercial district of predominantly 12 story loft buildings.

The beautiful restored facades of some of the tall

buildings in the district have given the area an

upscale appeal, and residential lofts and luxury

apartment buildings are situated alongside

publishing houses, graphic design firms, and ad

agencies that have spilled over from Madison

Avenue. Madison Square Park, the original site

of Madison Square Garden, is bordered by Fifth

Avenue, Madison Avenue, 23rd and 26th

Streets. Three classic skyscrapers towering over

the park like sentinels, The New York Life

Insurance Building, the CS/First Boston

Building and the Flatiron Building. The School

of Visual Arts and Baruch College are located

on East 23rd Street.

Metropolitan Life Insurance Company Tower

Flatiron (cont.)

Ladies Mile

893 Broadway Neighborhood Description

Very few buildings have been built in the

Ladies' Mile district since, so the

neighborhood is remarkably homogenous.

Conclusion

The classic architecture of the

neighborhood and serenity of the park

itself add an aura of sophistication and

old world charm to the area. Nearby

trend-setting restaurants and theaters

deliver the level of cutting-edge culture

downtown residents have come to expect,

and the convenient shopping of Fifth

Avenue and Union Square are an added

amenity. For all members of this

community, convenient access to

subways and busses facilitates

transportation throughout the City. This

neighborhood is both old and new,

reinforcing Manhattan's traditional

dynamic of reinventing itself while

preserving the best elements of its

fascinating history.

Metropolitan Life North Building

Manhattan Appellate Courthouse

Flatiron (cont.)

893 Broadway Zoning Information/ Description/ Map

New York City’s zoning regulates permitted uses of the property; the size of the building allowed in relation to the size of the lot (“floor to area ratio”); required open space on the lot, the number of dwelling units permitted; the distance between the building and the street; the distance between the building and the lot line; and the amount of parking required. The Commercial District has eight different classifications.

893 Broadway is zoned: C6-4A (R10A Residential Equivalent)FAR: 10.0

893 Broadway

893 Broadway Zoning Description

893 BroadwayTransportation Description

In addition to the diversity of services and amenities located within its parameters, 893 Broadway has

excellent access to major transportation modes. The Lexington Avenue and Broadway mass transit

subway lines (with stops at Grand Central, East 33rd Street, East 28th Street, East 23rd Street and

Union Square) provide quick access to all Eastside addresses and downtown and uptown access

without transfer. The 14th Street Canarsie subject line runs east-west from Union Square, where

transfer to the Eighth Avenue line provides access to the upper west side as well as Brooklyn and

Queens. The area is also serviced by express and local MTA buses for southbound traffic along

Lexington and Second Avenues and northbound traffic on Third Avenue. The fare for both the bus

and subway lines is two dollars.

By car, there is easy access to and from the Eastside by the Franklin Delanor Roosevelt Drive, the

Queensboro Bridge, Queens-Midtown Tunnel, and the Williamsburg Bridge. The highway

transportation network connects Manhattan to New Jersey, Westchester County, Connecticut, New

England, and Long Island.

The three major metropolitan airports....LaGuardia (approximately 20 25 minutes drive) John F.

Kennedy (approximately 30 35 minutes drive) and Newark (approximately 30-35 minutes drive) are

located in the immediate Metropolitan area.

The caliber of quick access from 893 Broadway to local and regional business destinations is unusual

and definitely enhances the attractiveness of the property.

The maps on the following pages visually display the above description.

893 Broadway Subway Map

893 Broadway

893 Broadway Bus Map

893 Broadway

893 Broadway Certificate of Occupancy

893 Broadway DOB Violations

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