le pain quotidien · 2019. 10. 4. · today, this same rough, reclaimed wood continues to bring a...

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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap

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124 7TH AVE. | MANHATTAN, NYOffering Memorandum

LE PAIN QUOTIDIEN 124 SEVENTH AVENUE, MANHATTAN, NY 10011 SUBJECT PROPERTY

124 7TH AVE. | MANHATTAN, NY


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Investment Overview

Offering Summary

Property Summary

Lease Abstract

Tenant Overview

Maps

Demographic & Location Overview

Table of Contents



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Investment Overview

Marcus & Millichap is pleased to present for sale Le Pain Quotidien located at 124 7th Avenue in the Chelsea neighborhood

of Manhattan, NY.

The subject property has 27 feet of frontage along Seventh Avenue, between West 17th Street and West 18th Street. Le Pain

Quotidien occupies the entire 2,767 square-foot gross leasable area (GLA), uses the additional basement space for storage,

and has been operating there on a 15-year NNN lease which expires in June 30th, 2021. It is likely that Le Pain Quotidien will

not extend their lease. The air rights for the property have been previously sold.

The one-story retail building is supremely located in the heart of Chelsea, one of the most sought after and dynamic

neighborhoods in the city, both rich in culture and character, with over 200 art galleries, the much celebrated High-Line

Park, and Chelsea Piers. It is also home to some of the best retail, restaurants, and companies in the city such as Barneys

New York, Malin+Goetz, Printed Matter, Comme des Garons, Jeffrey New York, Del Posto, The Chelsea Market (home to

famed eateries such as Miznon, Los Tacos No.1, and many others), Okuda, Old Homestead Steakhouse, Google, WeWork,

and much more. Chelsea is surrounded by other prudent neighborhoods with Greenwich Village and the Meatpacking

District to the South, Union Square to the East, and Hudson Yards to the North.

Chelsea is also one of the city’s wealthiest neighborhoods with an average household income within a one-mile radius of 124

Seventh Ave of over $182,500 with a population of over 209,000 people. 124 Seventh Avenue is a tremendous opportunity

for investors to acquire a perfectly positioned retail building in one of the most desirable neighborhoods in New York City,

tenanted by a well-known franchise providing very healthy triple-net cash flow for almost two years.


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Offering Summary

PERIOD COMMENCEMENT DATE EXPIRATION DATE ANNUAL RENT MONTHLY RENT RPSF

Years 12-15 7/1/2018 6/30/2021 $563,679 $46,973 $204

PRICE $7,500,000

Rent Schedule

Cap Rate

GLA

Expiration

Lot Size

7.52%

2,767 SF

6/30/21

2,767 SF

Price/SF

Current NOI

Years Remaining

Lease Type

$2,711

$563,679

1.75 +/-

NNN

HIGH LINE PARK



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Property Details

SUBJECT PROPERTY

Street Address 124 Seventh Avenue

City State Zip NEW YORK, NY 10011

Building SF 2,767 SF

Lot Size 27.67' Frontage X 100' Deep

Tax ID 00767-0041

Zoning C6-3A

Year Built/Renovated 1920/1999

Building Class One-Story Retail Building (K1)SUBJECT PROPERTY

SUBJECT PROPERTY


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Lease Abstract

Article 36.13 Except as specifically provided in section 35.1, it is the purpose and intent that the lease be an absolutely NET, NET, NET lease and landlor shall not be required to provide any services or do any act or thing with respect to the demised premises.

Rent & Additional Charges Tenant's RE Tax Reimbursements Tenant shall pay (reimburse) landlord for all real estate taxes.

Tenant Insurance Reimbursements Tenant will hold all required insurance policies and pay premiums directly

Tenant's CAM Reimbursements N/A

Tenant's Utility Payments Tenant will pay for all utilities directly

Maintenance & RepairsTenant agrees to put, keep, repair, maintain and replace in good working order and condition, the property, fixtures and improvements within the de-mised premises. Tenant's responsibilities include interior, exterior, structural, nonstructural, ordinary, extraordinary, and utility lines serving the premises.

Assignment & SublettingTenant may not assign or otherwise transfer this lease without written consent of landlord. See lease for full list of acceptable scenarios.

Free RentTenant was granted 6 months of free rent spread out over the first two years of the lease term

GuarantyPQ New York, Inc. guarantees this lease.

Tenant PQ Chelsea, Inc.

D/B/A Le Pain Quotidien

Landlord Leesam Realty Inc.

Property Location 124 7th Avenue

Original Lease Date 5/23/2006

Lease & Rent Commencement 7/1/2006

Lease Expiration Date 6/30/2021

SUBJECT PROPERTY



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Tenant Overview

Le Pain Quotidien means the daily bread. It’s much more than mere sustenance; it’s a way of life. As LPQ’s loaves emerge from the ovens, warm and fragrant, friends gather around LPQ’s communal tables to share in the time-honoured tradition of breaking bread. The hum of conversation fills the air, jam is passed around the table, and, ever so gracefully, time slows. LPQ’s bakers blend organic stone-ground flour, sea salt and water with a wild yeast levain starter to create a humble four-ingredient beginning. The dough is then kneaded patiently by hand, and baked in LPQ’s stone-lined hearths. These are the artisanal loaves of LPQ’s past, baked according to tradition. LPQ’s handmade bread serves as the canvas for a myriad of organic and seasonal ingredients. They come together to become LPQ’s tartines, the Belgian take on the sandwich. At once simple and elegant, LPQ’s tartines bring taste to the table and delight to the palate. And although LPQ’s handmade, organic bread is how they got their start, they serve a variety of healthy options like organic coffee, pastries, eggs, tartines, soups, salads and desserts. At Le Pain Quotidien, they believe that community is what nurtures, inspires and feeds the soul. LPQ’s first communal table on Rue Dansaert in Brussels was built from wood salvaged from the floors of retired Belgian trains. Those simple planks became a tradition. Today, this same rough, reclaimed wood continues to bring a rustic comfort to their stores, and the communal tables have become their centrepiece. Long enough for all to fit and narrow enough for all to talk, LPQ’s tables are where friends reconnect and new friendships are forged over the shared appreciation of delicious food and good company. In a space where colour comes to life, music mingles with the melody of conversation and fresh-baked smells stoke the imagination, there will always be a place for you at the Le Pain Quotidien table.

Tenant Le Pain Quotidien

Industry Quick Service Restaurant

Parent Axon Partners Group

Public/Private Private

Number of Stores 200+

Headquarters 50 Broad Street, 12th Floor, New York,

Website www.lepainquotidien.com

Year Founded 1990


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*Borders are approximate and to be used for reference purposes only.

Parcel Map

SUBJECT PROPERTY

W 17th St / 7,756

VP

D

W 18th St / 6

,174 V

PD

7th Ave / 30,492 VPD



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Regional Map

SUBJECT PROPERTY


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Please add some of the places I mentioned in the overview (Barneys New York, Malin+Goetz, Printed Matter, Comme des Garçons, Je�rey New York, Del Posto, The Chelsea Market, Okuda, Old Homestead Steakhouse, Google, WeWork, Chelsea Piers)


Retail Map

SUBJECT PROPERTY

MADISON SQUARE GARDEN




Location Overview (1 Mile Radius)

Pulled from STDB.com


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About MANHATTAN, NEW YORKManhattan often referred to locally as the City, is the most densely populated of the five boroughs of New York City and its economic and administrative center, cultural identifier, and historical birthplace. The borough is coextensive with New York County, one of the original counties of the U.S. state of New York. The borough consists mostly of Manhattan Island, bounded by the Hudson, East, and Harlem rivers; several small adjacent islands; and Marble Hill, a small neighborhood now on the U.S. mainland, physically connected to the Bronx and separated from the rest of Manhattan by the Harlem River. Manhattan Island is divided into three informally bounded components, each aligned with the borough’s long axis: Lower, Midtown, and Upper Manhattan.

Manhattan has been described as the cultural, financial, media, and entertainment capital of the world, and the borough hosts the United Nations Headquarters. Anchored by Wall Street in the Financial District of Lower Manhattan, New York City has been called both the most economically powerful city and the leading financial center of the world, and Manhattan is home to the world’s two largest stock exchanges by total market capitalization: the New York Stock Exchange and NASDAQ. Many multinational media conglomerates are based in Manhattan, and the borough has been the setting for numerous books, films, and television shows.

Source: https://en.wikipedia.org/wiki/Manhattan

MANHATTAN, NY MANHATTAN, NY




2019 Summary 1 Mile 3 Miles 5 MilesPopulation 209,148 1,183,154 2,603,226

Households 117,527 592,944 1,187,837

Families 28,395 218,645 514,696

Average Household Size 1.63 1.93 2.13

Owner Occupied Housing Units 37,839 160,053 305,470

Renter Occupied Housing Units 79,689 432,891 882,367

Median Age 36.4 37.0 36.6

Median Household Income $123,902 $107,874 $89,410

Average Household Income $182,536 $161,506 $140,185

Pulled from STDB.com

MANHATTAN, NY


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le pain quotidien · 2019. 10. 4. · today, this same rough, reclaimed wood continues to bring a...

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