the bleecker street retail portfolio - massey · pdf filewhether to pursue negotiations to...

The Bleecker Street Retail Portfolio

THE BLEECKER STREET RETAIL PORTFOLIO | 0

The BleeckerStreet Retail Portfolio



Confidentiality

THIS IS A CONFIDENTIAL MEMORANDUM intended solely for your own limited use in considering whether to pursue negotiations to acquire an interest in The Bleecker Street Retail Portfolio, New York, NY ("The Property").

This Confidential Memorandum contains brief, selected information pertaining to the business and affairs of the Owner, and has been prepared by Massey Knakal Realty Services ("Massey Knakal") Although this Confidential Memorandum has been reviewed by representatives of the Owner, it does not purport to be all inclusive or to contain all of the information which a prospective purchaser may desire. Neither Massey Knakal nor any of their officers, employees or agents make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Confidential Memorandum or any of its contents, and no legal liability is assumed or to be implied with respect thereto.

By acknowledgement of your receipt of the Confidential Memorandum, you agree that the memorandum and its contents are confidential, that you will hold and treat it in the strictest of confidence, that you will not directly or indirectly, disclose or permit anyone else to disclose this memorandum or its contents to any person, firm or entity without prior written authorization of Owner, and that you will not use, or permit to be used, this memorandum or its contents in any fashion or manner detrimental to the interest of Owner. Photocopying or other duplication is strictly prohibited.

Owner and Massey Knakal expressly reserve the right, at their sole discretion, to reject any or all proposals or expressions of interest in the building, and to terminate discussions with any party at any time with or without notice.

If you do not wish to pursue negotiations leading to this acquisition, kindly return this Confidential Memorandum to Massey Knakal.

This Confidential Memorandum shall not be deemed a representation of the state of affairs of the property or constitute an indication that there has been no change in the business of affairs or the property since the date of preparation of this memorandum.



Offering Memorandum

The Bleecker Street Retail PortfolioPrime Greenwich Village Retail Condominiums

EXCLUSIVE AGENTS:

James Nelson212.696.2500 x7710

[email protected]

Billy Simons212.696.2500 x7734

[email protected]

Brendan Gotch212.696.2500 x7742

[email protected]

Massey Knakal Realty Services275 Madison Ave, Third FloorNew York, New York 10016

T: 212.696.2500F: 212.696.0333

Mitchell Levine212.696.2500 x7761

[email protected]

Robert A. Knakal212.696.2500 x7777

[email protected]



Table of Contents

Property InformationExecutive Summary

Property PhotographsProperty OverviewsPortfolio Overview

Tenant Descriptions Floor Plans

Lease AbstractsPortfolio Map and Location

Neighborhood InformationBleecker Street Retail MapNeighborhood Description

Greenwich Village Historic Map Historic Description

Transportation Information



Massey Knakal Realty Services has been retained on an exclusive basis to arrange for the sale of The Bleecker Street Retail Portfolio. This collection of properties offers an investor an immediate and dominant position on the strongest retail corridor in Greenwich Village.

In an area of great demand and limited feasible expansion, this package offers a collection of the only remaining available storefronts on the 300 block of Bleecker. This northern portion of Bleecker Street serves as the connection between the Meatpacking District and heart of Greenwich Village, catering to thousands of retail customers on a daily basis.

The portfolio offers an investor in-place income from established, credit tenants plus lease proposals in hand for the vacant spaces. The proposed net operating income is $2,185,077.

The offering consists of nearly 10,000 NSF of retail space in an area where retail rents still command north of $500/SF. This is evident in Marc Jacobs’s recent lease signing at 400 Bleecker Street, the former Biography Bookshop, for $545/SF. Before 2009, rents were achieved as high as $740/SF, as seen with Diptyque’s lease at 377 Bleecker.

Out of the six retail spaces, two are occupied by Marc Jacobs with LVMH credit until 2017; one is occupied by Mulberry, a global, luxury tenant with a lease until 2016, and the smallest space off Bleecker Street has just been offered for lease. The two remaining corners spaces could be delivered with signed leases in place from credit fashion tenants that would take possession 60 days post closing as a result of executed stipulations with the existing tenants.

The proposed lease for the ground floor of 367-39 Bleecker Street only includes the lower level of 369 Bleecker Street. This would allow a buyer to rent the sellable lower level of 367 Bleecker Street separately along with the sub basement of 367 Bleecker Street. This separate retail space is accessible from Charles Street and would be made more desirable if the stairway could be extended into the space and the archway above raised. This alteration would be subject to the approval of Landmarks, but has already received a positive initial reaction from them.

Located in the heart of the West Village, this collection of retail condominiums are nestled between other high end retailers such as Polo Ralph Lauren, Tommy Hilfiger, Juicy Couture, Black Fleece by Brooks Brothers, Alexis Bittar, Cynthia Rowley, Brunello Cucinelli, Bonpoint, and Jack Spade, among many others.

Overview

State of New York, Office of Attorney General, File Nos.: CD-060256 & CD-040335. This is not an offering. No offering can be made until an offering plan is filed with the Department of Law of the State of New York. This request for expressions of interest is made pursuant to Cooperative Policy Statement No. 1 issued by the New York State Attorney General.



Property Photographs



367367--369 369 BleeckerBleecker Street Retail CondominiumStreet Retail CondominiumPrime Retail Portfolio for SalePrime Retail Portfolio for Sale

This is not an offering. No offering can be made until an offering plan is filed with the Department of Law of the State of New York. This request for expressions of interest is made pursuant to Cooperative Policy Statement No. 1 issued by the New York State Attorney General. 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 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. 00

Location: The northeast corner of Bleecker and Charles Streets

Block/Lot: 612 / 1201

Lot Size: 49' x 41' 8" (Approx.)

Lot Area: 1,926 SF (Approx.)

Building Stories: 5

Building Dimensions: 49' x 41' 8" (irr.) (Approx.)

Landmark: Yes - Greenwich Village Historic District

Retail Condominium Unit Information:# of Commercial Units: 1

Retail Ground NSF: 1,718 (Approx.)

Retail Below Grade NSF: 1,968 (Approx.)

Storage Below Grade NSF: 1,040 (Approx.)

Assessment: (09/10)

Est. Taxes: (09/10)

Description:

This corner building, located on New York City’s famed Bleecker Street, features one of the mostsought after retail spaces in the city. This retail condominium has 1,718 ground SF of prime retailspace with frontage on both Bleecker and Charles Streets plus nearly 2,000 SF of additional legalretail-use basement space and 1,040 SF of sub-basement storage space. The space could bedelivered with a signed lease in place from a credit fashion tenant that would take possession 60days post closing as a result of an executed stipulation with Les Pierre Antiques. The proposedlease for the ground floor of 367-39 Bleecker Street only includes the lower level of 369 BleeckerStreet. This would allow a buyer to rent the sellable lower level of 367 Bleecker Street separatelyalong with the sub basement of 367 Bleecker Street. This separate retail space is accessible fromCharles Street and would be made more desirable if the stairway could be extended into the spaceand the archway above raised. This alteration would be subject to the approval of Landmarks, buthas already received a positive initial reaction from them.

$182,761

$23,855

Building Information:

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

James P. Nelson (x7710) or [email protected] Simons (x7734) or [email protected] Gotch (x7742) or [email protected]

For Additional Information, Please Contact Exclusive Sales Agents at (212) 696-2500:

Mitchell Levine (x7761) or [email protected] A. Knakal (x7777) or [email protected]



382382--384 384 BleeckerBleecker Street Retail CondominiumStreet Retail CondominiumPrime Retail Portfolio for SalePrime Retail Portfolio for Sale


Location: The southwest corner of Perry and Bleecker Street

Block: 621Lots: 1102, 1123, 1124, 7503

Lot Size: 42' 6" x 70' (Approx.)

Lot Area: 2,975 SF (Approx.)

Building Stories: 6

Building Dimensions: 42' 6" x 63' (irr.) (1-6 plus finished basement) (Approx.)

Zoning: C1-6


# of Commercial Units: 4

Unit: Tenant NSF (Approx.)Unit A (Ground) Marc Jacobs 567Unit B (Corner) Currently Olive & Bette's 1,050Unit C (Lower Level) Marc Jacobs 564Unit D (Ground) Vacant Conversion 724

Total Retail NSF: 2,905 (Approx.)

Total Storage Below Grade NSF: 923 (Approx.)

Total Outdoor or NSF:

*Assessment: (09/10)

*Est. Taxes: (09/10)*Taxes and assessment are for all the retail condominiums units being offered.

Description:

This centrally located property lies in the heart of the West Village along a stretch of blocks that has become one of the topluxury shopping districts of Manhattan. Retail adjacencies include Ralph Lauren, Coach, Brooks Brothers, Bonpoint, RobertMarc, Dyptique, Tommy Hilfiger and Brunello Cucinelli. Marc Jacobs, a subsidiary of LVMH, currently occupies two of thefour commercial units, with leases expiring in 2017. One of the two units occupied by Marc Jacobs is located on the groundand the other is located on the lower level, generating a combined rent, including tax passthrough, of $434,232 per yearunder a lease signed in 2007.

The highly desirable corner retail condominium comprises 1,050 SF of corner retail space. The space could be deliveredwith a signed lease in place from a credit fashion tenant that would take possession 60 days post closing as a result of anexecuted stipulation with Olive & Bette. The fourth retail condominium, with its entrance on Perry Street, will allow a tenant tobenefit from the Bleecker Street foot traffic without having to pay Bleecker Street rents.


Retail Condominium Unit Information:

$294,674

$33,763

378

New P

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387 387 BleeckerBleecker Street Retail CondominiumStreet Retail CondominiumPrime Retail Portfolio for SalePrime Retail Portfolio for Sale



This is not an offering. No offering can be made until an offering plan is filed with the Department of Law of the State of New York. This request for expressions of interest is made pursuant to Cooperative Policy Statement No. 1 issued by the New York State Attorney General. 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 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.

Location: The east side of Bleecker Street between Perry and West 11th Streets

Block/Lot: 622/170

Lot Size: 15' 10" x 33' 1 1/2" (irr.) (Approx.)

Lot Area: 500 SF (Approx.)

Building Stories: 3

Building Dimensions: 15' 10" x 33' 1" (1-3) (Approx.)


Retail Condominium Unit Information:# of Commercial Units: 1

Retail Ground NSF: 480 (Approx.)

Storage Below Grade NSF: 312 (Approx.)

Total NSF: 792 (Approx.)

Zoning: C1-6

*Assessment: (09/10)*Est. Taxes: (09/10)*Taxes and assesment are for the whole building, as the offering plan has not been declared effective.

Description:This jewel-box town home with ground floor retail space lies in the heart of the ultra-prime stretch ofBleecker Street blocks from Charles to West 11th Street. The commercial unit is located below thetwo story separate residential condominium, and is currently occupied by world famous Mulberryunder a lease that terminates in 2016 at an annual rent, including passthroughs, of $269,000 withannual escalations of 3%. The commercial tenant pays 50% of the property taxes over the base yearand half of the Bleecker Gardens membership dues, insurance and heat for the property. The entitythat signed the lease, Mulberry USA, is a wholly owned subsidiary of global luxury tenant MulberryGroup plc. Prior to opening, Mulberry spent over $1,000 per foot to renovate the space.

$56,955$9,561






THE BLEECKER STREET RETAIL PORTFOLIO | 10The 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 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.

Bleecker Street Retail CondominiumsBleecker Street Retail CondominiumsPrime Retail Portfolio for SalePrime Retail Portfolio for Sale


Address:367-369 Bleecker St.

Retail382-84 Bleecker St.

Units A & C382-84 Bleecker St.

Unit B382-84 Bleecker St.

Unit D387 Bleecker St.

Retail

Tenant: Delivered Vacant (1) Marc Jacobs (2) Delivered Vacant (1) Delivered Vacant Mulberry (2) Total

Lease Expiration N/A August 31, 2017 N/A N/A May 31, 2016Annual Increase N/A 3% N/A N/A 3%

Potential Gross Annual Revenue Base Rental Revenue $876,600 $418,923 $550,000 $181,000 $266,844 $2,293,367

Expense Reimbursement Revenue RE/Heat/Insur/Grd Fees $0 $15,309 $0 $0 $2,256 $17,565

Total Potential Gross Annual Revenue $876,600 $434,232 $550,000 $181,000 $269,100 $2,310,932

Expenses RE Taxes $24,214 $15,309 $12,804 $7,109 $9,704 $69,140 Management Fee $2,500 $5,000 $2,500 $2,500 $2,500 $15,000 Operating Expenses $11,841 $11,882 $5,893 $7,883 $4,216 $41,715

Total Operating Expenses $38,555 $32,191 $21,197 $17,492 $16,420 $125,855

Projected Net Operating Income $838,045 $402,041 $528,803 $163,508 $252,680 $2,185,077(1) Projected rent.(2) Tenant has the option to 1 five year renewal as per agreed upon terms of the lease.(3) Tenant pays 100% of RE taxes over base year 2010.(4) Tenant pays 100% of RE taxes levied on unit.(5)) Tenant pays 50% of RE taxes over 2006-7 base year.

(4) (5)(3) (3) (3)








Tenant Description

MARC JACOBS, www.marcjacobs.com

In 2007, Marc Jacobs added to his Bleecker Street collection of retail locations with his line, Marc by Marc Jacobs followed shortly by Little Marc. Carrying a parent LVMH guaranty, these two stores have leases extending out to 2017. In recent years, the Marc Jacobs brand has increased the number of boutiques and direct point of service locations. This is evident in the signature list of cities featured in the company's print advertisements. A number of branded boutiques feature only the Marc by Marc Jacobs product line. As of May 2008, Marc Jacobs boutiques in the United States include multiple locations in New York, San Francisco, and Los Angeles, as well as shops in Bal Harbour, Las Vegas, Guam, Chicago, Savannah, Boston, and Provincetown, Massachusetts. Worldwide, other such stand-alone stores are found in Europe (Paris, London, Madrid, Copenhagen and Moscow), the Middle East (Beirut, Riyadh, Dubai, Kuwait, and Doha), across Japan (multiple locations in Tokyo and Osaka, as well as Kyoto, Kobe, Nagoya, Sendai, Shizuoka, Nagano, Chiba, Matsuyama, and Tottori), Korea (multiple locations in Seoul) and elsewhere in Asia (multiple locations in Hong Kong and Taipei, as well as Shanghai, Beijing, Chengdu, Guangzhou, Manila, Kuala Lumpur, Singapore, Jakarta, and Bangkok). The various ready-to-wear and accessory collections are also widely available at leading department stores around the globe. Marc Jacobs himself is the head designer for Marc Jacobs, as well as the diffusion line Marc by Marc Jacobs and is currently the Creative Director of the prestigious French design house Louis Vuitton.



Tenant Description

MULBERRY, www.mulberry.com

Founded in 1971, this British leather goods company was initially noted for its leather bags, and now has a range covering menswear, womenswear, and most recently, footwear. Mulberry Group PLC is listed on the London Stock Exchange. With stores throughout the UK, Europe, Asia, and America, its registered offices are in London and in New York. Renowned world-wide for its craftsmanship and quality, the brand’s backbone remains its extensive line of leather luxury fashion bags, combining styling, stand-out design with the finest materials and detailing.



Floor Plans: 367-69 Bleecker Street – Ground Floor



Floor Plans: 367-69 Bleecker Street – Sellable Basement & Sub-Basement



Floor Plans: 382-84 Bleecker Street – Units A, B & D



Floor Plans: 382-84 Bleecker Street – Unit C



Lease Abstracts

Marc Jacobs International, LLCTenant: Marc JacobsDate: 1/26/07Premises: 382 Bleecker Street, Ground Floor and BasementUse of Premises: Tenant shall use and occupy the demised premises for the retail sale of luxury goods.Term: 10 years with 3% annual increasesLease Commencement: 2/1/07Lease Expiration: 7/31/17Option to Renew: One option to renew lease for 5 years, at 95% of fair market value but in no event less than 90% of the last month's rent during the initial term of the lease.Period: 8/07‐7/08 8/08‐7/09 8/09‐7/10 8/10‐7/11 8/11‐7/12 8/12‐7/13 8/13‐7/14 8/14‐7/15 8/15‐7/16 8/16‐7/17Rent (Monthly): 32,500.00$ 33,475.00$ 34,479.25$ 35,513.63$ 36,579.04$ 37,676.41$ 38,806.70$ 39,970.90$ 41,170.03$ 42,405.13$ Rent (Annually): 390,000.00$ 401,700.00$ 413,751.00$ 426,163.53$ 438,948.44$ 452,116.89$ 465,680.40$ 479,650.81$ 494,040.33$ 508,861.54$ Additional Rent: 100% of taxesSecurity Deposit: NoneAssignment Rights: Only with Landlord's prior written consentGuaranty: Guaranteed by Louis Vuitton North America, Inc.

Mulberry USA, LLCTenant: MulberryDate: 2/24/06Premises: 387 Bleecker Street, Store and BasementUse of Premises: Tenant shall use and occupy the demised premises for the retail sale of luxury leather goods and apparel and accessories on the street level and the

basement only for storageTerm: 10 years and 90 days with 3% annual increasesLease Commencement: 2/24/06Lease Expiration: 5/31/16Option to Renew: One option to renew lease for 5 years, at 95% of fair market value Period: 6/06‐5/07 6/07‐5/08 6/08‐5/09 6/09‐5/10 6/10‐5/11 6/11‐5/12 6/12‐5/13 6/13‐5/14 6/14‐5/15 6/15‐5/16Rent (Monthly): 20,000.00$ 20,600.00$ 21,218.00$ 21,854.54$ 22,510.18$ 23,185.48$ 23,881.05$ 24,597.48$ 25,335.40$ 26,095.46$ Rent (Annually): 240,000.00$ 247,200.00$ 254,616.00$ 262,254.48$ 270,122.11$ 278,225.78$ 286,572.55$ 295,169.73$ 304,024.82$ 313,145.56$ Additional Rent: 50% of tax increases over 2006‐07 base yearSecurity Deposit: $240,000 initial ly, increasing with each fixed rent increase to remain consistent with that amountAssignment Rights: Only with Landlord's prior written consentGuaranty: None



Portfolio Map and Location



Neighborhood Retail Map



Neighborhood Description

LOCATION

The neighborhood is bounded by Broadway on the east, the Hudson River on the west, Houston Street on the south, and 14th Street on the north. The neighborhoods surrounding it are the East Village to the east, SoHo to the south, and Chelsea to the north. The East Village, which was formerly known as the Bowery or considered a bona fide part of the Lower East Side, is sometimes (incorrectly) referred to as part of Greenwich Village, but it is actually its own neighborhood. This area directly east of Greenwich Village was named the East Village in the 1960s in order to capitalize on the cachet of Greenwich Village. Many New Yorkers argue that the East Village is still a subsection of the Lower East Side. Contrarily, the West Village is actually part of Greenwich Village; it is that part of the Village west of 6th Avenue.

NEIGHBORHOOD CHARACTER

Greenwich Village is undoubtedly one of New York's best known neighborhoods. Its very mention evokes an assortment of familiar images -- a cultural underground of bohemians and beatniks; the stately world of Henry James' Washington Square; jazz clubs galore; tourists on Eight Avenue and Bleecker Streets, and of course, the booming art scene.

The Greenwich Village area, the Manhattan neighborhood containing the subject property, is characterized by its eclectic identity. Approximately 61% of the almost 2,500 buildings in the area are residential; 19% are mixed-use (commercial/residential); 15% are commercial/retail; and 5% include schools, theaters, city property, and vacant land.

The area contains an abundance of restaurants, theaters, clubs and shops, as well as some of New York's oldest and most charming residential blocks. In fact, many of the area's quiet, narrow streets -- virtually unchanged since the early 1800s -- have a refreshing smallness of scale. The streets themselves are a crazy quilt of diagonals and curves that mostly pre-date the rigid grid pattern of the north. Approximately 70-80% of the area is in the Greenwich Village Historic Preservation District.The historic Washington Square Park is the center and heart of the neighborhood, but the Village has several other, smaller parks: Father Fagan, Minetta Triangle, Petrosino Square, Little Red Square, and Time Landscape. There are also city playgrounds, including Desalvio, Minetta, Thompson Street, Bleecker Street, Downing Street, Mercer Street, and William Passannante Ballfield. Perhaps the most famous, though, is "The Cage", officially known as the West 4th Street Courts. Sitting on top of the West Fourth Street–Washington Square subway station at Sixth Avenue, the courts are easily accessible to basketball and American handball players from all over New York. The Cage has become one of the most important tournament sites for the city-wide "Streetball" amateur basketball tournament.



Neighborhood Description

.

TRANSPORTATION

Besides the diversity of services and amenities located in the immediate vicinity, the subject property has excellent access to major transportation facilities. The 6, as well as B, D, F, and Q subway lines, are within easy walking distance, providing access to all areas of Manhattan, the Bronx, Brooklyn, and Queens. The New Jersey PATH train is also accessible via the subway. The area is served by MTA buses on major avenues. Cross-town bus service can be found on Houston and West 14th Streets.

By car, there is relatively easy access to the Holland tunnel to New Jersey, and the Brooklyn-Battery Tunnel to Brooklyn. The area is equally accessible to Newark, JFK, and LaGuardia airports.

DINING

At night, Greenwich Village comes alive with sounds from restaurants, late-night coffeehouses, cafés, theaters, and music clubs. Anything and everything can be had from a great burger and fries from the Corner Bistro to an intimate candlelit dinner at One if by Land, Two if By Sea. Established restaurants in the neighborhood include Blue Ribbon, The Fatty Crab, Pastis, The Spotted Pig, Il Mulino, Tomoe Sushi, Babbo, and the Waverly Inn. Noteworthy restaurateurs such as the Bromberg brothers consistently increase the area’s offerings, opening eateries such as Blue Ribbon Sushi, and Blue Ribbon Bakery. The Village is also home to such famous jazz clubs as the Blue Note, Lions Den, and fabled coffeehouses including Caffe Reggio and CaféFigaro. The proximity to a vibrant selection of convenient bars and restaurants will hold a very real and significant appeal to the occupants of the subject property.

SHOPPING

Greenwich Village is great for browsing and gift shopping. Specialty book and record stores, antiques and craft shops, and gourmet food markets dominate the neighborhood. The Village is also a destination for bargain hunters. In addition, major retailers such as Urban Outfitters, Pottery Barn and Marc Jacobs bring trendy footwear, fashions, and housewares to the area.

The best area for strolling or window shopping is Bleecker Street. Here, you will find lots of specialty shops and record stores interspersed with a number of up-and coming boutiques. Narrow Christopher Street is another lively strip, because it is loaded with genuine Village character. Wandering west of Seventh Avenue and along Hudson Street, takes you to shops like House of Cards and Curiosities, the Village's own funky take on an old-fashioned nickel-and-dime which are tucked among the brownstones



Neighborhood Character- Greenwich Village

Greenwich Village by Building Classification

Store Buildings6%

Commerical Condominiums

8%

Primarily Residential- Mixed Use

15%

Other15%

1-2 Family Dwellings14%

Walk-Up Apartments37%

Elevator Apartments5% Total Buildings: 2508

CULTURAL AMENITIES

The Village also has a bustling performing arts scene. It is home to many Off-Broadway and Off-Off-Broadway theaters; for instance, Blue Man Group has taken up residence in the Astor Place Theater. The Village Vanguard hosts some of the biggest names in jazz on a regular basis. Other music clubs include The Bitter End, and Lion's Den. The village also has its own orchestra aptly named the Greenwich Village Orchestra. Comedy clubs dot the Village as well, including The Boston and Comedy Cellar, where many American stand-up comedians got their start.

The architecture surrounding the subject property is extremely unique. Urbanized in the 1820's Greenwich Village is on of New York City's oldest and most diverse residential neighborhoods. Streets in the village of Greenwich were initially laid out in the late 18th century. In the 1820's, a number of Federal-style row houses were erected, either of brick or of wood with brick facades. Greek Revival row houses with austere entrances frame by heavy stone can be found throughout the district as well.

SCHOOLS

Greenwich Village includes the primary campus for New York University (NYU), The New School, and Yeshiva University's Benjamin N. Cardozo School of Law. Cooper Union is also located in Greenwich Village, near Lafayette and Bleecker.

Located in Community District 2, there are a variety of public and private school options for elementary to high school students. Public school options include PS 003 Charrette School and PS 041 Greenwich Village for elementary schools. Public high schools include The Legacy School at 33 West 13th Street and Independence High School at 16 Clarkson Street.

Private school options for elementary students include City & Country School at 146 West 13th Street, Little Red School House at 196 Bleecker Street, Our Lady of Pompeii at 240 Bleecker Street, and St. Luke’s School at 487 Hudson Street. The Little Red School House also offers private education for Upper School.

CONCLUSION

The neighborhood is a gold mine of social and cultural history. But whether one comes to savor the architecture, immerse oneself in its history, enjoy the nightlife, restaurants and shops, or just take a lazy stroll through this peaceful downtown enclave, the Village offers a multitude of pleasures. Few other micro-markets in Manhattan enjoys the charm and convenience that Greenwich Village does, giving it a competitive advantage in its ability to attract a wide variety of market participants. Bountiful retail options and a plethora of exciting restaurants are all immediately accessible. For interested investors, the subject property is amidst a constantly evolving community and vibrant nightlife which are inviting attributes to the neighborhood.



Historic Information

Greenwich Village Historic District

387 Bleecker Street

382-84 Bleecker Street 367-69 Bleecker Street

(AKA 87 Charles Street)

(AKA 92-94 Perry Street)



Historic Information

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