05.04.2013 Views

337-345 Lafayette Street - Massey Knakal Realty Services

337-345 Lafayette Street - Massey Knakal Realty Services

337-345 Lafayette Street - Massey Knakal Realty Services

SHOW MORE
SHOW LESS

Create successful ePaper yourself

Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.

<strong>337</strong>-<strong>345</strong> <strong>337</strong> <strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong><br />

(AKA 51-53 51 53 Bleecker <strong>Street</strong>)<br />

Prime Corner Mixed Use Building<br />

<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)


<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

Confidentiality<br />

THIS IS A CONFIDENTIAL MEMORANDUM intended solely for your own limited use in considering<br />

whether to pursue negotiations to acquire an interest in <strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53<br />

Bleecker <strong>Street</strong>), New York, NY ("The Property").<br />

This Confidential Memorandum contains brief, selected information pertaining to the business and<br />

affairs of the Owner, and has been prepared by <strong>Massey</strong> <strong>Knakal</strong> <strong>Realty</strong> <strong>Services</strong> ("<strong>Massey</strong> <strong>Knakal</strong>")<br />

Although this Confidential Memorandum has been reviewed by representatives of the Owner, it does<br />

not purport to be all inclusive or to contain all of the information which a prospective purchaser may<br />

desire. Neither <strong>Massey</strong> <strong>Knakal</strong> nor any of their officers, employees or agents make any<br />

representation or warranty, expressed or implied, as to the accuracy or completeness of this<br />

Confidential Memorandum or any of its contents, and no legal liability is assumed or to be implied with<br />

respect thereto.<br />

By acknowledgement of your receipt of the Confidential Memorandum, you agree that the<br />

memorandum and its contents are confidential, that you will hold and treat it in the strictest of<br />

confidence, that you will not directly or indirectly, disclose or permit anyone else to disclose this<br />

memorandum or its contents to any person, firm or entity without prior written authorization of Owner,<br />

and that you will not use, or permit to be used, this memorandum or its contents in any fashion or<br />

manner detrimental to the interest of Owner. Photocopying or other duplication is strictly prohibited.<br />

Owner and <strong>Massey</strong> <strong>Knakal</strong> expressly reserve the right, at their sole discretion, to reject any or all<br />

proposals or expressions of interest in the building, and to terminate discussions with any party at any<br />

time with or without notice.<br />

If you do not wish to pursue negotiations leading to this acquisition, kindly return this Confidential<br />

Memorandum to <strong>Massey</strong> <strong>Knakal</strong>.<br />

This Confidential Memorandum shall not be deemed a representation of the state of affairs of the<br />

property or constitute an indication that there has been no change in the business of affairs or the<br />

property since the date of preparation of this memorandum.


<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

Offering Memorandum<br />

<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong><br />

(AKA 51-53 Bleecker <strong>Street</strong>)<br />

Prime Corner Mixed Use Building<br />

Submit Proposals<br />

James Nelson<br />

212.696.2500 x7710<br />

jnelson@masseyknakal.com<br />

Caroline Hannigan<br />

212.696.2500 x7708<br />

channigan@masseyknakal.com<br />

EXCLUSIVE AGENTS:<br />

David Fowler<br />

212.696.2500 x7734<br />

dfowler@masseyknakal.com<br />

Mitchell Levine<br />

212.696.2500 x7761<br />

mlevine@masseyknakal.com<br />

<strong>Massey</strong> <strong>Knakal</strong> <strong>Realty</strong> <strong>Services</strong><br />

275 Madison Ave, Third Floor<br />

New York, New York 10016<br />

T: 212.696.2500<br />

F: 212.696.0333


<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

Table of Contents<br />

Property Information<br />

Property Photograph<br />

Property Overview<br />

Rent Roll & Expenses<br />

Property Photographs<br />

Floor Plans<br />

Tax Map and Location<br />

Neighborhood Information<br />

Neighborhood Description<br />

Neighborhood Map<br />

NoHo Retail Maps<br />

Aerial Photograph<br />

Zoning Map<br />

Zoning Description<br />

Transportation Information<br />

Due Diligence Materials<br />

DOB, ECB, & HPD Violations<br />

Certificate of Occupancy


<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

Property Photograph


<strong>337</strong>-<strong>345</strong> <strong>337</strong> <strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 51 53 Bleecker <strong>Street</strong>)<br />

<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

Prime Corner Mixed Use Building for Long Term Lease<br />

Property Information<br />

Address: <strong>337</strong>-45 <strong>Lafayette</strong> <strong>Street</strong> (A.K.A. 51-53 Bleecker <strong>Street</strong>)<br />

Location:<br />

Block: 529<br />

Lot: 65<br />

Lot Size: 29'6" x 100'3" Irr. (Approx.)<br />

Building Information<br />

Building Size: 29'6" x 100'3" Irr. (Approx.)<br />

Stories: 3 plus basement<br />

Gross Square Footage: 9,789 (Approx.)<br />

Zoning: M1-5B<br />

FAR: 5.00<br />

Lot Size: 3,263 sq. ft. (approx.)<br />

Total Buildable Sq. Ft.: 16,315 sq. ft. (approx.) Contingent on Landmark's Approval<br />

Minus Existing Structure: 9,789 sq. ft. (approx.)<br />

Available Air Rights: 6,526 sq. ft. (approx.)<br />

Historic District: Yes<br />

Assessment (09/10) : $ 530,095<br />

Taxes (09/10): $ 54,287<br />

Description:<br />

Located on the northeast corner of <strong>Lafayette</strong> and Bleecker <strong>Street</strong>s<br />

This property is a 29'6" by 100'3" corner building in the NoHo section of Manhattan. It consists of 3 stories and a basement. The building lies in the NoHo Historic District<br />

and has large floor plates which are currently divided into smaller units throughout. It is located in a submarket which currently commands in excess of $200/NSF for<br />

retail. Moreover, the property sits at the entrance to the Bleecker <strong>Street</strong> stop on the 6 train. Retail demand is high along this coveted stretch of NoHo which houses<br />

such notables as Rogan, Billy Reid, John Varvatos, Urban Outfitters, Puma and Blue & Cream. The property also benefits from its proximity to the high end developments<br />

at 25 Bond <strong>Street</strong>, Cooper Square Hotel, Ian Schrager’s 40 Bond <strong>Street</strong>, and the Bowery Hotel as well as NYU. This building will be delivered vacant. It has potential for a<br />

future live-work conversion which would benefit from 6,526 SF of air rights, however any exterior changes would have to be approved by the Landmark’s Preservation<br />

Commission. The building has significant structural issues which are addressed in a report, please request a confidentiality agreement to learn more.<br />

James P. Nelson 212.696.2500 (x7710) or jnelson@masseyknakal.com<br />

David Fowler 212-696-2500 (x7734) or dfowler@masseyknakal.com<br />

For Additional Information, Please Contact Exclusive Sales Agents:<br />

Submit Proposals<br />

Caroline Hannigan 212.696.2500 (x7708) or channigan@masseyknakal.com<br />

Mitchell Levine 212-696-2500 (x7761) or mlevine@masseyknakal.com<br />

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<br />

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<br />

and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.<br />

275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333<br />

www.masseyknakal.com<br />

THE BRONX BROOKLYN MANHATTAN NASSAU QUEENS STATEN ISLAND WESTCHESTER


<strong>337</strong>-<strong>345</strong> <strong>337</strong> <strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 51 53 Bleecker <strong>Street</strong>)<br />

<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

Prime Corner Mixed Use Building for Long Term Lease<br />

Unit Tenant Type NSF/RSF (1)<br />

PROJECTED RENT ROLL<br />

$/NSF Status Upon Sale Monthly Rent Annual Rent<br />

Ground w/Bsmt. Retail 2,775 $200 VACANT $ 46,250 $ 555,000<br />

2<br />

3<br />

Owner Occupied<br />

Owner Occupied<br />

3,125<br />

3,125<br />

VACANT<br />

VACANT<br />

To Be Retained By Owner<br />

Sign Easement Commercial N/A N/A N/A $ 2,708 $ 32,500<br />

Totals & Averages: 9,025 $200 $ 48,958 $ 587,500<br />

Yellow indicates rents that are projected at market, but which are currently occupied. The building will be delivered vacant upon sale.<br />

(1) Retail net square footage is calculated by using a 15% loss factor, commercial rentable square footage uses a 10% mechanical deduction and then applies a 25% loss<br />

factor.<br />

For Additional Information, Please Contact Exclusive Sales Agents:<br />

James P. Nelson 212.696.2500 (x7710) or jnelson@masseyknakal.com Caroline Hannigan 212.696.2500 (x7708) or channigan@masseyknakal.com<br />

David Fowler 212-696-2500 (x7734) or dfowler@masseyknakal.com<br />

EXPENSES: (ESTIMATED) Basis<br />

Real Estate Taxes (09/10) Actual $<br />

54,287<br />

Water/Sewer $ 0.50/SF $<br />

4,895<br />

Insurance $1.50/SF $<br />

14,684<br />

Fuel $2.00/SF $<br />

19,578<br />

Electric (Common Areas) $ 0.50/SF $<br />

4,895<br />

Repairs & Maintenance $1.00/SF $<br />

9,789<br />

Super $500 Per Month $<br />

6,000<br />

Management 3% of Gross Income $<br />

24,188<br />

Total: $ 138,314<br />

Gross Annual Income: $ 806,250<br />

Less Expenses: $ 138,314<br />

Projected Net Operating Income: $<br />

667,936<br />

Submit Proposals<br />

Mitchell Levine 212-696-2500 (x7761) or mlevine@masseyknakal.com<br />

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<br />

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<br />

and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.


<strong>337</strong>-<strong>345</strong> <strong>337</strong> <strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 51 53 Bleecker <strong>Street</strong>)<br />

<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

Prime Corner Mixed Use Building for Long Term Lease<br />

A.J. Muste Memorial Institute<br />

PROPOSED TERMS FOR LONG-TERM NET LEASE<br />

for <strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong><br />

1. Term: 30 years, renewable for an additional 10 to 20 years on the same terms unless AJMMI is prepared (at the 30-year point) to take<br />

over the whole building as a mission-based peace and justice center (If ground floor is to continue as market rate rentals, lease will be<br />

renewed for at least 10 years.)<br />

2. Base Rent: at least $100,000/year. First year (construction period) rent not charged; however, 50% of second year rent is due at closing<br />

of lease deal, with the other 50% due at the start of the second year<br />

3. Annual Increases: 2.5%, beginning year 6.<br />

4. AJMMI and its tenants shall occupy second and third floors rent free after construction period.<br />

5. Lessee shall be responsible for all repair, construction costs, including installation of ADA-compliant elevator serving second and third<br />

floors, as laid out in Jerry Caldari's repair recommendations. Second and third floors to be returned to Lessor in “white box” condition,<br />

unfinished or finished as may be negotiated between AJMMI and Lessee, and recommended by Jerry Caldari.<br />

6. During the construction period, Lessee will provide either appropriate office space (approx 4,500 square feet) for AJMMI and its tenants<br />

or stipend to AJMMI to cover cost of same and moving expenses, to be based on actual costs.<br />

7. Lessee responsible for taxes, utilities and insurance based on value, not square footage, of space occupied. Lessee shall pay all real<br />

estate taxes during the construction period while AJMMI is not occupying the building.<br />

8. Income from signage or air rights relating to neighboring signage to be split 50/50 between Lessor and Lessee under the terms of<br />

separate agreements (subject to approval of Lessor). Development of additional floors or roof area subject to separate agreement.<br />

9. Brokerage fee: to be paid 50% by Lessee, 50% by Lessor.<br />

For Additional Information, Please Contact Exclusive Sales Agents:<br />

James P. Nelson 212.696.2500 (x7710) or jnelson@masseyknakal.com Caroline Hannigan 212.696.2500 (x7708) or channigan@masseyknakal.com<br />

David Fowler 212-696-2500 (x7734) or dfowler@masseyknakal.com<br />

Mitchell Levine 212-696-2500 (x7761) or mlevine@masseyknakal.com<br />

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<br />

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<br />

and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.


Roof & Signage Easement<br />

Office Space<br />

<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

Property Photographs<br />

Office Space<br />

Retail Store<br />

Retail Store <strong>Lafayette</strong> <strong>Street</strong> Traffic


<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

Floor Plans


<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

Floor Plan


<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

Floor Plan


<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

Floor Plan


<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

Tax Block: 529 / 65<br />

Location: Northeast corner of <strong>Lafayette</strong> and Bleecker <strong>Street</strong>s<br />

<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53<br />

Bleecker <strong>Street</strong>)<br />

<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

Tax Map and Location


<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

Retail Map


<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> is located in NoHo which is roughly bounded by<br />

Houston <strong>Street</strong> on the south, the Bowery and Third Avenue on the east, 8th<br />

<strong>Street</strong> on the north, and Broadway on the west.<br />

According to New York Magazine NoHo, short for North of Houston, is<br />

home to an ever growing affluent community. The neighborhood is<br />

comprised of lawyers, bankers, and those who prefer the downtown style of<br />

living for its abundance of cultural amenities which can only be found here.<br />

Filmmakers and fashionistas reside in renovated tenements, drawn by<br />

nightlife and shopping. Celebrities in the neighborhood include the likes of<br />

David Bowie and Lauren Hutton who live in airy conversions on <strong>Lafayette</strong><br />

<strong>Street</strong>. The area has experienced a resurgence over the last few years with<br />

high end rental developments by Avalon Bay, along with boutique hotels<br />

and luxurious condominium developments. The area has seen a dramatic<br />

transformation over the last three years into one with chic boutiques and<br />

European style cafes. Such growth creation especially on the high end<br />

luxury market has driven retailers to establish a presence in the area. <strong>337</strong><br />

<strong>Lafayette</strong> <strong>Street</strong> retail is centrally located and well positioned to capitalize<br />

from this growing trend.<br />

The retail at <strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> will unquestionably benefit from the<br />

creation of high-end development around it. Condominiums at 57 Bond<br />

<strong>Street</strong> have sold for more than $1,900/SF, while the newly built 40 Bond<br />

<strong>Street</strong> designed by the acclaimed Ian Schrager sold out at over $2,800/SF<br />

and features a long list of amenities including 24hr concierge services.<br />

With these new developments, NoHo has still maintained its quiet, "oldtime"<br />

SoHo feel. New eateries like Double Crown, Freemans join old<br />

standbys such as IL Buco. Among many other significant buildings in the<br />

area are the architecturally distinct Puck, De Vinne Press, and Bayard-<br />

Condict Buildings. NoHo is a mecca for dinning, entertainment, and the<br />

likes. <strong>Lafayette</strong> <strong>Street</strong> and the surrounding areas host several Off-<br />

Broadway shows and theaters which include The Public Theater, The Astor<br />

Place Theater, Joe’s Pub, and the Amato Opera.<br />

<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

Neighborhood Description


HOTELS<br />

Since its opening, The Bowery Hotel, which is the latest venture from the creators<br />

of the Maritime Hotel, continues to attract locals as well as tourists. The Superluxe<br />

Cooper Square Hotel which recently opened, promises to redefine downtown<br />

luxury living with high end appointed finishes while providing top notch amenities<br />

for its guests. These hotels cater to exclusive clientele and enjoy extremely high<br />

occupancy rates year round and will undoubtedly drive foot traffic surrounding the<br />

retail property.<br />

RETAIL<br />

Noho has become one of the leading sources of creativity for the fashion and retail<br />

industries as well as all forms of designer merchandise. Soaring rents in midtown<br />

along Madison and Fifth Avenue continue to drive retailers south to the Noho area<br />

in search of lower rents. 45 Bond <strong>Street</strong> retail affords retailers access to the high<br />

end customers living in the newly appointed developments while capturing tourists<br />

staying in the new luxury hotels. In fashion, John Varvatos, Blue & Cream, and<br />

others can be spotted on a casual walk through the neighborhood. Given the<br />

current resiliency of the New York City high end market, <strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong>’s<br />

highly desirable location will continue to evolve into a retail destination location.<br />

EDUCATION<br />

New York University’s campus is centered around Washington Square Park, a<br />

short walking distance from <strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong>. Many teachers and students<br />

are housed in the surrounding area and the NYU Bus can be seen regularly making<br />

its way down West Broadway, across Spring, down Broadway or up <strong>Lafayette</strong>. The<br />

school has an enormous influence on New York City and the Noho and SoHo area<br />

in particular. The Drawing Center serves the artistic community and the Open<br />

Center offers numerous non-traditional courses.<br />

<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

Neighborhood Description


SCHOOLS<br />

Families attracted to the area will benefit by the variety of<br />

schools and activities for their children. Public schools for the<br />

area include the highly rated PS130 for elementary school and<br />

PS 65 for Junior High. Private school options for children include<br />

The City & Country Day School, Little Red School House, and<br />

the Grace Church School.<br />

RESTAURANTS<br />

Older original restaurants include Il Buco which opened in 1994,<br />

and quickly became an in-the-know favorite. Excellent fare is<br />

available on every corner, as some of the city’s most talented<br />

chefs have been brought into the area. Noteworthy restaurants<br />

include Five Points, Peasant, Bond <strong>Street</strong> Sushi, Double Crown,<br />

Freemans, and Gemma. One of the most anticipated new<br />

openings .<br />

slated for 2009 is the arrival of world renowned and 4<br />

Star New York Times rated chef Daniel Boulud. Mr. Boulud will<br />

be opening DBGB, this casual yet elegant eatery will be located<br />

at 299 Bowery and will be designed for adults who appreciate<br />

great food and wines in a comfortable setting with a downtown<br />

vibe.<br />

<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

Neighborhood Description


<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong><br />

(AKA 51-53 Bleecker<br />

<strong>Street</strong>)<br />

<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

Neighborhood Map


TAKE A BOWERY<br />

<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

December 18, 2008 -- THE Bowery's reputation is well-known. Originally a bucolic country lane leading to Peter Stuyvesant's farmhouse, the street took a downhill slide some 150 years ago and<br />

has been an international byword for hard living ever since. <strong>Street</strong> gangs, brothels, flophouses, Joey Ramone - at one time or another, the Bowery has played host to them all. Of the many<br />

Manhattan areas to have transformed over the last decade, the Bowery has to rank among the unlikeliest. Transform it has, though. Homeless shelters like the century-plus-old Bowery Mission<br />

still dot the street, and lighting and restaurant supply stores still dominate the retail scene, but gentrification is most definitely on the march. Recent arrivals in the area include Ian Schrager's 40<br />

Bond condo building (where units have fetched more than $3,000 per square foot), the celeb-friendly Bowery Hotel, the New Museum, the Double Crown restaurant and the John Varvatos store in<br />

the former CBGB space. These newcomers join the Avalon Chrystie (with its Whole Foods) and Avalon Bowery developments (with a planned Veselka restaurant), two rental buildings with studios<br />

starting at $2,600, one-bedrooms at $3,550 and two-bedrooms at $5,100. And the much-anticipated Cooper Square Hotel just opened last week. Miami/Los Angeles star chef Govind Armstrong's<br />

Table 8 restaurant will open in the hotel early next year. Yes, the Bowery is booming. Prudential Douglas Elliman broker Rob Gross has worked in the area for more than 20 years. He remembers<br />

selling real estate on the Bowery in the early '90s, returning on some occasions from showing apartments to find his car broken into. "It was definitely off the grid a bit back then," he says. Today,<br />

Gross is handling the new Bowery and Bleecker development - a three-unit building of floor-through condo lofts that includes an 1,862-square-foot penthouse with a private roof deck that's listed<br />

for $3.1 million. With Poliform kitchens, 50-inch plasma-screen TVs and prices starting at about $1,500 a square foot, the building is a world away from the formerly dodgy Bowery. And this<br />

project isn't an isolated case. Bond <strong>Street</strong> just west of the Bowery has become a regular menagerie of upscale development, with high-end buildings like the Deborah Berke-designed 48 Bond<br />

(about $1,700 per square foot) and 25 Bond (about $2,100 per square foot) joining Schrager's building to create one of the city's priciest blocks. At 211 Elizabeth - a new 15-unit building one block<br />

west of the Bowery below Houston - the penthouse unit set a neighborhood record earlier this year when it sold for roughly $3,200 per square foot.<br />

Then there's 52E4, a new 15-unit building on the Bowery between Third and Fourth streets that counts the musician Moby among its buyers.<br />

Lawyer Bruce Bernstein recently purchased an apartment in the development (where prices have averaged about $1,850 per square foot), scheduling an appointment to see the building the same<br />

day he discovered it online and quickly making an offer on a one-bedroom. Currently renting on the Upper East Side, Bernstein wasn't especially familiar with the Bowery, but he's since come to<br />

enjoy his future area's ever-expanding offerings. "There are a lot of new bars and restaurants coming up," he says. "The Bowery Hotel is right next door. It's a great area, and it seems to be<br />

growing even more.“ And while the Bowery hasn't escaped the real estate slump and credit crisis untouched, it's remained a relatively strong performer, Gross notes. "Given that the market is<br />

challenging right now, traffic [at Bowery and Bleecker] has been pretty steady," he says. "I'm showing that more than anything else.“ Core Group Marketing managing director Fredrik Eklund,<br />

who's representing 52E4, has seen similar interest. "This is the building we have the most traffic on," he says, noting that roughly half of the development's apartments sold during this summer's<br />

slow sales market. On the market for just less than a year, the building is sold out save for two two-bedroom units (going for $2.3 million and $2.4 million).<br />

Not, of course, that the Bowery is for everyone. As Eklund admits, recent changes aside, the street still retains a bit of its famed grit. "You see very few families down here," he says. "It's not a<br />

quiet tree-lined street. It has the drama, the rock 'n' roll history, but it's not a traditional family neighborhood.“ And for some brokers, the street's name still seems to call up unpleasant associations<br />

they'd just as soon their properties do without.<br />

"I'm not sure if we're really . . . appropriate for a story about the Bowery," replied one agent in response to an inquiry about her condo building in the area.<br />

Nonetheless, the thoroughfare's transformation continues. "The Bowery is one of the last areas in New York to experience a kind of seismic shift," says self-storage magnate and neighborhood<br />

developer Adam Gordon. "It's an interesting bridge neighborhood. It's at the crux of NoHo, SoHo, the East and the West Village. There are few places that have the access that this neighborhood<br />

does.“ Gordon owns a plot of land just off the Bowery at 41 Bond St., which he plans to develop as an eight-unit luxury condo building once the financing environment improves. He also owns the<br />

Bouwerie Lane Theatre building at the corner of Bond and Bowery, part of which he's recently turned into three condos. One apartment is reserved for Gordon himself, and he plans to put the<br />

other units - a 5,200-square-foot triplex penthouse and a 2,500-square-foot full-floor apartment - on the market in March. Also coming to the once-seedy street: a new five-unit residential building<br />

at 263 Bowery from developer Shaky Cohen, a 152-unit luxury rental building at 2 Cooper Square, a Lord Norman Foster-designed gallery building at 257 Bowery and restaurants from Keith<br />

McNally and Daniel Boulud. It's the Cooper Square Hotel, however, that provides perhaps the best metaphor for today's Bowery. Because two residents of the apartment building next door at 27<br />

Bowery refused to give up their units, the hotel was forced to build around them and incorporate their building into its design. And so at the northern end of the street, there sits an old brick<br />

tenement building that from the sidewalk looks as if it were being swallowed up by a sleek, glassy high-rise hotel. It's old versus new - and these days new would seem to have the upper hand.<br />

Or, as Gordon says when asked if he fears the loss of old, edgy Bowery he once knew, "I don't think it's fear. It's an inevitability.“ Gordon adds: "I don't pine for the Bowery of 50 years ago. It was<br />

a hole."more.“<br />

By ADAM BONISLAWSKI


MERCER STREET<br />

TRANSIT TD BANK<br />

STARBUCKS<br />

BLADES COCKPIT USA<br />

RONI<br />

MARIA TASH SHOE MANIA<br />

EYES ON BROADWAY<br />

VIVE WENDYS<br />

ZIGI SHOES<br />

CAFÉ ATRIUM<br />

BLEECKER STREET BLEECKER STREET<br />

STERO EXCHANGE SWATCH<br />

GONZALEZ & GONZALEZ<br />

WEST HOUSTON STREET<br />

BROADWAY<br />

DUANE READE<br />

URBAN OUTFITTERS<br />

BEST BUY<br />

CHASE DAVID Z<br />

CRATE & BARREL PUMA<br />

BOND STREET<br />

EAST HOUSTON STREET<br />

LAYAFETTE STREETET<br />

BILLY REID<br />

ROGAN<br />

<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

NoHo Retail Map


<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)


<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker<br />

<strong>Street</strong>)<br />

<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

Aerial Photograph


New York City’s zoning regulates permitted uses of the<br />

property; the size of the building allowed in relation to<br />

the size of the lot (“floor to area ratio”); required open<br />

space on the lot, the number of dwelling units permitted;<br />

the distance between the building and the street; the<br />

distance between the building and the lot line; and the<br />

amount of parking required. The commercial district<br />

structure has eight different classifications, which affect<br />

all commercial activity, from local shops to large office<br />

centers.<br />

<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> is zoned M1-5B with an FAR<br />

of 5.0.<br />

<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

Zoning Information: NoHo


<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

NoHo Historic District


<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

Historic Information<br />

339 <strong>Lafayette</strong> <strong>Street</strong>: “The Peace Pentagon”<br />

339 <strong>Lafayette</strong>, a three-story corner commercial building with stores on the first floor and offices on the<br />

second and third floors was designed in 1922 by architect Louis A. Sheinart for <strong>Lafayette</strong> <strong>Realty</strong><br />

Company, Inc., which had purchased the property from the estate of Clarence W. Seamans that same<br />

year. In the early years tenants included fur and garment firms, house and window cleaning contractors,<br />

electrical contractors, printers, an automobile ignition service company, and medical services. Several<br />

were long-term tenants such as Aetna House & Window Cleaning Company and Turner Window<br />

Cleaning Company (ca 1939-1955), Samuel Blumengarten, an electrical contractor (ca. 1929-1959),<br />

Arrow Ignition Service (ca. 1935-1955) and Dr. Nathan Tandet, (ca. 1929-1965).<br />

In 1969, the War Resisters League bought 339 <strong>Lafayette</strong>, a three-story loft building in downtown<br />

Manhattan. In 1978, the Muste Institute purchased the building from the War Resisters League and<br />

began managing it as part of its program work. For the past forty years, the building has served as a<br />

home base for dozens of progressive organizations working for peace and social justice. Current<br />

tenants include Deep Dish TV, Libertarian Book Club, Metropolitan Council on Housing, Nicaragua<br />

Solidarity Network of Greater New York, Paper Tiger TV, Socialist Party USA, War Resisters League<br />

and Women's International League for Peace and Freedom (WILPF) Metro NY Chapter. On June 11,<br />

2008, City Lore and the Municipal Art Society gave their Place Matters award to the “Peace Pentagon”<br />

along with 9 other "places that matter" in New York City.


<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

Zoning Information: M1-5B


<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

Zoning Information: M1-5B


Besides the diversity of services and amenities located<br />

in the immediate vicinity, <strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> has<br />

excellent access to major transportation facilities. The<br />

Bleecker <strong>Street</strong> and Broadway-<strong>Lafayette</strong> subway stops<br />

are within one blocks walking distance, providing access<br />

to all areas of Manhattan, and to the Bronx, Brooklyn,<br />

and Queens.<br />

By car, there is relatively easy access to the Holland<br />

tunnel to New Jersey, and the Brooklyn-Battery tunnel to<br />

Brooklyn. The area is equally accessible to Newark and<br />

LaGuardia airports.<br />

<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

Transportation Information


<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

DOB, ECB, & HPD Violations as of 5/1/09<br />

NO VIOLATIONS ON RECORD


<strong>337</strong>-<strong>345</strong> <strong>Lafayette</strong> <strong>Street</strong> (AKA 51-53 Bleecker <strong>Street</strong>)<br />

Certificate of Occupancy

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!