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EXECUTIVE SUMMARY
FINANCIAL OVERVIEW
THE NEIGHBORHOOD
PROPERTY PHOTOS
DUE DILIGENCE
1
3
9
25
29
TABLE OFCONTENTS
Michael Gembecki(212) 660-7743
Ian Brooks(212) 589-5107
Alessandra Faglione(212) 660-7722
ASKING PRICE$25,000,000
1 EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of
the retail condo at 230 Varick Street (AKA 63 Downing Street & 80 Carmine Street). This
newly finished Class A, multi-tenant retail condo is ideally located on a heavily trafficked
corner in Manhattan’s vibrant West Village neighborhood. Being just blocks north of the
emerging Hudson Square submarket and nestled between major office projects to the
west, this asset presents unparalleled growth potential. The condo totals approximately
12,600 square feet of above grade prime retail space and includes impressive ceiling
heights throughout. The space features 118’ of wrap around frontage on both Carmine and
Varick Streets including an additional 17’ of frontage on Downing Street for a total of 135’
of corner exposure. The condo has recently undergone major renovations which include
new floor to ceiling glass facades and enlarged footprints. This work required current
ownership 2+ years to get approval from the DOB and MTA.
Divided into 7 separate store fronts, this retail condo features notable fitness and
restaurant tenants such as iLoveKickBoxing, Llama Inn, Taboonette, Taco Bell Cantina,
and a steady stream of interest for the remaining spaces. Along with stable cash flow,
future ownership can realize additional upside in the rent roll by reconfiguring the
Downing Street façade and lower level for maximum exposure.
The modern retail condo offers an investor a unique opportunity to acquire an income
producing asset in one of the most highly desired neighborhoods in New York City.
The exceptional daily foot traffic is driven by its proximity to major city transportation
hubs such as the West 4th station via the ACEBDFM transits and Houston
Street! lines which attribute to on average 56,000 weekday riders. Large commercial
properties 5,000 businesses, and 43,779 people living in a half mile radius.
The Opportunity:
EXECUTIVE SUMMARY 2
3 FINANCIAL OVERVIEW
FINANCIALOVERVIEW
FINANCIAL OVERVIEW 4
ASKING PRICE$25,000,000
PPSF: $1,980CAP: 4.78%
• Total 12,600 SF with 8,800 Square Feet Leased and 3,800 square feet vacant
• Corner retail featuring over 135’ of wrap around frontage spanning over 3 blocks
• Stable cash flow, with potential realize additional upside in the rent roll by reconfiguring the Downing Street façade
• The vacant spaces will be delivered in a “white box” condition
• Consumers in this submarket spend on average $5,000-$6,000+ on food away from home per year
• 11 million square feet total of office space that features major tenants such as Disney and Google
• 2018 West Village/Hudson Square population 43,779 in a half mile radius
• Annual subway ridership 14,560,000 via West 4th Station and West Houston ACEBDFM!
Property Highlights:
5 FINANCIAL OVERVIEW
PROPERTY FEATURES
FINANCIAL OVERVIEW 6
Property Information:Address: 230 Varick Street, New York, NY 10014
Alternate Addresses: 63 Downing Street | 80 Carmine Street | 57-63 Downing Street
Location: Located on the blockthrough from the southeast corner of Varick and Carmine Streets to Downing Sreet.
Block & Lot: 528 - 7501
Lot Dimensions: 86.39' x 150' (irregular)
Lot Square Footage: 11,257 SF (approx.)
Total Square Footage: 12,624 SF (approx.)
Total Retail Spaces: 7
Assessment (19/20): $1,464,597
Taxes (19/20): $153,988
230 VARICK STREET
7 FINANCIAL OVERVIEW
UNIT TENANT LEASE START
LEASE END SF $/SF MONTHLY RENT
Lower Level ILKB Jul-16 Jun-26 3,350 $74 $20,688
A LLama Inn Feb-18 Jan-30 1,500 $124 $15,450
B Taboonette Jun-18 May-33 1,500 $144 $18,025
C Vacant - - 800 $150 $10,000
D Vacant - Corner - - 750 $264 $16,500
E Taco Bell Jan-19 Dec-28 1,712 $117 $16,667
F + Level Vacant - Downing St. - - 3,012 $90 $22,500
UNIT TENANT TAX REIMB. BASE YEAR 2018 TOTAL TOTAL REIMB.
Lower Level ILKB 24.67% 16/17 $5,205 $5,205
A LLama Inn 14.00% 17/18 $7,023 $7,023
B Taboonette 19.00% 18/19 $2,707 $2,707
C Vacant - - - -
D Vacant - Corner - - - -
E Taco Bell 16.00% 19/20 - -
F + Level Vacant - Downing St. - - - -
TOTAL: 68.67% $14,934 $14,934
Commercial Income:
Tax Reimbursements:
GROSS MONTHLY COMMERCIAL RENT: $119,830
GROSS ANNUAL COMMERCIAL RENT: $1,437,955
AVERAGE RENT PER NET SQUARE FOOT: $113.91
FINANCIAL OVERVIEW 8
INCOME & EXPENSES
EFFECTIVE GROSS ANNUAL COMM. REVENUE: $1,394,816
LESS EXPENSES: 29% ($199,801)
NET OPERATING INCOME: $1,195,014
Gross Annual Commercial Revenue $1,437,955
Vacancy Allowance @ 3% of Gross Annual Income: ($43,139)
Effective Gross Annual Commercial Revenue: $1,394,816
Projected Commercial Revenue:
Taxes 2019 / 2020 Projected $153,988
Tax Reimbursements 2019 / 2020 Projected ($14,934)
CAM @ $0.45 / GSF $22,631
Additional Insurance @ $0.40 / GSF $20,117
Fuel Tenant Pays -
Common Electric Tenant Pays -
Management @ $500 / Month $6,000
Total Expenses: @ $1,000 / Month $12,000
Total Expenses: $199,801
Expenses (Estimated): C&W Projected
9 THE NEIGHBORHOOD
THENEIGHBORHOOD
THE NEIGHBORHOOD 10
GREENWICH VILLAGE
INTRODUCTION
HISTORY
Greenwich Village, often simply called “The Village” by locals, is one of Manhattan’s exclusive neighborhoods. The Village has both a storied past, dynamic present and an exciting future. It has drawn attention over the years from the proverbial starving artists and street buskers to the most successful academics and fashionistas. While many people have their own definitions of the boundaries of The Village, it is traditionally considered to be bounded by Houston Street to the south, 14th Street to the north, Broadway to the east, and the Hudson River to the west. Other than sub neighborhoods including the West Village and the Meatpacking district, the adjacent neighborhoods include Chelsea on the north side, the East Village and NoHo on the east side, and SoHo on the south side.
Like many areas in the Northeast, the history of Greenwich Village stretches back well before the arrival of the Dutch to local Native American tribes. That being said, the more recent history of The Village begins in 1712, when it was officially incorporated as a village located along the Hudson River. The area boomed in the early 19th Century in response to disease spread in Lower Manhattan.
Today, The Village’s older homes still stand, and in order to preserve their unique and important architectural qualities, many of its tree lined streets are protected under Historic Districts. Earlier homes in The Village frequently display the Federal Style, while newer homes are more commonly Greek Revival style. A notable example can be seen in the homes on the north side of Washington Square Park. Nearby, “secret” alleys such as Macdougal Alley, Patchin Place, and Grove Court dot The Village adding to its charm. On Fifth Avenue and Broadway, meanwhile, a number of tall buildings, some of the first in New York City featuring elevators, provide contrast to their low-rise neighbors farther west.
11 THE NEIGHBORHOOD
THE NEIGHBORHOOD 12
230 VARICK STREET
Another Manhattan neighborhood which encompasses 230 Varick Street is known as Hudson Square. The area lies on the west side of Manhattan bound by W Houston Street to the north, Avenue of the Americas on the east, Canal Street to the south and extends as far west as the West Side Highway and the Hudson River.
The area now known as Hudson Square has a rich and at times tumultuous past. Since the early days of the Colony of New York, it has transitioned from farm land to a high-density urban area, and then from residential to manufacturing and industrial uses. The area has experienced extreme wealth and poverty, economic growth and downfall, but it has always held an important place in the city’s infrastructure, supporting trade and commerce. Today, Hudson Square is home to mostly commercial activities in large industrial loft buildings.
Trinity Church plays a central role in Hudson Square’s history. In 1697, the King of England leased farm land to Trinity to help the Church cover its costs. In present-day terms, the Church Farm was bounded roughly by Broadway on the east, the Hudson River on the west, Fulton Street on the south and Christopher Street on the north. Queen Anne made the grant permanent in 1705. Over the years, the Church gave away, sold or leased large amounts of its land. Once the population of New York grew and the land could be divided into lots, it became more valuable. Today, Trinity along with its new partner Norges, remains one of the largest landowners in Lower Manhattan, including its stake in Hudson Square.
The streets in Hudson Square were originally laid out by Trinity, and almost all of them were named after Trinity vestrymen or clergy.
In the mid-1820s, land fill extended the shoreline by one block west. By the 1950s, the nearby port required more space and moved out of the city. Infrastructure works had a huge impact on the real estate development in Hudson Square from the late 19th well into the 20th century. During this time period, the Seventh Avenue Inter-borough Rapid Transit (IRT) subway and the Holland Tunnel were built and Sixth Avenue was extended southward from West 14th Street. Most of the residential buildings were demolished and replaced with commercial buildings. In more recent history, the area was known as the Printing District. Printers began moving to Hudson Square in the early 20th century. Most of them were located in the blocks bordered by Hudson, Varick, Spring and Vandam Streets. The exodus of printers began in the late 1960s due to rising rents, availability of larger space elsewhere leading to the decline of the local printing industry. The last decade has been characterized by a rapid rise in office workers as buildings are subdivided and converted into offices. Recently, the Hudson Square waterfront has been transformed into a public park.
Hudson Square:
13 THE NEIGHBORHOOD
THE NEIGHBORHOOD 14
230 VARICK STREET
SUBMARKET SNAPSHOTWEST VILLAGE / HUDSON SQUAREStats below are demonstrated from a half mile radius of the property.
14,560,000Annual Ridership
56,000Average Weekly RidershipWest 4th & Houston Street Stations
A,B,C,D,E,F,M&!Trains
5,000Businesses
76Food & Beverage Stores
60,000Employees
1,550Retailers
73Health & Personal Care Stores
7,600,000Highline Annual Visitors
15 THE NEIGHBORHOOD
THE NEIGHBORHOOD 16
230 VARICK STREET
DATE NEIGHBORHOOD ADDRESS PRICE SF $/SF
03/20/19 West Village 35 Barrow Street $4,500,000 2,822 $1,595
06/28/18 West Village 775 Washington St $89,000,000 21,170 $4,204
04/19/18 West Village Brookfield Bleecker Retail Condos Portfolio $31,500,000 24,000 $1,313
Aug 17 West Village 307-309 Avenue of the Americas $17,000,000 13,888 $1,224
Jan 17 West Village 250-258 Bleecker Street $20,650,000 6,700 $3,082
*Jan 17 Financial District 29 John Street(Cap Rate: 4.25%) $19,550,000 6,545 $2,987
Retail Condo Comps (2017-2019):
2
3
4
5
1
*Not located in the West Village
17 THE NEIGHBORHOOD
COMPARABLE SALES MAP
T
SUFFO
LK ST
5
2
3
4
1
THE NEIGHBORHOOD 18
Pier 57
Pier 54
13TH AVENUE
Hu
dso
n Riv
er P
ark
Ch
else
a Pie
rs
Sp
orts E
nte
rtain
me
nt
Co
mp
lex
CO
RT
LA
ND
T A
LL
EY
LISPENARD STREET
CH
UR
CH
ST
RE
ET
CANAL STREET
BEACH STREETLAIGHT STREET
VESTRY STREET
DESBROSSES STREETWATTS STREET
WA
SHIN
GTO
N STR
EE
T
GR
EE
NW
ICH
STRE
ET
CO
LLISTER
STRE
ET
HU
DSO
N STR
EE
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HOLLAND TUNNEL EXIT
ST
. JOH
NS
LAN
E
VA
RIC
K STR
EE
T
YORK ST.
SIXTH
/AV
ENU
E OF TH
E AM
ERIC
AS
E 17TH STREET
E 16TH STREET
E 15TH STREETW 15TH STREET
W 16TH STREET
W 17TH STREET
FIF
TH
AV
EN
UE
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K A
VE
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W 16TH STREET
W 17TH STREETH I G H L I N E
TE
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VE
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E
B,D,F,M
PATH
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A,C,E
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SPRING STREET
BROOME STREET
PRINCE STREETGR
EE
NE
ST
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ET
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RC
ER
ST
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BR
OA
DW
AY
CR
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BY
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ET
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WE
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GRAND STREET
Museum ofHolography HOWARD STREET
BR
OA
DW
AY
BR
OA
DW
AY
FO
UR
TH A
VE
NU
E
ASTOR PLACE
W 3RD STREET
W 4TH STREET
WASHINGTON PLACE
WAVERLY PLACE
ME
RC
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.
GR
EE
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ST
.
NYUBobstLibrary
NYUTisch Hall-Weaver Hall
NYU NYU
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HebrewUnionCollege
NYUNYUNYU
UN
IVE
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ITY
PL
AC
E
LA
GU
AR
DIA
PL
AC
E
NYU
BEDFORD STREET
LEROY STREET
BARROW STREET
WEEH
AW
KEN
ST.
CHRISTOPHER STREET
W. 10
TH STREET
CHARLES LANE
BLEECKER STREET
WEST HOUSTON STREET
WEST HOUSTON STREET
E 14TH STREETW 14TH STREETW 14TH STREET
Abington
Square
CHARLES STREETPERRY STREETW
11TH STREET
BANK STREET
BETHUNE STREETW 12TH STREETJANE STREET
HORATIO STREETGANSEVOORT STREET
WEST STR
EET
WA
SHIN
GTO
N STR
EET
GR
EENW
ICH
STREET
HU
DSO
N STR
EE
T
LITTLE W 12TH STREET
W 13TH ST.
SheridanSquare
Christo
pher
Park
WA
VERLY PL.
SE
VE
NT
H A
VE
NU
E S
OU
TH
McCarthySquare
Jackson
Square
WestVil lage W
4TH STREET
BLEECKER STREET
EIG
HT
H A
VE
NU
E
E 13TH STREET
E 12TH STREET
E 11TH STREET
E 10TH STREET
E 9TH STREET
E 8TH STREET
WASHINGTON MEWS
W. WASHINGTON PL.
Greenwich Vil lage
W 8TH STREET
W 9TH STREET
W 10TH STREET
W 11TH STREET
W 12TH STREET
W 13TH STREET
GA
Y S
T.
GREENWICH AVENUE
PATCHIN
PLACE
SH
INB
ON
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NoHo
MA
CD
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GA
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MINETTA LANE
MINETTA
CARM
INE
ST.
CORN
ELIA
STR
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GROVE
STREE
TCO
MM
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STREE
T
MORTON ST.
ST. LUKE’S PL.
CLARKSON ST.
DO
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ST.
JON
ES S
TREE
T
ST
.NYUUniversityPlaza-Silver Towers
NYU
NYUVanderbiltLaw School
NYULaw School
KimmelCenter
NYULawFoundation
NYU
TH
OM
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RE
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TH
OM
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KING STREET
CHARLTON STREET
VANDAM STREET
SPRING STREET
DOMINICK STREET
RE
NW
ICK
STRE
ET
GR
EE
NW
ICH
STRE
ET
HU
DSO
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WEST STR
EET
Hudson
Square
CANAL STREET
GRAND ST.
DuarteSquare
Holland
Tunnel
Plaza
BROOME ST.
Tu
nn
el
En
tran
ce
UnionSquare
L
L
LMF
MFDB
N R WQ
N R WQ
4 5 61 2
1 2
1 2
1 2
3
A C E
A C E
C E
First PresbyterianChurch
NYPD
NYC
District
Council
MAC
Jo Malone London
Quik Park
Rite Aid
Equinox
Fedex
Mobil
Tory Burch
IFC center
Bubby's
Starbucks
Sweetgreen
Subway
McDonald's
Shake Shack
Dunkin Donuts
James J Walker Park
Bank of America
Wells Fargo
Chase
TD Bank
HSBC Bank
Gansevoort
Soho HouseNew York
Jane Hotel
Pier 45
NYC AIDS Memorial Park
Corporal John A. Seravalli
Leroy Street Dog Park
Je�erson Market Library
Whitney Museumof American Art
New Ohio Theatre
Eli Klein Gallery
Marsha P. JohnsonMemorial Fountain
New YorkSports Club
FedexSoul Cycle
Venmo HQ
The School of Drama / The New School
Sugar FactoryAmerican Brasserie
High Line
Washington Square Park
230 VARICK STREET - POINTS OF INTEREST MAP
19 THE NEIGHBORHOOD
NEIGHBORHOOD CHARACTER
At night, Greenwich Village comes alive with sounds from restaurants and bars, late-night coffeehouses, cafés, theaters, and music clubs. Everything can be found 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 Spotted Pig, Il Mulino, and Babbo. Noteworthy restaurateurs continues to increase the area’s offerings with new eateries. The Village is also home to fabled coffeehouses including Caffe Reggio and Café Figaro, and established snack joints like John’s Pizzeria on Bleecker Street and Mamoun’s Falafel on MacDougal Street.
The area is also known for its luxury shopping. Independent book and record stores, antiques and craft shops, and gourmet food markets are found throughout the neighborhood, while simultaneously, national retailers such as Urban Outfitters, Pottery Barn and Marc Jacobs have also made inroads. In the last few years, Bleecker Street continues to be a major destination for high end brands like Burberry, Ralph Lauren, and Sandro along such standbys as Magnolia Bakery. Recent rents on Bleecker Street have exceeded an extraordinary $500 per square foot. Narrow Christopher Street is another lively strip that is filled with genuine Village character.
A bustling cultural scene also continues to call Greenwich Village home. Many Off-Broadway and Off-Off-Broadway theaters, such as the Cherry Lane, Lucille Lortel, and Players’ Theatres are located here. The Village Vanguard and The Blue Note, meanwhile, host some of the biggest names in jazz on a regular basis, while in the last few years The Poisson Rouge has found itself hosting prominent performers from across the music spectrum. Other music clubs include Cafe Wha?, The Bitter End, and Lion’s Den. The Village also has its own orchestra aptly named the Greenwich Village Orchestra, as well as the internationally recognized Orchestra of St Luke’s. Comedy clubs also dot The Village, including The Boston and Comedy Cellar, where many American stand-up comedians got their start. In addition to performance art, the Village is home to visual art. Museums and galleries include The Whitney Art Museum, Maccarone, The Westbeth Gallery, White Columns and more.
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 nearby. There are a variety of public and private school options for elementary to high school students. Public school options include PS 3 and PS 41 for elementary schools. Public high schools include The Legacy School at 33 West 13th Street and Independence High School at 16 Clarkson Street. Private schools, in the neighborhood include City & Country School, Little Red School House, Our Lady of Pompeii, and St. Luke’s School. The Little Red School House also offers Elisabeth Irwin, a private Upper School.
DINING & SHOPPING:
CULTURAL AMENITIES:
SCHOOLS:
THE NEIGHBORHOOD 20
230 VARICK STREET
GR
EENW
ICH
ST
VAR
ICK
ST
LAFA
YE
TT
E S
T
3RD
AV
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5TH
AV
E
8TH ST
WE
ST B
RO
AD
WA
Y
4TH ST
AV
EO
FT
HE
AM
ERICAS
HU
DSO
N ST
7TH
AV
E
CE
NT
RE
ST
LAIGHT ST
CH
UR
CH
ST
14TH ST
GREENWICH AVE
LAG
UA
RD
IA P
L
8TH
AV
E
UN
ION
SQ
9T
H A
VE
CANAL ST
GRAND STC
OO
PE
R S
Q
4T
H A
VE
LAFA
YE
TT
ES
T
HU
DSO
N ST
14TH ST
HOUSTON ST
CE
NT
RE
ST
8TH ST
7TH
AV
E
4TH
AV
E
CANAL ST
HOUSTON ST
HU
DSO
N ST
AV
E O
FT
HE
AM
ER
ICA
S
BR
OA
DW
AY
5TH
AV
E
WA
SH
ING
TON
SQ
14TH ST
AV
E O
F T
HE
AM
ER
ICA
S
CHRISTOPHER ST W
ASH
ING
TON
ST
ME
RC
ER
ST
PRINCE ST
MU
LBE
RR
Y ST
E 9TH ST
CR
OS
BY
ST
E 13TH ST
E 10TH ST
MO
TT ST
PERRY ST
W 11
TH ST
KING ST
DUANE ST
JANE ST
E 18TH ST
LEROY ST
W 12TH ST
CHARLES ST
W10TH ST
W 13TH ST
W 19TH ST
BARROW ST
N MOORE ST
BA
XT
ER
ST
W 17TH ST
UN
IVE
RS
ITY
PL
WORTH ST
E 15TH ST
E 16TH ST
E 19TH ST
MA
CD
OU
GA
L S
T
BLEECKER ST
E 4TH ST
BOND ST
SPRING ST
GANSEVOORT ST
FRANKLIN ST
GR
EE
NE
ST
BETHUNE ST
HARRISON ST
WATTS ST BROOME ST
ASTOR PL
PEARL ST
BANK ST
DO
WN
IN
GST
WALKER ST
BLOOMFIELD ST
SU
LLIV
AN
ST
W 15TH ST
W 4TH ST
W 19TH ST
WORTH ST
W 4TH
ST
W 13TH ST
DATA IS FROM SOURCES DEEMED RELIABLE BUT MAY BE SUBJECT TO ERRORS, OMISSIONS, OR MODIFICATIONS. THE INFORMATION HEREIN IS PROVIDED WITHOUT REPRESENTATION OR WARRANTY.
0 0.1 0.20.05MilesI
Legend
2018 Household Median Income
by Block Group
< $49,999.99
$50,000.00 - $99,999.99
$100,000.00 - $124,999.99
$125,000.00 - $174,999.99
$175,000.00+
21 THE NEIGHBORHOOD
2018 Household Median Income By Block Group:
Data is from sources deemed reliable but may be subject to errors, omissions, or modifications. The information herein is provided without representation or warranty
NEIGHBORHOOD STATISTICS
GR
EENW
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ST
VAR
ICK
ST
LAFA
YE
TT
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3RD
AV
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5TH
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AM
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7TH
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CE
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ST
LAIGHT ST
CH
UR
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ST
14TH ST
GREENWICH AVE
LAG
UA
RD
IA P
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8TH
AV
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UN
ION
SQ
9T
H A
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CANAL ST
GRAND STC
OO
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Q
4T
H A
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HOUSTON ST
LAFA
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HU
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14TH ST
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8TH ST
7TH
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8TH
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4TH
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CANAL ST
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HU
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AV
E O
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HE
AM
ER
ICA
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BR
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DW
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5TH
AV
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WA
SH
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TON
SQ
14TH ST
AV
E O
F T
HE
AM
ER
ICA
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CHRISTOPHER ST W
ASH
ING
TON
ST
ME
RC
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ST
PRINCE ST
MU
LBE
RR
Y ST
E 9TH ST
CR
OS
BY
ST
E 13TH ST
E 10TH ST
MO
TT ST
PERRY ST
W 11
TH ST
KING ST
DUANE ST
JANE ST
E 18TH ST
LEROY ST
W 12TH ST
CHARLES ST
W10TH ST
W 13TH ST
BARROW ST
N MOORE ST
BA
XT
ER
ST
W 17TH ST
UN
IVE
RS
ITY
PL
WORTH ST
E 15TH ST
E 16TH ST
E 19TH ST
MA
CD
OU
GA
L S
T
BLEECKER ST
E 4TH ST
BOND ST
SPRING ST
GANSEVOORT ST
FRANKLIN ST
GR
EE
NE
ST
BETHUNE ST
HARRISON ST
WATTS ST BROOME ST
ASTOR PL
PEARL ST
BANK ST
LAIGHT ST
DO
WN
IN
GST
WALKER ST
BLOOMFIELD ST
SU
LLIV
AN
ST
W 4TH ST
W 19TH ST
WORTH ST
W 4TH
ST
W 13TH ST
W 15TH ST
DATA IS FROM SOURCES DEEMED RELIABLE BUT MAY BE SUBJECT TO ERRORS, OMISSIONS, OR MODIFICATIONS. THE INFORMATION HEREIN IS PROVIDED WITHOUT REPRESENTATION OR WARRANTY.
0 0.1 0.20.05MilesI
Legend
Average Consumer Expenditure on
Food Away From Home by Block Group
< $2,999.99
$3,000.00 - $3,999.99
$4,000.00 - $4,999.99
$5,000.00 - $5,999.99
$6,000.00+
Average Consumer Expenditure on FoodAway From Home by Block Group:
Data is from sources deemed reliable but may be subject to errors, omissions, or modifications. The information herein is provided without representation or warranty
THE NEIGHBORHOOD 22
230 VARICK STREET
14,560,000 ANNUAL SUBWAY RIDERS
40,666 WEEKLY SUBWAY RIDERSWEST 4TH STREET - A,B,C,D,E,F&MTRAINS
15,698 WEEKLY SUBWAY RIDERSHOUSTON STREET -!TRAIN
8 SUBWAY LINESA,B,C,D,E,F,M&!TRAINS
23 THE NEIGHBORHOOD
TRANSPORTATION:
While the neighborhood has a tremendous amount of amenities and cultural offerings for its residents and visitors, part of the allure of coming to The Village is that it provides remarkable accessibility to the entire city. The neighborhood is primarily served by theACE!@#BDFM&Lsubway lines, which provide direct access to all corners of Manhattan and the boroughs. 68 Downing Street is three blocks south of the West 4th Street - Washington Square stop serving the
ACE!@#BDF&M trains and one block north of the Houston Street!train stop. The cross-town buses provide anotherlarge convenience, allowing residents to get to and from the East Side through to the Hudson River by means of the M21 bus operating along Houston Street. By car, there is easy access to theWest Side Highway.
WEST 11TH ST
W HOUSTON ST
CANAL ST
HU
DSO
N S
T
VAR
ICK
ST
6T
H A
VE
NU
E
WEST 4TH ST
BLEEKER ST
BR
OA
DW
AY
PRINCE ST
SPRING ST
1
2
A
C
E
B D FM
N
Q
R
W4
5
WEST 11TH ST
W HOUSTON ST
CANAL ST
HU
DSO
N S
T
VAR
ICK
ST
6T
H A
VE
NU
E
WEST 4TH ST
BLEEKER ST
BR
OA
DW
AY
PRINCE ST
SPRING ST
1
2
A
C
E
B D FM
N
Q
R
W4
5
THE NEIGHBORHOOD 24
25 PROPERTY PHOTOS
PROPERTYPHOTOS
PROPERTY PHOTOS 26
230 VARICK STREET
27 PROPERTY PHOTOS
CARMINE STREET
VARICK STREET
PROPERTY PHOTOS
PROPERTY PHOTOS 28
CORNER OF CARMINE & VARICK STREET
DOWNING STREET
29 DUE DILIGENCE
DUEDILIGENCE
DUE DILIGENCE 30
230 VARICK STREET
31 DUE DILIGENCE
Tenant Map:
VAR
ICK
STR
EET
DOWNING STREET
CARMINE STREET
1
iLoveKickboxing.comFrontage: 9’-1”Square Footage: 3,350
LLama InnFrontage: 10’-8”Square Footage: 1,500
2
TaboonetteFrontage: 22’-6”Square Footage: 1,500
3
VACANT
VacantFrontage: 33’-7”Square Footage: 750
4
7
VacantFrontage: 17’-4”Square Footage: 3,012
VACANT
5
VacantFrontage: 18’-5”Square Footage: 800
VACANT
Taco Bell CantinaFrontage: 23’-3”Square Footage: 1,712
6
1
23
4
5
6
7
DUE DILIGENCE
DUE DILIGENCE 32
Tax Map:
Zoning Map:
BE
DF
OR
D S
TR
EE
T
CARMINE STREET
VAR
ICK
STR
EET
DOWNING STREET
230 VARICK STREET
33 DUE DILIGENCE
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. The manufacturing district has three different classifications. The residential district has ten different classifications.
63 Downing Street is zoned C2-6
MAX COMMERCIAL FAR: 2.0
Landmark Status: N/A
85’
Portion of building higherthan 120’ must be set back
at least 10’ when facing a wide streetor 15’ when facing a narrow street
Base height within100’ of wide street:
Minimum: 105’Maximum: 120’
170’ maximum building heightwithin 100’ of a wide street
Building cannot penetratesky exposure plane, which
begins 85’ above thestreet line
WIDE STREET
WIDE STREET
NARROW STREET
NARROW STREET
In a mixed building,residential uses must always be
above commercial uses
C2–7X(Residential district equivalent: R9X)
C1 & C2 Commercial DistrictsC1–6C2–6
C1–6AC2–6A C1–7 C2–7 C1–7A C2–7A C2–7X C1–8 C2–8 C1–8A C2–8A C1–8X C1–9 C1–9A
Commercial FAR 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0
Residential FAR 0.87–3.441 4.03 0.94–6.022 0.99–7.52 6.023 7.523 9.0 0.99–7.52 10.03 7.523 10.03 9.0 10.03 10.03
Residential District Equivalent R7 R7A R8 R9 R8A R9A R9X R9 R10 R9A R10A R9X R10 R10A
1 4.0 FAR on wide streets outside the Manhattan Core under Quality Housing Program 2 7.2 FAR on wide streets outside the Manhattan Core under Quality Housing Program3 Increase in FAR with Inclusionary Housing Program bonus
C1–7(Residential district equivalent: R8)
Zoning Information (C2-6):
DUE DILIGENCE
DUE DILIGENCE 34
Page 1
To learn more, visit
www.nyc.gov/nopv
46875931901150100140501305P
January 15, 2019
Owner(s)QUALITY CAPITAL USA RETAIL LLC
Property Address63 DOWNING STREET COM1
Borough: 1 Block: 528 Lot: 1001
NOTICE OF PROPERTY VALUETax Year 2019-20(This is not a bill.)
KEY DATES
March 1, 2019Last day to challenge yourassessed value.(See page 2.)
April 1, 2019Last day to challenge yourmarket value. (See page 2.)
July 1, 20192019-20 tax year begins.
November 20192019-20 tax rate is determined.
January 2020First bill with the new tax rate.
WHAT IS THIS NOTICE?
This is your annual notice of property value, or NOPV. It is not a bill, and no payment isrequired. This notice will:
• Inform you of our assessment of your property for tax year 2019-20, and tell you how tochallenge it if you believe there is a mistake.
• Explain how property taxes are calculated.• Provide an estimate of your property tax for tax year 2019-20.
Please keep a copy of this notice with your records. You may also view your NOPV andproperty tax bills online at www.nyc.gov/nopv.
ESTIMATED 2019-20 PROPERTY TAX
We cannot calculate your 2019-20 property tax until the new tax rate is established by the citycouncil. Until then, you will pay the 2018-19 rate. The table below estimates the amount you willowe by multiplying the taxable value of your property by the current tax rate of 10.514%. Thistable is provided for informational purposes only; the actual amount you owe may differ.
Please note that property tax abatements, including the coop-condo abatement, are notincluded in this estimate. If you receive any abatements, they will be subtracted from yourproperty taxes. Check your July tax bill for the value of any abatements you receive.
YOUR NOTICE OF PROPERTY VALUE (NOPV) AT A GLANCE
2019-20 Market Value: $4,493,000
2019-20 Assessed Value: $2,021,850
Your property tax exemptions: None
See below for an estimate of your 2019-20 property tax.
Year Taxable Value Tax Rate Estimated Property Tax
2019-20 $1,464,597 x 0.10514 = $153,987.73
1405.01 L04030013
#468759319011501#
QUALITY CAPITAL USA RETAIL LLCQUALITY CAPITAL MGMT961 BROADWAY SUITE 102WOODMERE NY 11598
Tax Class: 4 Building Class: RK Units: 1 non-residential
Notice Of Property Value:
230 VARICK STREET
35 DUE DILIGENCE
Certificate Of Occupancy:
DUE DILIGENCE
DUE DILIGENCE 36
DOB Overview / Violations:
IAN BROOKS(212) 589-5107
MICHAEL GEMBECKI(212) 660-7743
ALESSANDRA FAGLIONE(212) 660-7722
FOR MORE INFORMATION CONTACT:
Cushman & Wakefield Copyright 2019. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
ASKING PRICE$25,000,000
