18 HARRISON STREET. Exclusive Offering Memorandum. Prime Tribeca Building For Sale. TEAM at Douglas Elliman

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1 18 HARRISON STREET Exclusive Offering Memorandum TEAM at Douglas Elliman Prime Tribeca Building For Sale

2 18 HARRISON STREET Exclusive Offering Memorandum TEAM at Douglas Elliman Prime mixed-use conversion or investment property, with allowable zoning inclusive of both residential and commercial use. Ideally located in the center of Tribeca s historic and architecturally significant district. Minutes from Canal Street and Chambers Street transportation hubs offering quick commute to midtown and downtown business districts, and PATH trains to New Jersey. The property is a short walk to both World Trade Center and the SoHo shopping district. High-end Retail and Luxury hotels all within a one-block radius, including close proximity to the Greenwich Hotel, Tribeca Grand and Citi headquarters. Louis Puopolo Associate Real Estate Broker PUOPOLO TEAM at Douglas Elliman 90 Hudson Street New York, NY louis.puopolo@elliman.com Office Cell Alexander Furst Real Estate Salesperson PUOPOLO TEAM at Douglas Elliman 90 Hudson Street New York, NY afurst@elliman.com Office Cell Investment Properties 18 HARRISON ST. / PUOPOLO TEAM AT DOUGLAS ELLIMAN / 2

3 Executive Summary Douglas Elliman, as exclusive agent for ownership, is pleased to offer for sale 18 Harrison Street, New York, NY. The property has 5 stories, plus a below-grade lower level, offering as built approximately 7,807 square feet above grade. Ideally situated in Manhattan s historic and architecturally significant neighborhood of Tribeca, the offering is currently configured as offices on all 5 levels. The 1st floor level offers a generous lobby area with elevator access and a rear facing duplex unit which encompasses a portion of the ground and lower level. All other floors are currently loft style units featuring private keyed elevator access, wood floors, high ceilings, and double exposures (North and South). The stairwell is fire rated and has been recently upgraded to current code. Additional air rights may allow for future development per landmark approval. Address: 18 Harrison Street, New York, NY General Building Description: Built in 1915, 18 Harrison Street is a 5-story building, all totaling approximately 7,800 square feet above grade, with an additional 2,150 square feet of available FAR. The building is located in Tribeca, on the north side of Harrison Street between Hudson Street and Greenwich Street. The property lies in a C6-2A/TMU zoning district, which permits a wide range of residential and commercial uses, with unique provisions under the Tribeca Mixed Use (TMU) special zoning district. 18 HARRISON ST. / PUOPOLO TEAM AT DOUGLAS ELLIMAN / 3

Executive Summary (Continued) Block and Lot: 00181-0005 Lot Dimension: 18.75 x 87.

Third Floor 10-0 Second Floor 9-11 Ground Floor 11-9 Basement 8-0 Zoning: FAR: Total As Built FAR: Total

4 Executive Summary (Continued) Block and Lot: Lot Dimension: x Lot Size: 1,654 SF Building Dimension: 19 x 83 Ceiling Heights: Fifth Floor Fourth Floor 10-1 Third Floor 10-0 Second Floor 9-11 Ground Floor 11-9 Basement 8-0 Zoning: FAR: Total As Built FAR: Total Available FAR: Asking Price: C6-2A/TMU ,807 SF 2,150 SF $11,000, HARRISON ST. / PUOPOLO TEAM AT DOUGLAS ELLIMAN / 4

5 Current Income 18 Harrison Street Floor Rent (2014) Expiration Ground Duplex (1,803 RSF) $49,778 March 31st, nd Floor (1,803 RSF) N/A *Delivered Vacant 3rd Floor (1,803 RSF) N/A *Delivered Vacant 4th Floor (1,803 RSF) $54,300 May 31st, th Floor (1,803 RSF) $52,383 February 28th, 2018 *RSF = Rentable Square Feet 18 HARRISON ST. / PUOPOLO TEAM AT DOUGLAS ELLIMAN / 5

6 18 Harrison Street - Expenses Building Repairs & Mantenance Building Repairs & Maintenance: $2, Security Service: $2, Total Building Expenses $4, Service Contractors Cleaning & Janitorial Services: $6, Elevator Tests/Inspection: $6, Exterminating Services: $2, HVAC Contractors: $5, Sanitation: $3, Total Service Contractors $23, Taxes Local: $45, Total Taxes $45, Utilities Gas & Electric: $5, Water & Sewer: $1, Total Utilities $ Total Building Expenses $ HARRISON ST. / PUOPOLO TEAM AT DOUGLAS ELLIMAN / 6

7 Floor Plan 18 HARRISON ST. / PUOPOLO TEAM AT DOUGLAS ELLIMAN / 7

8 Plot Plan 18 HARRISON ST. / PUOPOLO TEAM AT DOUGLAS ELLIMAN / 8

9 Area Map 18 HARRISON ST. / PUOPOLO TEAM AT DOUGLAS ELLIMAN / 9

10 Confidentiality and Disclaimer This Offering Memorandum has been prepared exclusively by Douglas Elliman ( Douglas Elliman ) on behalf of Ownership, the ( Owner ), regarding the purchase of the property described herein at 18 Harrison Street, New York, New York (the Property ). The materials and information contained in this Offering Memorandum do not purport to be all-inclusive or to contain all of the information which prospective investors may need or desire. All materials have been developed by Douglas Elliman, the Owners and other sources and are subject to variation. No representation is made by Douglas Elliman or the Owners as to the accuracy or completeness of the information contained herein and nothing contained herein is or shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, Douglas Elliman and the Owners and their employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Douglas Elliman, the Owners and their employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the recipient. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the Property or the Owners since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser. Additional information and an opportunity to inspect the Property will be made available upon request to interested and qualified investors. The Owners and Douglas Elliman each expressly reserve the right, in their sole discretion, to reject any and all expressions of interest or offers regarding the Property and/or terminate discussions with any entity at any time with or without notice. The Owners shall have no legal commitment or obligation to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase of the properties has been fully executed, delivered and approved by the Owners and its legal counsel and any conditions to the Owners obligations thereunder have been satisfied or waived. Douglas Elliman is not authorized to make any representations or agreements on behalf of the Owners. This Offering Memorandum and its contents, except such information which is a matter of public record or is provided in sources available to the public (such contents as so limited herein called the Contents ) are of a confidential nature. By accepting the Offering Memorandum, you agree (i) to hold and treat it in the strictest confidence, (ii) not to photocopy or duplicate it, (iii) not to disclose the Offering Memorandum or any of its contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of the Owners or Douglas Elliman, (iv) not to use the Offering Memorandum or any of its contents in any fashion or manner detrimental to the interest of the Owners or Douglas Elliman, and (v) to return it to Douglas Elliman immediately upon request of Douglas Elliman or the Owners. If you have no further interest in the Property, please return the Offering Memorandum forthwith. No inspections of the Property are permitted unless accompanied by the Owners or a representative from Douglas Elliman. 18 HARRISON ST. / PUOPOLO TEAM AT DOUGLAS ELLIMAN / 10

11 Puopolo Team at Douglas Elliman Since 2004, the Puopolo Team at Douglas Elliman has been internationally recognized for notable commercial sale transactions, such as: Mercer Street (SoHo retail coop); 145 East 57th Street (Midtown Hammacher Schlemmer office building); 85 Leonard Street (TriBeCa national landmark condo building); 15 Eighth Avenue (West Village mixed use building); 251 West 14th Street (Chelsea mixed use building); Greenpoint Lofts (Sales and Marketing for the 68 unit commercial condo building located in Brooklyn), and for marketing and selling 555 Hudson Street, the famous West Village mixed use building owned by landmark activist Jane Jacobs. Douglas Elliman Douglas Elliman is an industry leading real estate brokerage firm that provides a comprehensive range of residential, commercial and property management services. DE is among the Top 4 in the U.S.A. securing $12 billion dollars per year in sales volume with 12,000 transactions per year, its Commercial Retail division is ranked #9 overall in Manhattan. DE is New York City s largest overall real estate services company with 67 Offices, and the #1 real estate firm with $4M+ listings HARRISON ST. / PUOPOLO TEAM AT DOUGLAS ELLIMAN / 11

12 TEAM at Douglas Elliman

2585 Clay St Pacific heights San Francisco, CA 94115

2585 Clay St Pacific heights San Francisco, CA 94115 Offering Memorandum brian leung Senior Vice President direct + 1 415 288 7881 email brian.leung@colliers.com lic. 01203473 TABLE OF CONTENTS OFFERING