Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 67 Vestry Street, a 9 story, mixed-use loft building in Tribeca, one of the world’s most desired residential neighborhoods. The building is currently divided into 25 residential loft units with an expansive ground floor commercial space that contains over 178’ of frontage on the southeast corner of Vestry and West Streets, offering many of the units’ unobstructed views both to the north and west towards the Hudson River. Uniquely situated on the waterfront, 67 Vestry Street represents an ideal condominium conversion or development opportunity in one of the most exclusive zip codes that is poised to benefit from unparalleled demand from a global audience.
In its present state, 67 Vestry Street stands 9 stories tall and contains approximately 68,960 square feet of lucrative commercial and residential loft space. The residential component consumes floors 2 through 9 and is configured into 25 separate units. Of the building’s 25 loft units, 11 are vacant fair market apartments and buyout agreements are in place with 10 rent stabilized units. Per the agreements, each tenant is required to vacate their unit on or before January 15th, 2017. Given that an overwhelming majority of the building will be delivered vacant, these units offer a blank slate for a new owner to take possession of immediately upon closing and commence construction.
67 Vestry also offers tremendous future upside waiting to be unlocked by new ownership as there are 4 rent stabilized units remaining that total approximately 7,181 square feet. Over time, new ownership will have the opportunity to recapture these units naturally or through tenant buyouts, adding exponential value to the project.
Additionally, the expansive ground floor contains approximately 5,800 square feet of vacant space. While the ground floor is currently zoned commercial, prospective purchasers have the ability to create lucrative retail space within the exclusive neighborhood. The building features coveted curb cuts that provide the ability to incorporate on-site parking for future tenants or residents.
Furthermore, 67 Vestry generates significant supplemental income of approximately $146,462 annually through the roof’s valuable billboard signage that is exposed to south-moving traffic on West Street and wireless antennas leased to Verizon Wireless. These favorable revenue drivers for the building offer robust returns with minimal management required by ownership.
Overall, 67 Vestry Street represents an incredible condominium conversion or development opportunity with unmatched potential due to its waterfront presence and quintessential loft-style architecture in one of the world’s most sought after residential neighborhoods. Demand from a global audience for lavish housing is evidenced in the strong condominium market where sellouts routinely exceed $3,000 per square foot for waterfront developments and other neighborhood projects. Prospective owners are met with an essentially blank canvas with the ability to execute their distinct visions.