135 Bowery, New York, NY 10002

Lower East Side, New York, New York 10002

$25,000,000  

Listing ID Number

25090

Property Description

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 135 Bowery, a newly built eight story boutique office building located on the east side of Bowery between Broome and Grand Streets. With approximately 21,308 rentable square feet across single floor retail and office units, the subject property represents an ideal opportunity for an investor to acquire a newly built mixed-use office building with stable in-place cash flow in a rapidly growing neighborhood.

The 8 story building with two elevators consists of one retail unit on the ground floor with 20’ ceilings plus a mezzanine, as well as seven full-floor office units with 10’ slab-to-slab ceiling heights above. The retail space is leased to a soon-to-open, high-end restaurant owned by an established New York restaurateur. Six of the seven commercial units are occupied, leaving the penthouse unit vacant for potential purchasers to either occupy themselves or lease.

The turn-key, loft office spaces are fitted with reclaimed wood details, custom kitchenettes, conference rooms, and efficient LED lighting. 135 Bowery has been WiredScore Certified Silver ensuring its data infrastructure will more than meet the demands of New York City’s growing tech tenant base. Demand for full floor office space has skyrocketed as a result of the recent workplace shift to open collaborative floor plates, especially within the creative and tech sectors. Each unit is individually metered and contains its own HVAC package unit, and two of the units feature private outdoor space.

The Bowery is a dynamic area located at the convergence of some of New York City’s most exciting neighborhoods, including Nolita, NoHo, SoHo, and the Lower East Side. The area has transformed in recent years into one of the most desirable neighborhoods in the city celebrated for its cutting edge art galleries, retail destinations, dining, and nightlife options. One of the best amenities of the Bowery is its accessibility, positioning the area as one of the city’s most convenient locations for office. The immediate area is enriched by a variety of public transit services including nine (9) subway lines (6,B,D,F,M,J,Z,N,R ), six (6) local bus routes (M5, M9, M14A, M15, M21, M103), and 8 subway stations (8th Street / NYU, Astor Place, Broadway Lafayette, Lower East Side / 2nd Ave, Spring Street, Prince Street, Bowery, Delancey Street) all within ¼ mile of the property. Given the surge in demand along the Bowery, the subject property represents an exceptional turn-key opportunity for an investor to capture stable income and capitalize on future growth within one of New York City’s thriving submarkets.

Overview

Building Type:Mixed-Use Investment Buildings
Location:East side of Bowery between Broome and Grand Streets
Lot Dimensions:24.75 x 106.67
Lot Sq Ft:2,632
Stories:8
Zoning:C6-1G
Residential FAR:3.44
Commercial FAR:6.00

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Robert A. Knakal
Chairman, New York Investment Sales
(212) 660 7777
robert.knakal@cushwake.com

James P. Nelson
Vice Chairman
(212) 660 7710
james.nelson@cushwake.com

Jonathan Hageman
Executive Managing Director
(212) 660 7773
jonathan.hageman@cushwake.com

Michael F. DeCheser
Senior Managing Director
(212) 660 7772
michael.decheser@cushwake.com

Caroline Hannigan
Director
(212) 660 7708
caroline.hannigan@cushwake.com

Darragh Clarke
Director
(212) 660 7737
darragh.clarke@cushwake.com

Charlotte Myers
Associate Director
(212) 660 7749
charlotte.myers@cushwake.com


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Property Map


Aerial View


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.