71 Franklin Street - LoopNet...Neither this presentation nor any part of it shall form the basis of, or be relied upon in connection with any offer, or act as an inducement to enter

EXCLUSIVE OFFERING MEMORANDUM

71 Franklin Street

2

This offering was prepared by Cushman & Wakefi eld and has been reviewed by the Owner. It contains select information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information which a prospective purchaser may desire. Financial projections shall not be relied upon, are provided for general reference purposes only, and are based on assumptions relating to the general economy, competition, and other factors beyond control and, therefore, are subject to material change or variation. Actual results will differ from those projected. An opportunity to inspect the Property will be made available to qualifi ed prospective purchasers.

In this Offering, certain documents, including the leases and other materials, are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents.

This Offering is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by Cushman & Wakefi eld or Owner. Each prospective purchaser is to rely solely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein.

Owner and Cushman & Wakefi eld expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any party at any time with or without notice. Owner shall have no legal commitment or obligation to any purchaser reviewing this Offering or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by Owner and any conditions to Owner’s obligations thereunder have been satisfi ed or waived. Cushman & Wakefi eld is not authorized to make any representations or agreements on behalf of Owner.

This Offering is the property of Cushman & Wakefi eld and may be used only by parties approved by Cushman & Wakefi eld. The Property is privately offered and, by accepting this Offering, the party in possession hereof agrees (i) to return it to Cushman & Wakefi eld immediately upon request of Cushman & Wakefi eld or Owner and (ii) that this Offering and its contents are of a confi dential nature and will be held and treated in the strictest confi dence. No portion of this Offering may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Cushman & Wakefi eld and Owner.

Your obligations to keep the Evaluation Material confi dential shall not include information that: (i) is or becomes publicly available other than as a result of acts by you or your Representatives in breach of this agreement; or (ii) on your counsel’s advice must be disclosed pursuant to law or a subpoena or other court order, but only to the extent specifi ed in such subpoena or court order; provided prior to complying with any such order you shall give written notice to us that such demand has been made upon you and to the extent not legally prohibited you shall provide us with an opportunity to contest any such direction or order.

The terms and conditions set forth above apply to this Offering in its entirety.

©2016 Cushman & Wakefi eld.The material in this presentation has been prepared solely for information purposes, and is strictly confi dential. Any disclosure, use, copying or circulation of this presentation (or the information contained within it) is strictly prohibited, unless you have obtained Cushman & Wakefi eld’s prior written consent. The views expressed in this presentation are the views of the author and do not necessarily refl ect the views of Cushman & Wakefi eld. Neither this presentation nor any part of it shall form the basis of, or be relied upon in connection with any offer, or act as an inducement to enter into any contract or commitment whatsoever. NO REPRESENTATION OR WARRANTY IS GIVEN, EXPRESS OR IMPLIED, AS TO THE ACCURACY OF THE INFORMATION CONTAINED WITHIN THIS PRESENTATION, AND CUSHMAN & WAKEFIELD IS UNDER NO OBLIGATION TO SUBSEQUENTLY CORRECT IT IN THE EVENT OF ERRORS.

CONFIDENTIALITY

nyinvestmentsales.com

3Cushman & Wakefi eld

Cushman & Wakefield Copyright 2015. 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.

Property Information

Block / Lot 174 / 28

Lot Size (Approx.) 53.67' x 75.58' Irr.

Lot Area (Approx.) 3,963

Building Dimensions (Approx.) 53.67’ x 65’

Existing Stories 5 + Lower Level

Proposed Stories 7 + Lower Level

Existing Gross SF (Approx.) 18,095

Planned Gross SF (Approx.) 23,792

Planned Total SF (Approx.) 32,385 (Includes LL & Sub-Cellar)

Outdoor SF (Approx.) 3,621

Planned Retail Units 1

Planned Residential Units 9

Zoning C6-2A

Base FAR 6.02

Historic District TriBeCa East

RE Assessment (16/17) $360,180

RE Taxes (16/17) $38,381

Asking Price: $28,500,000

FOR SALE

TriBeCa Conversion With Approved Plans For Sale71 Franklin Street, New York, NY

James NelsonVice Chairman(212) 696 2500 [email protected]

Will SuarezDirector(212) 660 [email protected]

David ShalomAssociate Director(212) 660 [email protected]

Maurice SuedeAssociate Director(212) 589 [email protected]

Cushman & Wakefield has been retained on an exclusive basis to sell 71 Franklin Street, a five story loft building located on the south side of Franklin Street

between Broadway and Church Street. Originally built in 1861, the building features ceiling heights of nearly 14' and oversized windows providing tremendous

light. It will be delivered with approved plans for a conversion to a mixed-use condo building, consisting of nine residences and a ground floor retail unit. One

of the two existing retail units is leased until June 2016, but the property will be delivered vacant. The plans call for the construction of two additional floors

which would be home to a 4,300 square foot penthouse unit with over 2,800 square feet of outdoor space. Alternatively, there are plans for a spectacular

single family mansion if a user had interest. Nearby re-developed buildings have condo sales in excess of $2,500 per square foot with penthouse units selling

over $3,000 per square foot. The property is within two blocks of two Michelin star restaurants and within close walking distance to the 1, N, Q, and R train

stops. With very few original loft buildings left in the area, this is a rare opportunity to acquire an immediate condo conversion or single family conversion on

one of the best blocks in TriBeCa.

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TAX MAP


1617 19 20 21 22 23

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37R

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Franklin Street

Leonard Street

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53.69’

75.6

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RETAIL MAP

Cushman & Wakefi eld

Canal Street

Walker Street

White Street

Franklin Street

Leonard Street

Worth Street

Thomas Street

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Hester Street

Avenue of the Am

ericas

CHASE HSBC

Duane ReadeStarbucks Santander

at&t

TD Bank

Gourmet Garage

Ricky’s kw Keller Williams

Eden Spa7 Eleven

SubwayPopeyes Wells Fargo

McDonald’s

Burger KingTD Bank

Starbucks CHASE

CHASEStarbucksUnlimited

Tribeca Blue HotelMTA

Western SpiritsShoegasm

Subway

Walgreens

Bank of AmericaSLEEPY’sVerizon

American ApparelSteve Madden

Duane ReadeWells FargoFoot Locker

378 Broadway

Lispenard Street

Thomas Paine Park

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Western Spirit

Petrarca

BakedDa MikeleSouths

Roxy Hotel

Prime Essentials

Gourmet Garage

Billy’s Bakery

Anejo Tribeca

Steven Alan

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71 Franklin Street

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INTERIOR PHOTOS


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INTERIOR PHOTOS


8 nyinvestmentsales.com


Existing Floor Plans

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CELLAR FLOOR PLAN


Existing

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SUB-CELLAR FLOOR PLAN


Existing

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1ST FLOOR PLAN


Existing

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2ND FLOOR PLAN


Existing

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3RD FLOOR PLAN


Existing

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4TH FLOOR PLAN


Existing

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5TH FLOOR PLAN


Existing

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ROOF FLOOR PLAN


Existing

18 nyinvestmentsales.com


Proposed Floor Plans

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SUB-CELLAR FLOOR PLAN


Interior SF: 4,839 SF

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CELLAR FLOOR PLAN



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1ST FLOOR PLAN



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2ND FLOOR PLAN



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3RD FLOOR PLAN



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4TH FLOOR PLAN



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5TH FLOOR PLAN



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6TH FLOOR PLAN



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7TH FLOOR PLAN



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BULKHEAD FLOOR PLAN


Interior SF: 619 SF

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HISTORIC DISTRICT

White St

Broa

dway

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chSt

Walker St

Franklin St

Canal St

Leonard St

Lispenard St

Worth St

Cort

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t Al

Lafa

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asHoward St

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Beach St

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71 Franklin Street

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HISTORIC DESIGNATION


Date: 1859-1861

Architect: Unknown

Owner: James Thompson

Foundry: J.B. & W.W. Cornell & Co.

Type: Store and loft

Style: Italianate/Second Empire

This fi ve-story store and loft building, approximately fi fty-four feet wide and seventy-six feet deep, is located near the Broadway end of the block. It was constructed as two separate buildings with a continuous façade in 1859-1861 for James Thompson and displays elements of both the Italianate and Second Empire styles. The marble façade above the fi rst story is rusticated at the second story and contains six bays of window openings per story. The second-story window openings are round-arched and have keystones and a stringcourse at the spring line; at the

stories above, the window openings have segmentally-arched hoods and continuous sill courses. Some historic two-over-two double-hung wood sash remain. The façade is capped by a cornice of marble and sheet metal.

The fi rst story retains its original cast-iron storefront framing members including fl uted columns and piers which support fl at arches with rounded corners. The arches in the center bays of the two building sections are wider than those in the fl anking bays. (The column capitals and storefront cornice have been removed). Inscribed foundry marks reading “J.B. & W.W. Cornell & Co., Iron Works” appear on the bases of the center and eastern piers. Some historic infi ll of wood-framed doors, show windows, and transoms remains. The vault are in front of the building is faced with metal diamond plate and iron with glass lens bearing an inscribed foundry mark which reads “L.R. Case, 175 Centre St.” The exposed western elevation is a brick wall.

The present building replaced two smaller structures. In 1869, this building was occupied by Henry C. Norton & Co., dealers in boots, shoes, belting, and wagon springs; and the Lebrun & Thompson Company, importers of kid gloves, French prints and fl annels, and silk ties and scarfs. At the turn of the century, the building was owned by the Warner Bros. corset company. In the late 1920s, the Sherman & Sons Company, converters and importers of white goods, wash goods, bedspreads, and linens, occupied the fi rst and second stories.

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AREA CONDO SALES

60 White Street

The Sterling Mason

Cast Iron House

7 Harrison Street

56 Walker Street

93 Worth Street

1

4

2

5

3

6


1

2

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5 6

71 Franklin Street

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AREA CONDO SALES

UNIT SALES SAMPLEDate Unit Price SF $/SFIC PHW $9,400,000 3,129 $3,004IC PHE $9,265,000 3,078 $3,010IC 3W $4,610,000 1,962 $2,350IC 4E $4,585,000 1,943 $2,360

Average $2,681

60 White Street is an 8-unit, luxury condo conversion from the Sorgente Group of a fi ve-story, cast-iron building located on the north side of White Street one block north of 71 Franklin Street. The building features a virtual doorman, fi tness center, and common area ceiling heights peaking from 10.5’ to16.5’. The residential units have state-of-the-art kitchens, radiant heat fl ooring, and deep-set windows providing ample natural light.

60 WHITE STREET1

CAST IRON HOUSE2


UNIT SALES SAMPLEDate Unit Price SF $/SFIC 6C $11,250,000 4,897 $2,297IC 4A $7,450,000 3,197 $2,330IC 4B $6,150,000 2,861 $2,150

Average $2,259

Cast Iron House at 67 Franklin Street is a 13-unit luxury condo conversion by Knightsbridge Properties of a nine-story, cash-iron building. The building features a court yard with a green wall, fi tness center, steam room, sauna, and private resident storage. Re-designed by Pritzker Prize winning architect Shigeru Ban the interiors feature high-end kitchens, Bianco Oro slab marble countertops, wine coolers, and wide plank white oak fl ooring.

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AREA CONDO SALES


UNIT SALES SAMPLEDate Unit Price SF $/SFIC D3 $6,995,000 $2,670 $2,620IC D2 $6,675,000 2,670 $2,500

Average $2,560

56 WALKER STREET3

7 HARRISON STREET4

56 Walker Street is a 4-unit, condo conversion by Six Sigma of a six-story, loft building. The building’s interiors, designed by Jordan Carlyle, are a convergence of design and technology. Residences feature intuitive smart technology private-keyed elevators, oak fl oors, white lacquer cabinets, and dark marble countertops.

Seven Harrison is a 12-unit, condo conversion by Matrix and Clarion of a seven-story, corner loft building. Re-imagined by renowned architect Steven Harris, residences feature ceiling heights of 10’ 8”, white plank oak fl ooring, white marble countertops, radiant heated fl oors, and exquisite fi replaces.

UNIT SALES SAMPLEDate Unit Price SF $/SF

Nov-15 7N $7,081,928 2,205 $3,212Sep-15 PH $18,574,000 4,229 $4,392Apr-15 5S $5,524,006 2,126 $2,598Jan-15 3N $5,956,762 2,205 $2,701Jan-15 6S $5,854,937 2,126 $2,754Jan-15 4N $6,109,500 2,205 $2,771

Average $3,071

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AREA CONDO SALES


THE STERLING MASON5

93 WORTH STREET6

The Sterling Mason is a 32-unit, condo conversion by Taconic of a six-story loft warehouse. Noted architect Morris Adjimi re-imagined the building which features a doorman, interior courtyard, fi tness room, and private strorage. The residences feature over-sized windows, wide-panel wood fl ooring, and marble countertops.

93 Worth Street is a 91-unit, condo conversion by the Izaki Group with architecture by ODA-Architecture. The building features oversized windows, solid wood doors, high ceilings, and original exposed steel columns. Modern amenities include a fi tness center, children’s playroom, dog-washing station, and landscaped roof deck. Residences feature wide plank white oak fl oors, white marble countertops, and brass fi xtures by WaterWorks throughout.

UNIT SALES SAMPLEDate Unit Price SF $/SFIC PH1 $7,995,000 2787 $2,869

Feb-16 PH3 $8,150,000 3,011 $2,707Dec-15 402 $2,700,000 1,244 $2,170Jul-15 502 $4,100,000 1,917 $2,139Jun-15 PH2 $7,000,000 2,693 $2,599

Average $2,497

UNIT SALES SAMPLEDate Unit Price SF $/SFIC PHB $23,000,000 5,620 $4,093IC 4E $5,650,000 2,287 $2,470IC 6E $4,500,000 1,623 $2,773

Dec-15 5B $6,004,293 2,218 $2,707Oct-15 3B $5,294,900 2,201 $2,406Oct-15 4B $5,150,000 2,218 $2,322Sep-15 2C $10,131,587 3,708 $2,732

Average $2,786

36

NEARBY ATTRACTIONS

71 Franklin Street

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1

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SoHo Shopping

The Roxy Hotel

Artists Space

Thomas Paine Park

TriBeCa Film Festival

The Flea Theater

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5

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NEARBY ATTRACTIONS

SOHO SHOPPINGSoHo is renowned as one of the top global shopping destinations. Located just north of 42 Lispenard Street, the city’s most eclectic shopping enclaves plays host to the top designers and boutiques in the world. Big names like Chanel share streets with small stores, and it’s no surprise that many brands have chosen SoHo as their NYC launch pad—Apple and Uniqlo among them. SoHo’s architecture adds to the shopping experience. Cast-iron-fronted buildings, many of which date back to the late 19th century, line the cobblestone streets and are as ornate as they are historic. Popular stores include Marc Jacobs, Emporio Armani, Alexis Bittar, Oliver Peoples, Alice & Olivia, Sur La Table, Vilebrequin, Burberry, Uniqlo, Dolce and Gabbana, and Patagonia.

1

Artists Space is a non-profi t art gallery and arts organization that was fi rst founded in 1972 by Trudie Grace. Artists Space has been the site of provocative discussion and experimentation within contemporary artistic debate, from the postmodern image to identify politics to institutional critique to post-conceptualism.The center has introduced a number of artists to a wider public, amongst them Jack Smith, Joan Jonas, Cindy Sherman, Annette Lemieux, Jeff Koons and Stuart Sherman.

ARTISTS SPACE2


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NEARBY ATTRACTIONS

The Tribeca Film Festival was founded in 2002 by Jane Rosenthal, Robert De Niro and Craig Hatkoff. The Tribeca Film Festival was founded to celebrate New York City as a major fi lmmaking center and to contribute to the long-term recovery of lower Manhattan. The mission of the festival is “to enable the international fi lm community and the general public to experience the power of fi lm by redefi ning the fi lm festival experience.” The 2015 fi lm festival attracted over 138,000 movie-goers over 12 days.

TRIBECA FILM FESTIVAL

THE ROXY HOTELLocated at 2 Avenue of the Americas, The Roxy Hotel is a 201-room hotel located just south of 42 Lispenard Street. The hotel’s guest rooms and suites are meticulously designed to refl ect the residential luxury of downtown New York and provide the ideal retreat from city pursuits. The hotel is an intimate gathering place by day, and a downtown destination by night featuring hot spots including Roxy Bar, The Roxy Lounge, The Django, Paul’s Cocktail Lounge, and a 100-seat screening room. Decorated in a chic contemporary style, rooms have minibars, free WiFi, DVD players and iPods; suites add iMacs. Guests can even request an in-room goldfi sh.

3

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NEARBY ATTRACTIONS

Thomas Paine Park is a landmark urban park offering Foley Square & historical monuments, plus a year-round farmer’s market. The Foley Square Greenmarket operates year round at the corner of Centre Street between Worth and Pearl Streets, and offers baked goods as well as local farm picked fruits and vegetables which are guaranteed to have been harvested within three days of sale. Foley Square is named for Thomas F. “Big Tom” Foley (1852-1925), a prominent Democratic Party leader from the Lower East Side of Manhattan. The square is the site of a number of civic buildings including the classic facades and colonnaded entrances of the United States Courthouse, fronted by the sculpture Triumph of the Human Spirit, the New York County Courthouse, and the Church of St. Andrew.

THOMAS PAINE PARK

THE FLEA THEATERThe Flea Theater, founded in 1996, is one of New York’s leading off-off- broadway new American theatres for experimental and new works. Since its inception, The Flea has presented over 100 plays and numerous dance and live music performances. In the 20 years since its founding, The Flea has evolved from a small downtown theater in the heart of TriBeCa to a bustling multi-disciplinary performance complex that is an active member of its Lower Manhattan community. Next up for The Flea – a brand new performance arts complex they are currently in the process of building out.

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TRIBECA

INTRODUCTION

TriBeCa includes the area bounded by Canal Street (north), Vesey Street (south), Lafayette Street (east) and the Hudson River (west). TriBeCa, an acronym for Triangle Below Canal Street, and was coined in the mid-1970’s as a result of City Planning studies and the adoption of the Special Lower Manhattan Mixed Use District (LMM). TriBeCa retains much of the Bohemian quality that once characterized the entire complex of cast-iron architecture between Houston and Vesey streets before it went upscale.

The area was among the fi rst residential neighborhoods developed in New York beyond the boundaries of the city during colonial times, with residential development beginning in the late 18th century. By the mid-19th century the area transformed into a commercial center, with large numbers of store and loft buildings constructed along Broadway in the 1850s and 1860s.

Development in the area was spurred by the extension of the IRT Broadway – Seventh Avenue Line, which opened for service in 1918, and the accompanying extension of Seventh Avenue and the widening of Varick Street during subway construction in 1914. That resulted in better access to the area both for vehicles and for travelers using public transportation. The area was also served by the IRT Ninth Avenue Line, an elevated train line on Greenwich Street demolished in 1940.

By the 1960s TriBeCa’s industrial base had all but vanished. The predominance of empty commercial space attracted many artists to the area in the 1970s. Since the 1980s, large scale conversion of the area has transformed TriBeCa into an upscale residential area.


41

TRIBECA

TODAY

Because this neighborhood overlaps the City Hall area, with its enormous daytime working population, it has been more successful in resisting the tide of fad enterprise. Art and commerce have, of course, transformed TriBeCa to a certain degree, but they have not overwhelmed it. TriBeCa today is the most sought after residential address in Manhattan. The 10013 zip code is New York City’s most expensive. Many of the old historic warehouses and loft buildings have been converted to spectacular apartments. Many of New York City’s fi nest restaurants, antique and craft stores are located in TriBeCa. In fact, the neighborhood is home to eight 2016 Michelin Star restaurants, more than any other New York City neighborhood. Located less than two blocks south of 71 Franklin on Worth Street is Ronny Emborg’s Atera, an American Nouveau, multi-course restaurant. West of the property is Batard, offering creative French cuisine in a minimalist setting. Other notable restaurants include Bouley, Brushstroke, and American Cut.

By many criteria, TriBeCa could be considered the best place to live in the city. It enjoys great schools, tons of transit, well-planned waterfront access, and light-fi lled loft-type apartments in painstakingly rehabbed industrial buildings. Today, TriBeCa is one of America’s most fashionable and desirable neighborhoods and is known to be a haven for celebrities.


42

TAX BILL

Statement DetailsFebruary 19, 2016

71 Franklin, Llc71 Franklin St. 1-00174-0028

Page 2

Billing Summary Activity Date Due Date AmountOutstanding charges including interest and payments $0.00Total amount due $0.00

Annual Property Tax Detail

Tax class 2B - 7-10 Unit Residential Building Tax rate Current tax rate 12.8830%

Estimated market value $4,452,000 Billable assessed value Tax rate Taxes** Tax before exemptions and abatements $1,337,086 X 12.8830% = $172,257**Tax before abatements $172,257** Annual property tax $172,257**

If you own income producing property, you must file a Real Property Income and Expense Statement or a Claim ofExclusion unless you are exempt by law. The deadline to file is June 1, 2016. Failure to file will result in penalties andinterest, which will become a lien on your property if they go unpaid. To see if you are exempt from this requirementand to learn more, please visit nyc.gov/rpie.


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CERTIFICATE OF OCCUPANCY


44

ZONING


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 (“fl oor to area ratio”); required open space on the lot, the number of dwelling units permitted; the distance be-tween 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 classifi cations. The manufacturing district has three different classifi cations. The residential district has ten different classifi cations.

The property is zoned C6-2A.

71 Franklin Street

45

ZONING


C6 districts permit a wide range of high-bulk commercial uses requiring a central location. Most C6 districts are in Manhattan, Downtown Brooklyn and Downtown Jamaica; a C6-3D district is mapped in the Civic Center area of the Bronx. Corporate headquarters, large hotels, department stores and entertainment facilities in high-rise mixed buildings are permitted in C6 districts.

C6-2A, C6-3A, C6-3X and C6-4A are contextual districts with maximum building heights. C6-3D and C6-4X districts allow towers above a building base; special rules determine the tower’s height and articulation. All other C6 districts allow towers to penetrate a sky exposure plane and do not require a contextual base.

46

JAMES NELSONVice Chairman

(212) 660-2500 [email protected]

WILL SUAREZ Director

(212) 660 [email protected]

DAVID SHALOM Associate Director


MAURICE SUEDE Associate Director


Documents

71 Franklin Street - LoopNet...Neither this presentation nor any part of it shall form the basis of, or be relied upon in connection with any offer, or act as an inducement to enter