[IMGCAP(2)]DeCheser was recently hired by Jones Lang LaSalle tocontinue expanding the firm's New York City presence. In the pastfour months, he has capitalized on his 11-plus years of focus onthe Downtown New York City market by bring in four key assignments.DeCheser tells GlobeSt.com that JLL is running a "highly focused"campaign here in New York City, drawing on his more than 11 yearsin the industry. "We are taking a completely different approach tothe market, not only on the marketplace today, but also lookingback historically…and looking forward on what the next cycle willlook like." He continues to note that JLL is taking a tremendousleap forward in how it identifies assets, how it buildsrelationships with clients and how the firm "utilizes its expertiseand service that it can bring to a client. …"

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[IMGCAP(3)]DeCheser says that for these assets, there are fivedifferent sellers, but he could not provide their identities atthis time. Each of the assets "offer investors an excellentopportunity to tap into the often hard-to-breach Manhattancommercial real estate market," he says. He tells GlobeSt.com thatproduct is tight, especially in lower Manhattan, and the sellersare—for the most part—looking to take advantage of that. Althoughthe motivation of each seller is different, he says, none of themare distressed sellers.

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"All four of these buildings are significantly under-utilizedassets that present substantial value-add opportunity," heexplains. The 35 Walker St. property is a three-story, 24-foot widestore & loft building located on the south side of WalkerStreet between Broadway and Church Street in the TriBeCa EastHistoric District. The 12,500-sf building is currently unoccupiedbut presents a townhome or mixed-use opportunity with additionalair rights. Comparable properties in the neighborhood are garnering$150 more per sf. It is expected to fetch near $5 million. DeChesersays that it already has 30 offers.

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[IMGCAP(4)]The building at 73 Leonard St. is a five-story,25-foot wide store & loft located on the north side of LeonardStreet between Broadway and Church Street also in the TriBeCa EastHistoric District. The 12,500-sf building is currently 100%occupied, however the ground floor retail space is consideredextremely underutilized property. Comparable properties in theneighborhood are garnering at least twice as much per sf. Theproperty is also expected to fetch near $5 million. DeCheser saysthat there are already eight offers for the property at thistime.

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The Chapel Moran Inn is located at 103 Washington St. on theeast side of Washington Street between Rector and Carlisle Streetin Lower Manhattan's Trinity Church District. Thecompletely-renovated mixed-use property with a restaurant and sevenstories of apartment above--all consisting of 10,200 sf--alreadyhas an offer on the table. It is currently unoccupied and isexpected to fetch $11 million.

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[IMGCAP(5)]The property at 10-12 Maiden Ln. is a five-story,45-foot wide store & loft building located on the south side ofMaiden Lane between Broadway and Nassau Street in Lower Manhattan'sFinancial District. This property consists of 13,709 sf, with anadditional 34,900 buildable sf consisting of unused air rights. Itis expected to fetch $8 million and already has two offers,DeCheser says.

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The building at 67 Greenwich St. already has a few offers,according to DeCheser, as is the only one of the five propertieswith a set bid date, which is Oct. 22, 2008. It consists of 10,309sf and is a 41-foot wide, 62-foot deep Federal Style Townhouse withfour stories—all available for lease. It was built in 1809 and isconsidered one of the oldest structures in Manhattan, according toDeCheser. It is located in the Trinity Church District. Theproperty has no estimated price set, is a "true auction" and has noreserve price. According to research, comparable buildings in thearea are going for approximately $500 per sf, which could put thesale north of $5 million.

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[IMGCAP(6)]DeCheser says that there are a few buyers who arelooking at a few of the properties. They are mainly user groups orgroups who have "a transferring functionality of properties," hesays. Interested buyers have not only been local characters--whoseem to be in the market for a good piece of property—he says, buthave also included some overseas buyers, and other buyers up anddown the Eastern Seaboard. DeCheser, who tells GlobeSt.com that heis very excited about the market today, notes that tapping intoJLL's investors both domestic and abroad in addition to the localinvestors, has been one key advantage to success.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.