[IMGCAP(1)]NEW YORK CITY-Jones Lang LaSalle Inc.’s is marketing five properties here for sale, and combined, they are worth north of $30 million. Managing director Peter DeCheser has been chosen as the exclusive broker for the sale of 67 Greenwich St., 73 Leonard St. and 35 Walker St. in TriBeCa, Chapel Moran Inn in the Trinity Church District and 10-12 Maiden Ln. in Manhattan’s Financial District.
[IMGCAP(2)]DeCheser was recently hired by Jones Lang LaSalle to continue expanding the firm’s New York City presence. In the past four months, he has capitalized on his 11-plus years of focus on the 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 years in the industry. “We are taking a completely different approach to the market, not only on the marketplace today, but also looking back historically…and looking forward on what the next cycle will look like.” He continues to note that JLL is taking a tremendous leap forward in how it identifies assets, how it builds relationships with clients and how the firm “utilizes its expertise and service that it can bring to a client. …”
[IMGCAP(3)]DeCheser says that for these assets, there are five different sellers, but he could not provide their identities at this time. Each of the assets “offer investors an excellent opportunity to tap into the often hard-to-breach Manhattan commercial real estate market,” he says. He tells GlobeSt.com that product is tight, especially in lower Manhattan, and the sellers are—for the most part—looking to take advantage of that. Although the motivation of each seller is different, he says, none of them are distressed sellers.
“All four of these buildings are significantly under-utilized assets that present substantial value-add opportunity,” he explains. The 35 Walker St. property is a three-story, 24-foot wide store & loft building located on the south side of Walker Street between Broadway and Church Street in the TriBeCa East Historic District. The 12,500-sf building is currently unoccupied but presents a townhome or mixed-use opportunity with additional air rights. Comparable properties in the neighborhood are garnering $150 more per sf. It is expected to fetch near $5 million. DeCheser says that it already has 30 offers.
[IMGCAP(4)]The building at 73 Leonard St. is a five-story, 25-foot wide store & loft located on the north side of Leonard Street between Broadway and Church Street also in the TriBeCa East Historic District. The 12,500-sf building is currently 100% occupied, however the ground floor retail space is considered extremely underutilized property. Comparable properties in the neighborhood are garnering at least twice as much per sf. The property is also expected to fetch near $5 million. DeCheser says that there are already eight offers for the property at this time.
The Chapel Moran Inn is located at 103 Washington St. on the east side of Washington Street between Rector and Carlisle Street in Lower Manhattan’s Trinity Church District. The completely-renovated mixed-use property with a restaurant and seven stories of apartment above–all consisting of 10,200 sf–already has an offer on the table. It is currently unoccupied and is expected to fetch $11 million.
[IMGCAP(5)]The property at 10-12 Maiden Ln. is a five-story, 45-foot wide store & loft building located on the south side of Maiden Lane between Broadway and Nassau Street in Lower Manhattan’s Financial District. This property consists of 13,709 sf, with an additional 34,900 buildable sf consisting of unused air rights. It is expected to fetch $8 million and already has two offers, DeCheser says.
The building at 67 Greenwich St. already has a few offers, according to DeCheser, as is the only one of the five properties with a set bid date, which is Oct. 22, 2008. It consists of 10,309 sf and is a 41-foot wide, 62-foot deep Federal Style Townhouse with four stories—all available for lease. It was built in 1809 and is considered one of the oldest structures in Manhattan, according to DeCheser. It is located in the Trinity Church District. The property has no estimated price set, is a “true auction” and has no reserve price. According to research, comparable buildings in the area are going for approximately $500 per sf, which could put the sale north of $5 million.
[IMGCAP(6)]DeCheser says that there are a few buyers who are looking at a few of the properties. They are mainly user groups or groups who have “a transferring functionality of properties,” he says. Interested buyers have not only been local characters–who seem to be in the market for a good piece of property—he says, but have also included some overseas buyers, and other buyers up and down the Eastern Seaboard. DeCheser, who tells GlobeSt.com that he is very excited about the market today, notes that tapping into JLL’s investors both domestic and abroad in addition to the local investors, has been one key advantage to success.