Description

Jones Lang LaSalle has been retained on an exclusive basis to arrange the 100% fee simple sale of 111 Worth (the “Property”), a 21-story, “80/20” 331-unit luxury multihousing property located in the Tribeca neighborhood of Downtown Manhattan. The Property also includes 17k SF of retail space and a 55k SF parking garage totaling 226 spaces. 111 Worth was constructed in 2003 and the 20-year 421-a tax abatement expired in June 2025, allowing for the deregulation of the 265 fair market units. Additionally, the Property is eligible for a 15 year extension of the 421a tax abatement.

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Attributes

Units

331

Year built

2003

Rentable area

23,265 sm

Media

Investment highlights

Extremely Rare Opportunity to Acquire a Large, Predominantly Fair Market Asset in a Highly Desirable Downtown Manhattan Location
Existing Rents are Approximately 20% Below Market and 73% of Fair Market Units Have Not been Renovated
Option For Valuable Real Estate Tax Abatement Via 421-a (17) 15-Year Extension, Yielding $35MM in Total Tax Savings
Prime Location in Tribeca, one of Manhattan’s Premier Downtown Neighborhoods with Excellent Transportation Access
Abundance of Natural Light and Premier Views Protected by Thomas Paine Park
Comprehensive Amenity Package and 100% Leased Retail Component
Favorable NYC Multi-Housing Fundamentals and High Barriers to Entry