80 W Broadway, New York, NY, 10007-1020, US

80 West Broadway (Sales)

Attributes

Land area gross

5,054 sf

Zoning

C6-3A (Special Tribeca Mixed Use District)

Building area gross

56,164 sf

Asset description

Jones Lang LaSalle Americas, Inc., (“JLL”) has been exclusively retained to arrange the sale of 80 West Broadway (the “Property”, or “Site”). The 50’ x 100’ Site is situated at the northwest corner of West Broadway and Warren Street in the heart of Tribeca, one of New York City’s strongest residential neighborhoods. The Site is zoned C6-3A which allows for residential development as-of-right featuring an FAR of 7.52. Ownership at 80 West Broadway controls the properties immediately bordering the Site (72 Warren & 88 W Broadway) as well as 74 Warren and has transferred the excess air rights from these properties to 80 West Broadway to maximize the development potential. Therefore, with the addition of the air rights, 80 West Broadway now contains approximately 56,164 buildable square feet, an ideal size for a luxury boutique condo project.

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Investment highlights

Vacant Delivery of Existing Building: The existing building located at 80 West Broadway will be delivered completely vacant, allowing prospective developers to immediately commence demolition.

Rare Development Opportunity in High Barrier to Entry Market: It is rare for a site with this location to become available for development in high barrier-to-entry Tribeca. Given the lack of new and ongoing projects in the neighborhood, the potential development is will undoubtedly be able to achieve top of the market sellouts once completed.

Premier Tribeca Location: The site is incredibly well positioned to capitalize on the neighborhood’s unparalleled demand drivers. Tribeca is the premier neighborhood in Lower Manhattan and the city’s most sophisticated residential enclave. The area is the ultimate combination of “live / work / play”, with a unique variety of prominent schools, beautiful parks, historic monuments, and popular dining options.

Market Supply: Tribeca is experiencing one of the strongest condo markets in all of Manhattan. Downtown closings increased by 4% annually while the new development market overpowered condo resales and co-op sales. The average days on the market was the lowest in the borough, while the average price per square foot grew 3% year over year according to Corcoran, signifying the high demand for condos in prime locations.

Simplified Development Process w/ Neighboring Property Access: The current owner of 80 West Broadway also controls the properties which border 80 West Broadway. This will allow future ownership of 80 West Broadway to easily maneuver the hurdles that are often involved with neighboring building access.