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Two Retail Condominiums 2 Retail Condos in New York, NY
Investment Highlights
- Strong In Place Cash Flow with Additional Upside – 74% of NRA Leased to Investment Grade Credit.
- Ideal Corner Location boasting over 450’ of Wraparound Frontage Along Greenwich, Rector and Washington Streets.
- Opportunity to Hand Pick Additional Tenancy and Establish Long Term, Stable Cash Flow.
- Option to Assume Accretive Financing with 11.9 years WALT remaining.
- Situated at the Base of the Ultra-Luxury Condominium Building, Greenwich Club Residences.
- Located in the Heart of the Financial District just Two Blocks South of the World Trade Center.
Executive Summary
Newmark has been exclusively retained to market for the sale of the 100% fee simple interest in the retail condominium portion of 88 Greenwich Street (the “Property” or “the Offering”). The two-story Offering is located at the base of the ultra-luxury condominium, Greenwich Club Residences, in the Financial District neighborhood of Manhattan and offers approximately 60,393 Net Rentable SF.
The Property is divided into two commercial condos, each with its own tax lot (1001 and 1454), and is comprised of multiple retail units. The property is currently 82.6% NRA leased with a weighted average lease term of 11.9 years. Notably, 74% of the NRA is occupied by investment grade tenants including 7-Eleven, Inc., Dunkin’ and the Pilecki Institute, a government backed institution.
The Property’s anchor tenant, Pilecki Institute, is the sole tenant in the second retail condo (1454) and occupies the entirety of the second floor, as well as the cellar and a portion of the ground floor. The tenant contributes strong base rent and significant reimbursements and has 12.6 years of term remaining. The Pilecki Institute was established in 2017 by the Polish parliament and is revered as an investment grade credit tenant.
88 Greenwich Street is exceptionally located two blocks south of the World Trade Center and one block west of Trinity Church, offering immediate, steady foot traffic to the retail space. The asset is a short walk from Battery Park, Brookfield Place and City Hall. 88 Greenwich also offers unparalleled access to local transit as it is directly adjacent to the Rector Street subway stop and minutes away from several subway stations servicing the 1, R, W, 4 and 5 lines.
The Property is divided into two commercial condos, each with its own tax lot (1001 and 1454), and is comprised of multiple retail units. The property is currently 82.6% NRA leased with a weighted average lease term of 11.9 years. Notably, 74% of the NRA is occupied by investment grade tenants including 7-Eleven, Inc., Dunkin’ and the Pilecki Institute, a government backed institution.
The Property’s anchor tenant, Pilecki Institute, is the sole tenant in the second retail condo (1454) and occupies the entirety of the second floor, as well as the cellar and a portion of the ground floor. The tenant contributes strong base rent and significant reimbursements and has 12.6 years of term remaining. The Pilecki Institute was established in 2017 by the Polish parliament and is revered as an investment grade credit tenant.
88 Greenwich Street is exceptionally located two blocks south of the World Trade Center and one block west of Trinity Church, offering immediate, steady foot traffic to the retail space. The asset is a short walk from Battery Park, Brookfield Place and City Hall. 88 Greenwich also offers unparalleled access to local transit as it is directly adjacent to the Rector Street subway stop and minutes away from several subway stations servicing the 1, R, W, 4 and 5 lines.
Property Facts
| Sale Type | Investment or Owner User | Individually For Sale | 0 |
| Status | Active | Total Building Size | 60,393 SF |
| Number of Properties | 2 |
| Sale Type | Investment or Owner User |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 60,393 SF |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
|
Greenwich Club Residences
88 Greenwich St, Ground - Unit 1454, New York, NY 10006 |
Retail Condo | 40,662 SF | 1929 | - |
|
Greenwich Club Residences
88 Greenwich St, Ground - Unit 1001, New York, NY 10006 |
Retail Condo | 19,731 SF | 1929 | - |
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Two Retail Condominiums
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