$100m Greenwich Village portfolio offered for sale.Massey Knakal Realty Services has been retained on an exclusive basis to sell The Beck Street Portfolio, a package of six properties located in the West Village and NoHo sections of Manhattan. Offered as a package or individually, the portfolio is being sold at a combined asking price of $101,500,000. Three of the properties are located on thriving Bleecker Street, which has seen rents approach $600 psf over the last few years as it has become the go-to location for luxury retailers. The Beck Street Portfolio possesses two distinct and equally attractive components. Its retail units are among the most highly sought after in the world, and the upper floors spaces provide unparalleled living and office environments. 367-69 Bleecker Street (AKA 87 Charles Street Charles Street is the name of a north-south street in the city center of Boston, Massachusetts. It begins in the north at Leverett Circle, where it intersects Cambridge Street and Storrow Drive, and gives its name to the Charles/MGH station of the MBTA. ) is a retail condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. with substantial upside. 382-84 Bleecker Street (AKA 92-94 Perry Street) is a corner six-story walkup walk·up also walk-up n. 1. An apartment house or office building with no elevator. 2. An apartment or office in a building with no elevator. building with 21 residential units and three retail units. 387 Bleecker Street, a three-story mixed-use townhouse town·house or town house n. 1. A residence in a city. 2. A row house, especially a fashionable one. , currently has an established retail tenant on the ground floor and a luxury duplex above. 625 Broadway (AKA 192 Mercer Street) is a 12-story, elevatored loft building. The ground floor is a blockthrough retail unit. 82 Christopher Street Christopher Street magazine for homosexuals. [Am. Pop. Culture: Misc.] See : Homosexuality is a five-story walkup building with eight residential units above two retail units. 37 Greenwich Avenue (AKA 2 Charles Street) is a four-story walkup building with five residential apartments above two commercial units. The properties could continue to stand as rentals to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. existing fair market rents and as significant upside for a long term investor. The commercial leases offer tremendous upside, with three of the retail units having significantly under market leases, including one on Bleecker Street at a fraction of market value. Meanwhile, all but three of the commercial leases in 625 Broadway expire by the end of 2008, offering a new owner an almost immediate ability to obtain new leases at market value at about double the current values. "This portfolio offers an investor immediate access to the best located properties in the Village. It would take years for someone to amass a portfolio like this," said managing partner James Nelson For other uses, see James Nelson (disambiguation). James "Jimmy" Nelson (born 7 January 1901; died 8 October 1965) was a Scottish international footballer who played for Cardiff City and Newcastle United in the 1920s and 1930s and captained the famous Wembley Wizards . "As the majority of the Village and NoHo are in a historic district, there should never be any large scale development that would compete." |
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