The Nowak Group of Marcus & Millichap has been retained on an exclusive basis to arrange the sale of 91 Grand Street, a value-add, mixed-use property in the SoHo neighborhood of New York, NY. (Block: 230 Lot: 4)
91 Grand Street is one lot off the SE corner of Grand and Greene Street between Greene and Mercer Streets. The property totals approximately 4,680 square feet and consists of three artist studios over one retail store with a full basement. The 4-story property is built 20 ft x 69 ft on the ground floor with a slight set back on the upper floors and sits on a 20 ft x 69 ft lot with an additional 2,220 BSF of unused air-rights.
The retail is leased through December 2020 to MM6 Maison Margiela and can be delivered vacant. The current certificate of occupancy is for retail and artist studios, however, as per the M1-5B zoning the units can be converted for residential use with special permits. Recently the de Blasio administration has announced a proposal to rezone SoHo to allow for more housing and re-development. All the upper floors are owner-occupied and will be delivered vacant, allowing for an investor or an owner-user to repurpose the building as an investment or for their specific needs.
The subject property is within 11 subway lines and allows for a 15-minute subway ride to the financial district and Wall Street The ever so popular SoHo neighborhood has been home to a thriving artistic community and many fashion brands such as, Kenneth Cole, Kate Spade, Armani, Chanel, Louis Vuitton, Prada, DKNY, Ferragamo, Dolce & Gabbana, Burberry. SoHo is also home to long-standing and established restaurants, namely Fanelli Café at the corner of Prince and Mercer and Kenn’s Broome Street Bar at West Broadway. Newer restaurants include Aquagrill, Pravda, The Mercer Kitchen, Dos Caminos, the Dutch, and Blue-Ribbon Sushi.
91 Grand Street offers investors the opportunity to purchase a strategically located mixed-use building in one of New York City’s most sought after neighborhoods and to capitalize on the area’s strong residential and commercial rental markets. Owner-Users also have an opportunity to purchase a vacant building to convert to their specific uses with a wide range of options ranging from residential to office and loft uses.