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Page 1

Prime SoHo
West Broadway
6-Story 30,000 SF Loft Building


ID: 958EL976
Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, no express representation is made nor is any implied as to the accuracy thereof and is subject to error, omissions, change of price, rental or other conditions, prior sale, rental or financing or withdrawal without notice. No warranties or representations are made as in the condition of the property of any hazards contained therein nor are any implied.

Page 2

Prime SoHo
West Broadway
6-Story 30,000 SF Loft Building
 
ADDRESS: 413-415 West Broadway,  New York,  NY  10012
INTERSECTION: Between Prince and Spring Street on the east side of the block
DESCRIPTION:

6-story (one) elevator fully sprinklered loft building with two stores, seven commerical tenants, and two IMD tenants.  The building has been totally renovated and is in immaculate condition.
YEAR BUILT: 1900
STORIES: 6
LOT SIZE: 51 ft x 100 ft
BLDG. BUILT: 51 ft x 94 ft
LOT SF: 5,100
BLDG. GROSS SF: 30,000
BLOCK: 501 / LOT: 01
ASSESSMENT: $2,583,000
ZONING: M1-5A
FAR: 5
LANDMARK DISTRICT: Yes     SoHo
LAYOUT:
   Total Apts: 2       Total Store: 2    Total Comm: 7
1ST MORTGAGE: Will deliver free and clear.
INCOME:
Type
No. of Units
Amount
Stores
2
$651,984.00
Lofts
7
$737,278.00
Tax Reimbursement
$15,000.00
IMD
2
$17,472.00
Total Estimated:
$1,421,734.00
ESTIMATED EXPENSES:
Type
Yearly Amount
Taxes
$250,000.00
Superintendent
$30,000.00
Insurance
$25,000.00
Repairs & Maintenance
$100,000.00
Elevator
$10,000.00
Total Estimated:
$415,000.00
Estimated Net Profit:
$1,006,734.00
PRICE:
$31,000,000 TERMS:   All Cash

REMARKS:

The leases on the two stores expire on 2015. One store is occupied by an Art Gallery and the second store is a clothing chain.  Both stores have a selling basement accesible through an internal staircase.
Commercial lofts have between two and three years left on their leases. 

Ceiling heights: 13 feet on the ground floor, 11 feet above

Tenants have individual HVAC, and pay for water as well as electric (direct meter).

See rent roll for complete details.
IMPROVEMENTS:

New elevator, roof, plumbing, electric, windows are being replaced in April 2008.

ID: 958EL976
Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, no express representation is made nor is any implied as to the accuracy thereof and is subject to error, omissions, change of price, rental or other conditions, prior sale, rental or financing or withdrawal without notice. No warranties or representations are made as in the condition of the property of any hazards contained therein nor are any implied.

Page 3


413-415 West Broadway
New York, NY  10012



RENT ROLL
Tenant Unit
Sq. Feet
 Lease Begin Lease Exp. Rent Increases
Monthly Rent
Jamali Ground S
2,000
 09/01/2007 08/31/2016 8.33%
$27,810.00
$28,644.30: 09/01/2008-08/31/2009
$29,521.25: 09/01/2009-08/31/2010
$30,406.89: 09/01/2010-08/31/2011
$31,623.16: 09/01/2011-08/31/2012
$32,888.09: 09/01/2012-08/31/2013
$34,203.61: 09/01/2013-08/31/2014
$35,571.76: 09/01/2014-08/31/2015
$36,994.63: 09/01/2015-08/31/2016

Selling Basement.
Oska Ground N
2,000
 04/01/2005 03/31/2015 8.33%
$26,522.50
$27,318.18: 04/01/2008-03/31/2009
$28,137.72: 04/01/2009-03/31/2010
$29,263.23: 04/01/2010-03/31/2011
$30,433.76: 04/01/2011-03/31/2012
$31,651.11: 04/01/2012-03/31/2013
$32,917.15: 04/01/2013-03/31/2014
$34,233.84: 04/01/2014-03/31/2015

Security deposit of $75,000. Tenant paid $566,000 to landlord at lease signing to be released from escrow. This is to be used as a rent credit of $283,000 against the 5th year and $283,000 against the 10th year.
Selling basement.
BAM 2 South
2,500
 09/12/2005 09/30/2010 8.33%
$7,161.08
$7,375.91: 10/01/2008-09/30/2009
$7,597.18: 10/01/2009-09/30/2010
Greencity Media 2 North
2,500
 07/01/2005 06/30/2010 8.33%
$8,199.87
$8445.87: 07/01/2008-06/30/2009
$8699.25: 07/01/2009-06/30/2010

Security deposit of $23,187 to increase to 25% of yearly rent respectively.
Been Pole 3 South
2,500
 02/01/2004 01/31/2009 6.00%
$5,967.56
$6146.59: 02/01/2008-01/31/2009

Security deposit of $11,250. Unclear if 6% of entire amount or increases.
8.33% of water.
Sharons Sorbet 3 North
2,500
 09/01/2005 08/31/2010 6.00%
$6,683.67
$6,884.18: 09/01/2008-08/31/2009
$7,090.71: 09/01/2009-08/31/2010

RET reimbursement not to exceed $18,000. Need to verify lease commencement date and expiration date.
Leon Max 4th Floor
5,000
 09/30/2009 16.67%
$15,276.96
$15,735.27: 10/01/2008-09/30/2009
Dig Commerce 5 South
2,500
 02/01/2007 01/31/2012 8.33%
$10,428.75
$10,741.61: 02/01/2009-01/31/2010
$11,063.86: 02/01/2010-01/31/2011
$11,395.78: 02/01/2011-01/31/2012

Security deposit $60,750. water 8.33%. 125,000 BTU HVAC. Need to double check tax amount.
Leon Max 5 North
2,500
 12/03/2004 09/30/2009 8.33%
$7,721.94
$7,953.60: 10/01/2008-09/30/2009
Vincent Vitale 6 South
2,500
$600.00
IMD
Robert Burton 6 North
2,500
$856.00
IMD
Sq. Feet Total:
29,000
Total Monthly Rent:
$117,228.33
Total Annual:
$1,406,739.96

ID: 958EL976
Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, no express representation is made nor is any implied as to the accuracy thereof and is subject to error, omissions, change of price, rental or other conditions, prior sale, rental or financing or withdrawal without notice. No warranties or representations are made as in the condition of the property of any hazards contained therein nor are any implied.

Page 4


413-415 West Broadway
New York, NY  10012


AREA MAPS
  
  

LAND MAP
  

ID: 958EL976
Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, no express representation is made nor is any implied as to the accuracy thereof and is subject to error, omissions, change of price, rental or other conditions, prior sale, rental or financing or withdrawal without notice. No warranties or representations are made as in the condition of the property of any hazards contained therein nor are any implied.

Page 5

413-415 West Broadway
New York, NY  10012


ZONING MAP
  

AERIAL MAP
  

ID: 958EL976
Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, no express representation is made nor is any implied as to the accuracy thereof and is subject to error, omissions, change of price, rental or other conditions, prior sale, rental or financing or withdrawal without notice. No warranties or representations are made as in the condition of the property of any hazards contained therein nor are any implied.