247 WEST BROADWAY

Property Description

Investment Property Realty Group (IPRG) has been exclusively retained by Building Ownership to represent a generational, family owned, multifamily four (4) story walk-up property that uniquely offers two (2) pass through entrances located at 247 West Broadway and 15 (6th) Avenue of the Americas, south of Walker Street on one of the most desirable blocks in Tribeca. The property offers a Vacant mixed-use commercial and ground floor space, with three (3) fully rented Residential Free Market Tribeca lofts, high ceilings and development utilizations rights (a/k/a Air Rights).

The three “AS IS” free market Residential Tribeca lofts combined with the above ground commercial space boasts measurements of approximately 7,123 SF. The building measures 19’x 112’ with C6-2A, TMU zoning and is in the 2A protected tax class designation, capping annual property tax increases.

As part of Ownerships’ strategic real estate development planning, its’ Engineer assessed a FAR of 6.02 offering an estimated 3,141 SF of unused Development Rights (a/k/a Air Rights). Unused Development Rights can be utilized to build a luxury Duplex Penthouse unit and elevator with tiered greenhouse patios, keyed elevator access and unobstructed views of Tribeca and Lower Manhattan.

The “AS IS” private Residential Tribeca lofts have high ceilings and contain 3 spacious, one-bedroom and one-bathroom lofts measuring approximately 1,665 SF per floor. All Lofts are equipped with new electric hot water heaters, new electric appliances, staked laundry room dryers and washers, and new electrical outlets. Each unit has the potential to be upgraded to a luxury 2-bedroom/ 2-bathroom loft, given the size of the space along with ample light and air. Performance of these build- out renovations will substantially increase market value and rental revenues, by a projected estimate of over 50%, based on Ownerships’ Market Data Research and Assessments.

The “AS IS” ground floor commercial retail space was originally owned and operated by building ownership and home of the popular, “LeRoy’s Restaurant” for nearly 50 years and a favorite hangout for breakfast and lunch dining for local Attorneys, neighborhood residents and actors. The restaurants’ interior was the inspiration for the 1993 Movie, “It Can Happen to You.” In the late 90s, it was again, the home of a second popular restaurant/bar tavern that boasted specialty beers and was a hangout for Tribeca and SOHO residents through 2021. These restaurants both gained notoriety as a local favorite for all who appreciate the dining experience and ambiance of Tribeca.

The “AS IS” commercial space and ground floor measures approximately 1,993 SF and will be delivered vacant for the full build  out of a luxury upscale restaurant. The Commercial space uniquely offers two (2) follow through entrances and exits, connecting 247 West Broadway and 15 (6th) Avenue of the Americas. The 6th Avenue of The Americas side has an open back sliding window door and outdoor seating with spectacular views of the Roxy Hotel during the Spring, Summer and early Fall. Many of the original interior details of the bar/restaurant, including the 30’ foot wood bar, exposed brick and ceiling features, have been refurbished and offer the perfect home for a luxury next bar/restaurant.

With Pride of Ownership, building Owners have performed significant structural capital improvements to modernize the building in recent years. The Residential and Commercial spaces are newly modernized with all new Con Edison electrical wiring, digital Meters and expanded electrical amperage capabilities.

The Commercial Space has expanded electrical amperage capabilities of 400 amperages to accommodate a full, newly renovated luxury built-out restaurant/bar, gallery and/or café. It uniquely provides a new occupant with access to both Con Edison approved gas and/or electric capabilities. All outdated Gas piping has been removed throughout the Residential and Commercial building to comply with NY Local Law LL 152. Additionally, Ownership provides ADA compliant ramp Architectural Plans on file with the Department of Buildings (DOB) for the (6th Avenue entrance) which are transferable to the new owner to seek re-approvals.

247 West Broadway offers multiple potential Redevelopment scenarios to build out and vertically expand the property to its’ full FAR 6.0 permitted by zoning. The addition of approximately 3141 SF of unused development rights (a/k/a “Air Rights”) can be utilized to build a two (2)-story luxury Penthouse unit with greenhouse patios, keyed elevator access and unobstructed views as illustrated in the memorandum. With the additions, the total development will encompass 10,264 SF.

The property is within walking distance of the 1, A, C, E, N, R, Q, W subway lines and E-bikes offering quick and easy access around the city. Located in the heart of Tribeca, 247 West Broadway is surrounded by renowned landmarks, upscale restaurants, bars, eateries and premier destination retail shopping.

247 West Broadway offers prospective investors, real estate developers, end users and operators the incredibly rare opportunity to purchase a fully free market, tax class protected, 4 story trophy loft building with significant redevelopment potential (as Assessed by Owners’ engineers), robust cash flow and future increases in property market values on one of the best blocks in Tribeca.